I still recall the (somewhat tongue in cheek) advice I had from the senior partner of the firm I was with in the early 80s...
“When you send out a big bill, I mean an eye-watering bill, send it out on a Friday and don't come to work on Monday – let someone else take the call from the client".
Cynical? Yes, but symptomatic of most lawyers approach at the time. (more…)
This video post examines what international law firms can learn about brand purpose from corn flakes.
In four minutes I explain the answer – why brand purpose matters so much and why brand purpose will be critical to winning the differentiation war that is being fought by international law firms.
These are unprecedented times for partner mobility in the BigLaw part of the legal ecosystem, driven by clients, firms themselves and talent.
As firms reposition themselves for the new market dynamics summarised here and here by my colleagues Warren Riddell and George Beaton, respectively, there is a cascading of talent between the different law firm tiers: (more…)
Amidst the tough times for law firms there's deep insight, opportunity and hope in a new research finding that reveals what most law firms don't know about clients.
If this sounds too good to be true, it's not. It's based on analysis of the responses on 7,061 individual buyers and users of the services of corporate and commercial law firms. (more…)
Beaton's research amongst 10,000s of clients of professional services firms over the last 10 years shows that perceived price is positively correlated with the value perceived by clients. Yes, that's positively correlated. In other words, the higher the price, the higher the value perceived by current buyers users of the service.
In these days of enormous price-down pressure on every firm in every profession, this finding – that perceived price is positively correlated with perceived value – warrants repeating. And explaining. And testing. And learning to use in practice. That's because it's seems at odds with everyday experience of firms. (more…)
More on the importance of cost consciousness in law firms was added to the discourse last week in George Beaton's video interview with Australasian Lawyer.
Building on Mel Anderson's great post on why cost consciousness is valued by clients, in the interview George re-states the 'incontrovertible evidence' that cost consciousness plays a greater role than price in how clients perceive the value they receive from their law firms.
“If not, be prepared for the possibility that Chicken Little was right” is Pam Woldow’s punch line in her post dated April 3, 2014 (1).
You’re spot-on Pam, I thought as I read her reflections on five observations about the trending strategies and cultures of firms with a BigLaw business model. The trends to which Pam refers are mainly internal, but there’s an external environment aspect to this story too.
This post adds a sixth, massively important external trend not previously reported in the public arena. The trend is based on hard evidence sourced from the most important stakeholder in BigLaw firms – their clients. The probability that Chicken Little is right just got a whole lot larger. (more…)
This miscellany of posts is a reflection of the rigour and research that underpins the work with law firms of Beaton people and our international collaborators.
Based on our research, consulting and advisory work with law firms in many countries, our proprietary research with Beaton Benchmarks and our critical review of the published work of others, these posts illustrate the depth and breadth of the skills we offer our clients in Australia, USA, UK, New Zealand and Hong Kong.
The range of issues canvassed illustrates the rich and challenging environment of legal services. We invite our readers to correspond with the authors. Perhaps some readers would like to offer rejoinders and commentary of your own? (more…)