#BizDevTip

[randombusinessoflawthoughts]

On average, it now takes 3229 days to make partnership

3229 days – on average that’s how long it will take you to make partnership in 2023. And when I say “partnership”, I’m not talking about equity partnership. Last week (15 August 2023), Marlene Gebauer and Greg Lambert interviewed Laura Leopard, founder and CEO of Leopard Solutions, on their ‘Geek in Review‘ podcast. It’s a really interesting chat around law firm partner succession plans (or lack…

[revealio]

Learn Biz Dev Tips on the Tech With Heart Show Airing daily, M-F at 10am PT on Power Me Up Radio Talk 24/7 on iHeart Radio The Station With Heart on iHeart https://techwithheartnetwork.com/radio Mon, Aug 28th at 10am PT Pitfalls to Avoid When Starting a Business with David Lieberstein Tue, Aug 29th at 10am PT Online Accessibility - Is Your Business Open? with Daniel Hodges Wed, Aug 30th at 10am PT Tax Tips To Keep More Money In Your Business with Chris Middleton Thu, Aug 31st at 10am PT SMBs - Avoid Getting Sued In A Digital Age with Barry Cohen Fri, Sept 1st at 10am PT ADA Compliance in an Online Digital World with Tim Burkart LISTEN WHILE YOU WORK #businessgrowth #smallbusiness #onlinebusiness #technology #bizdevtips #ada #copyrightinfringement #ai #tech_w_heart #revealio #michellecalloway #raveninternational #powermeupradiotalk247 #iheartradio

[randombusinessoflawthoughts]

REPORT: Dynamic Law Firms consistently invest more in Business Development than Static Law Firms

The numbers have been crunched and the results are in: ‘Dynamic Law Firms’ invest considerably more in their business development and marketing activities/departments than static firms are willing to do. According to the latest (8th) iteration of Thomson Reuters Institute’s 2023 Dynamic Law Firms Report, Dynamic Law Firms consistently invest greater sums in their business development and…

[randombusinessoflawthoughts]

Happy customers...

Very sage advice from Seth Godin today for any new partners recently made up in the July promotions here in Australia, or anyone trying to do business development in today’s crazy world for that matter: The first thing to do when thinking about starting a project, before you invest in systems design, infrastructure or fancy tools, is to practice getting some customers. And the second thing to do…

[randombusinessoflawthoughts]

The Hourly Rate is alive and well: there is no such thing as Alternative Fee Arrangements

If you are wondering what types of Alternative Fees Arrangements (AFAs) in-house General Counsel are asking their private practice suppliers to provide them with – or, to flip the coin, what AFAs private practice lawyers are charging their in-house GCs, then wonder no longer. The latest market report from the Association of Corporate Counsel (ACC) sets this out in a nice clear table: Some…

[randombusinessoflawthoughts]

'Customer service' vs 'Customer experience'

Ever wondered if there is a difference between ‘customer service’ and ‘customer experience’? I was fortunate enough to come across this quote by Paul Roberts, CEO at My Customer Lens that, frankly, sums it up better than anyone else I have seen lately: “It’s important to define the difference between customer service and customer experience. I like to define customer service as what you do, and…

[randombusinessoflawthoughts]

Happy New Financial Year!

Happy New Financial Year to all in #Auslaw. It’s that strange time of the year when we start all over again as if the previous 12 months didn’t happen. Only it is not quite as simple as that. From today: most lawyers will be charging clients 10% or more extra for their services, with little or no explanation about where the extra value is being delivered and with the new fee rate being…

[randombusinessoflawthoughts]

Unbundled legal services: Where have you been for the last decade or two?

You can take a look at my latest long blog post on this issue here

Unbundled legal services: Where have you been for the last decade or two? | RWS_01's B[D]log (rws01.com)

[randombusinessoflawthoughts]

Unbundled legal services: Where have you been for the last decade or two?

As readers of this blog will hopefully have observed, I’m a very keen observer of up-and-coming developments in the legal industry. Frankly it’s my job to follow and understand emerging market developments and, particularly, how they may affect the way we serve our clients. And so it was, with such a mindset, that almost two decades ago I came across a concept being touted as the next BIG thing:…

[randombusinessoflawthoughts]

'Is Australia the world’s most competitive legal market?' - So what if it is!

Way back in 2014, my good friend John Grimley, off the back of some comments I made in his book ‘A Comprehensive Guide to the Asia-Pacific Legal Markets‘ asked the question: ‘Is Australia the world’s most competitive legal market?‘. Many of us in Business Development who work in this market day-in, day-out believe that it is. Evidence we often provide to back this claim up includes: The sheer…

[randombusinessoflawthoughts]

How can your law firm's Business Development team succeed if they aren't properly funded?

Reading ‘How law firm marketing & business development teams can deliver in a pivotal year‘ by Elizabeth Duffy on the Thomson Reuters site, I was struck by the following two stats: On the client side, demand for legal services is projected to remain strong — 41% of clients say they plan to increase legal spending this year, and only 20% expect legal spending to decline. On average, law firms…

[randombusinessoflawthoughts]

Is It Fair To Charge Different Clients Different Rates?

Leaving aside the whole issue of whether or nor the billable hour is the best way to charge clients, do you think it is fair to charge different client different rates for the same work? This article by Jordan Rothman on abovethelaw.com would suggest the answer to that question is – ‘yes’. And I actually don’t disagree with Jordan’s outcome, but do disagree with his thinking of why. After all,…

[randombusinessoflawthoughts]

Mid-year review of the Australian Legal Market

Thomson Reuters recently (27 February 2023) published its 2 page Mid-year review of the Australian Legal Market. As usual, the Report is a very interesting read; but by far the two standouts for me were: Expense Growth Notice that rise in Direct Expenses? That’s down to the pay rises you just gave to your 2 to 6 year PQE lawyers who are now sitting around very under utilised! Where will…

[randombusinessoflawthoughts]

Peak loading - Hourly billing with a twist

Not exactly sure where I came across this pricing menu by a translation service provider in Malaysia – Lexup – so apologies if I am not giving you the credit you deserve because this really grabbed my attention. A translation service focussed on the legal profession that not only charges by the minute (let alone 6 minute units), but whose rates vary depending on how urgent your need…

[randombusinessoflawthoughts]

'More with less' not 'More for less'

Back on deck this week after close to 6 weeks off work (not too uncommon for us here in Australia where January is like July in France!). While catching up on my emails I came across this classic by Tom Fishburne. Yet again Tom hits a home run and I suspect many of us will be feeling this pressure over the next 11 to 12 months! As usual comments are my own. And I hope everyone has a great…