Business model

Facebook IPO | A Take-away Idea for Law Firm Strategy

Potential buyers got their first look at Facebook financials yesterday, which showed the company produced a $1 billion profit last year from $3.71 billion in revenues. The company derives 85% of those revenues from advertising, with the rest from social gaming and other fees. The initial public offering could value the social network between $75 [...]

0 comments Read the full article →

Law Firm Management Ideas | The Benevolent Dictator

Listening to a law firm administrator explain how he handles internally sensitive issues at his law firm over a business dinner one evening, I remarked, “You’re a benevolent dictator! Sounds like it’s working for you! Management by consensus may be an easier path, but it is a sure path to confusion, or worse, inaction, right?” [...]

2 comments Read the full article →

Can a Law Firm Become a Social Business?

How are you preparing to take your law firm into the “Social Business” era? Perhaps this is the first time you’ve heard the term used? Here’s a definition: Social Businesses combine fully integrated sets of tools, channels, and processes with people that embrace and cultivate a spirit of collaboration and community throughout the organization—both internally [...]

8 comments Read the full article →

The Heart and Soul of Your Law Firm | What Vendor Relationships Reveal

Today a package of materials from a new client of mine arrived overnight, first AM delivery. The delivery surprised me and exceeded my expectation as our scheduled meeting is weeks away. There was nothing urgent about me receiving the materials, but it sure was nice to have them in hand so far in advance. Then [...]

1 comment Read the full article →

Content and Community | What I’m doing with social media in 2011

Looking back – Looking forward. Social media and social networking platforms open up doors to new relationships and often work well as tools for marketing – broad distribution, top of mind impact, and exposure for expertise. However, looking back on my social media involvement during 2010, these two uses actually had the least impact on [...]

3 comments Read the full article →

Managing Social Media in Your Law Firm | The Next Big Thing

We’ve come a long way, baby! Three years ago, when I founded my company Law Gravity, I talked to a lot of law firms about their “plans” for using social media. Their response: “What plans?” There were firms that had a blog or two, but few looked beyond into opportunities presented by other social media [...]

3 comments Read the full article →

Does your law firm need a “social agency?”

As social media channels grow and the “what should we be doing” buzz slowly moves across the legal marketing industry, more legal marketing professionals and law firm leaders are asking, do we need to hire an agency? If you’re big enough or serious enough, you probably do. And according to some of the heavy hitters [...]

4 comments Read the full article →

The Semantic Web: Fantastic and a bit scary

The Semantic Web (call it Web 3.0 if you will) is both fantastic and, like most new technology, a bit scary: Do I really like the idea of every little move I make becoming data to be tagged and processed electronically? What if it ends up in the wrong hands? And what to think of [...]

5 comments Read the full article →

Alternative Fee Agreements: The truth beyond the lore.

Thinking about the best way to structure that Alternative Fee Agreement your client is requesting? Well, it may take some time up front and some serious understanding of the benefits for both client and law firm to strike the right balance. And, as in most things alternative, AFAs are situational, but when done properly can [...]

5 comments Read the full article →

What is the price for a loyal client?

I think many businesses [and law firms] are shooting themselves in the foot when they cut corners on the wrong stuff. For example: Discount stores like Marshalls, TJX and Ross are perfectly positioned for a recession when discretionary dollars are tight. The other evening the mid-town Miami Marshalls was teeming with shoppers sorting through tons [...]

0 comments Read the full article →