Denver, CO (PRWEB) August 29, 2012
Recent studies from eight respected sources, when tied together, confirm that networking and personal recommendations remain foundational to a lawyer’s effective business development - but they also reveal that absent widespread, robust online reputation management and attainment of peer ratings that a lawyer’s and law firm’s retention and billing rates will be adversely affected.
“In short, the data reveals an absolute link between effective traditional law firm marketing tactics and the techniques of what we call the wild wired world,” said law firm marketing consultant Bob Weiss, president of Alyn-Weiss and Associates. Weiss presented his unique assemblage of the data this week to chapters of the Legal Marketing Association in Birmingham, Atlanta and Columbia, South Carolina.
In his presentation, Weiss knitted together studies:
- from the leader in electronic billing of $11 billion in approved invoices
- of in-house counsel interviews and polls about what’s important and not on a law firm web sites and use of online directories in vetting
- of how consumers and business owners find their lawyers for personal and business matters
- of how much time the most successful rainmakers spend and what they do differently than less successful business developers
- of what has actually brought work to law firms directly and by referral
- of the value of having written law firm marketing plan
- of how much law firms spend on marketing as a percentage of overall fee volume
The studies were done by legal industry and marketing icons including the American Bar Association, Legal Sales and Services Organization, America Lawyer Media, Hubbard One/Westlaw, Cone and TyMetrix.
Weiss’ presentation, which he has also given as a keynote speech at the annual meetings of two international law firm networks, to meetings of legal administrators, and at several law firms retreats, is regularly updated to capture the continually emerging evidence of the shift in what’s most effective when it come to marketing a law firm.
“Employing the right marketing tactics will ensure you get the rate or fee you seek and that you have intellectually challenging cases,” Weiss said, adding that “most are surprised to learn from this data that the greater the percentage of the legal spending of your client your firm controls the higher the average billing rate is to that client.
“That the data would also show how a law firm can maximize its share of a client’s legal spending is equally counter-intuitive,” said Weiss, who has been advising law firms on marketing for more than 20 years.
Learn more at http://www.themarketinggurus.com.
Contact Bob Weiss at weiss(at)themarketinggurus(dot)com.