Business conditions over the past few years have been … trying. And all the changes impacting the legal profession haven’t made things any easier. Is there any rock of stability in the midst of large law bankruptcies, alternative fees, globalization, technology shifts, new partnership models, legal process outsourcing, lateral hiring bubbles and overcapacity projections?
Regardless of how conditions have changed and will continue to evolve, one constant remains: the need to focus on clients and build meaningful, mutually-beneficial relationships.
ALM Legal Intelligence conducts a regular bi-monthly survey over the web to compile an Economic Confidence Index for the industry. The small sample size is a limiting factor, but the recurring snapshots collected and the questions asked make the results both interesting and directional in nature. According to the survey, the biggest economic challenge law firms face in the current year is “adding new clients.” Want to guess what the top choice was six months ago or last year at this time? The same, with an even higher percentage making it their top choice on the latest sample.
Despite the constant focus on clients, activities don’t occur in a vacuum. All the collective shifts hitting the industry and affecting economic and marketplace conditions have changed the way competitive legal games are played today. To keep clients front and center at your firm, you need to consider the latest rainmaker rules.
We have some suggestions to offer on that subject based on survey data from multiple sources, practical experience and our own observations about the state of the industry. You’ll find that information conveniently packaged in: A New Rulebook for Rainmaking – Time to Replace Same Old Thinking with New Approaches.
If you’re like most firms, the topic is very timely … relationship-building is always worthwhile. Get your own Rulebook copy, give it a read, and let us know what you think.