Law Firms to Partners: Bring in the Business or Risk De-Equitization

Law firms today want to increase their "stock price," according to Mayer Brown Chairman James Holzhauer. Quoted in a July 6, 2007 Wall Street Journal article entitled "Partnership is No Longer a Tenured Position," Mr. Holzhauer was commenting on Mayer Brown's move to fire or demote 45 partners earlier this year in an effort to increase "profits per partner." Other law firms taking similar actions include Jenner & Block LLP, and Powell Goldstein LLP, according to the article.

What does this mean for partners at AmLaw 100 or AmLaw 200 firms, where "profits per partner" is closely scrutinized? Partners must bring in profitable new business and expand existing client relationships, or risk the threat of losing an equity position and possibly their job. While "finders" are a hot commodity, partners who fall into the category of "minders and grinders" must learn new business development skills quickly to keep a constant flow of quality prospects in the pipeline.

How can a partner meet this challenge? Attorneys need to realize that marketing is a process and not an event. Business development requires a clearly defined marketing plan based firmly on a set of goals and objectives. The plan can be short and sweet, even 2-3 pages will work. The secret to success is to work the plan substantively every day. Never stop marketing!

Attorneys can learn how to create high quality leads through speaking engagements, publishing opportunities, direct mail, referral networks and more in the upcoming legal marketing book, "Courting Your Clients: The Essential Guide to Legal Marketing." Six simple steps contained in the CLIENT RainmakingTM methodology, outlined in the book, include:

1. Create a law firm or attorney marketing plan
2. Launch your plan
3. Inspect the results of your marketing plan
4. Educate yourself and your audience on industry challenges
5. Nurture your leads to turn them into clients
6. Team with your new clients for a long term relationsh

Details at http://legalexpertconnections.com/courtingyourclients.html. Blogger and author Margaret Grisdela will supply a sample attorney marketing plan on request to mg@legalexpertconnections.com.