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  • April 11, 2012 | Practice News
    Best Practice: Using competitive intelligence to support law firm strategy

    Asked and Answered

    By John W. Olmstead, MBA, Ph.D, CMC

    Q. I am managing director of a 45 attorney firm in Pittsburg. Due to changes in our client industries, shrinking demand and competition from both regional and national law firms, we are starting to work on our first strategic plan. I have been hearing a lot about competitive intelligence. Should this be part of our planning process?

    A. Competitive intelligence is a popular term being used to describe information gathering (secondary research) on your clients, client industries, prospective or target clients, competitors, geographic markets, emerging practice areas, etc. Its goals are to provide actionable intelligence that provides a competitive edge. It reduces risk and identifies opportunities.

    All strategic plans should contain a secondary research (competitive intelligence) component. Research objectives might focus on one or all of the following:

    1. Identify prospects
    2. Spot litigation activity for current and prospective clients
    3. Identify emerging litigation issues and trends
    4. Improve the quality of your client proposals
    5. Identify lateral candidates
    6. Identify potential acquisition and merger partners
    7. Identify emerging client and industry needs
    8. Identify emerging new practice areas
    9. Explore expansion into new geographic locations

    Click here for articles on other topics

    Click here for our archive blog on strategies

  • April 5, 2012 | Practice News
    Foreclosure mediation programs finding homes throughout the state

    Coordinators of a new foreclosure-mediation program in McLean County hope to expedite foreclosure litigation, clear up the court's docket, and help make the process a little more user-friendly for people at risk of losing their homes. Find out more in the April Illinois Bar Journal.

  • April 4, 2012 | Practice News
    Best Practice: Using a law firm key account survey to assess client satisfaction

    Asked and Answered

    By John W. Olmstead, MBA, Ph.D, CMC

    Q. I am the managing partner of a 16 attorney firm in Santa Monica, California. We represent large energy companies located on the west coast. We are contemplating developing our first strategic plan. We would like to obtain insight from our clients, receive their feedback, and use this information to assess our level of client satisfaction and our competitive profile. However, we are not sure whether we should conduct a random survey involving selecting a percentage of our clients or a census involving surveying all clients rather than taking a sample. Please advise as to your thoughts.

    A. Rather than doing a random survey of your client base, you may want a more targeted and focused survey of a particular client group. For example, if 80 to 90 percent of your business comes from 10 clients, you may want to create a survey that is specifically targeted to them. The advantage of a targeted key client survey is that it is limited in scope and precisely focused. Before you commit time and resources to a client survey identify your purpose and establish specific goals and objectives.

    Develop a survey plan. Insure that a follow-up strategy is incorporated into the plan.

    Click here for our blog on client service

    Click here for our article on the topic

    Click here for our law firm management articles

  • March 29, 2012
    Practitioners and title industry unite to iron out new TODI law

    On January 1, a statute went into effect giving Illinois estate planners a new tool for helping clients transfer assets at the time of death without going through probate court.

    The statute remains a work in progress, according to one estate-planning attorney who helped draft the bill, but practitioners are working together with members of the title industry to iron out the wrinkles so the law will become easier to use for attorneys, clients, and the title companies that help facilitate transfers of real property. Find out more in the April Illinois Bar Journal.

    1 comment (Most recent April 2, 2012)
  • March 28, 2012 | Practice News
    Best Practice: Capital accounts for new law firm partners

    Asked and Answered

    By John W. Olmstead, MBA, Ph.D, CMC

    Q. Our firm was started 20 years ago by four partners. We now have the original four partners as well as six associate attorneys. Originally, each of the four partners contributed $25,000 to their capital accounts. We are considering extending partnership to a couple of the associates. We have talked with other law firms and some require buy-ins (capital contributions) and others do not. What are your thoughts?

    A. My first question is whether you are planning on creating a non-equity partnership tier. If so, then the associates would initially be brought into that tier first.

  • March 22, 2012 | Practice News
    Best Practice: Law Firm Staff Investment - A Sound Marketing Strategy

    Asked and Answered

    By John W. Olmstead, MBA, Ph.D, CMC

    Q. Our Chicago firm of 14 attorneys has been discussing various marketing investments that we should be considering. We have a very proactive marketing program but want to insure that we are exploring all avenues. What are your thoughts?

    A.  Invest in your people – your staff – your intellectual capital.

    I am amazed at the minimal investment that law firms make in their staff. Law firms are in the knowledge business and their product is their intellectual knowledge. While law firms do invest in their attorneys, such is not the case with the staff. Although staff members are often on the front lines in dealing with clients, very few law firms are providing them with skill training in areas such as communication, marketing, client service, conflict management, effective writing and speaking, time management, computer applications, client complaint management, etc. By the way, attorneys need training in these areas as well. Why do law firms hire the cheapest talent they can find to fill the receptionist position when it is the receptionist who often has the initial contact with a new client. I find it amazing that firms spend huge amounts of money on advertising and marketing and they fail to invest in the other tools needed for effective new client intake. Small firms should consider assigning their receptionist the role of marketing coordinator with responsibility for assisting in the management of client relationships and the firm’s marketing program.

  • March 21, 2012
    Case cites in ISBA newsletters go straight to the full text in Fastcase

    Now whenever a case in the Fastcase database is cited in a newsletter article on our website, the citation appears as a link that will send you directly to the case. Don't believe it? Check this out.

  • March 15, 2012 | Practice News
    Best Practice: Improving relationships with insurance company clients

    Asked and Answered

    By John W. Olmstead, MBA, Ph.D, CMC

    Q. Our firm, a 17 attorney firm in St. Louis, Missouri, is having a major problem with client defections. We practice in the area of insurance defense exclusively. We have lost several insurance company clients and for those that we are working with - our case assignments are dwindling. Do you have any thoughts or suggestions?

  • March 15, 2012
    When your client lies on the stand

    It's a lawyer's nightmare that has been cussed and discussed for centuries (see, e.g., David Mellinkoff's classic The Conscience of a Lawyer). When can you withdraw if your client lies on the stand or says he will? Can you reveal your client's perjury? Must you? In the latest ISBA Traffic Laws and Courts newsletter, criminal defense attorney Juliet Boyd explores various frightening but fascinating scenarios in light of the ethics rules and some recent cases.

    Not a member of The Traffic Laws and Courts Section? Join here.

  • March 7, 2012
    A new standard for judging covenants not to compete

    In Reliable Fire Equipment Co. v. Arredondo, the Illinois Supreme Court abandoned a rigid two-factor test for determining what a “legitimate business interest" is for purposes of deciding whether an employment covenant not to compete is too restrictive. The court replaced the old test with a much more flexible standard. It's a big change in an important area of the law. Learn more from this in-depth review in the latest issue of The Corporate Lawyer, newsletter of the ISBA Section on Corporate Law.