Archive for the ‘Competition’ Category

Innovation in law firms

December 20th, 2012 by Altman Weil

What constitutes an “innovative” law firm?  Is innovation really important to clients?  In its 3rd annual US Innovative Lawyers report, the Financial Times recognizes 25 firms that have undertaken new initiatives to positively differentiate themselves among clients.

For example…

  • “Cleary Gottlieb Steen & Hamilton designed its own $2m in-house “mini MBA”, which will be mandatory for its first-year associates.”
  • “Davis Polk & Wardwell, has been pushing for its youngest lawyers to be more useful to clients – and more profitable for the firm – by choosing a specialist practice area much sooner than is traditionally the case.”
  • Paul Hastings is “overhauling its secondment programme to include more senior lawyers, including counsel and partners.”
  • A Holland & Knight practice group developed a fixed fee strategy “that simply measures output rather than time” thereby pleasing clients and saving the firm half a million dollars in administrative costs.

Read it at Financial Times

Legal Process Outsourcing statistics

December 11th, 2012 by Altman Weil

This falls under the ‘if you’re not paying attention, you should be’ category.  Toby Brown at 3 Geeks and a Law Blog has summarized a recent report on the burgeoning Legal Process Outsourcing (LPO) industry.  The LPO market is worth an estimated $2.4 billion and is growing annually at a rate of 28%. 

Read it at 3 Geeks and a Law Blog

The ten commandments of branding

June 14th, 2011 by Altman Weil

Remember branding?  It may not be the hot topic it once was, but it’s still a fundamental component of business development efforts for firms, practice groups and even individual practitioners.  Although written for business, the list of “ten commandments’ from a communications professional works for law firms as well.  Here are two of our favorites:

“The more people you try to please, the weaker your brand will be. It sounds kind of counterintuitive, but it’s true. The more focused your brand is, the stronger it is. Rather than trying to be everything to everybody, you need to be something to somebody. Brands that try to be all things to all people are weak and diluted.”

“Playing it safe isn’t safe. Companies [and law firms] that try to play it safe and blend in with their competition are limiting their success and taking a huge risk. If your brand is indistinguishable from all others in your niche, why should a customer [or client] do business with you instead of any of your competitors? ”

Read it at ragan.com