What Does it Mean? PR Tips for Lawyers

Attorneys who can answer the question, "what does it all mean?" have a better chance of getting media coverage in turbulent market cycles, according to our recent post.

Wall Street and Main Street hate uncertainty, so the enterprising attorney or law firm who can demonstrate a leadership approach in these tough times stands a better chance of gaining increased visibility and possibly market share.

Here is a case in point. Yesterday, The Wall Street Journal published an article entitled "Law Firms Gear Up -- and Wait -- For Anticipated Bankruptcies." The gist of the article is that the number of high value bankruptcies to date is less than expected, leaving some firms that rely on this countercyclical practice with available capacity.

Our key point is to bring your attention to the closing paragraph. The reporter asks: "What does it all mean for the lawyers?"

In this case, the answer to the WSJ reporter's question is found in the quote of a law professor:

"It depends on the firm's business plan," said Jack Williams, who teaches bankruptcy law at Georgia State University College of Law in Atlanta. Mr. Williams predicts that firms that can juggle a lot of short-term engagements are going to do well. "But those who stick with a more traditional approach," like relying on one or two cases that drag on for years, might struggle. "That business plan just isn't going to square with what's going on."

The Rainmaking Lady offers two observations:

1. You, too, have a chance of getting quoted in the media when you can offer a credible analysis of what given market conditions mean to your clients and constituents
2. Stay focused on your sales pipeline for new case development. While it's great to hit the ball out of the park with a huge case, it might take a lot of smaller matters to keep paying the bills.

Here's your homework: see how you can put this to work in your law firm marketing program.

Are Your Law Firm Clients at Risk?

Yesterday we talked about the results of a recent Altman Weil study, which found that an increasing number of in-house General Counsel recently fired an outside law firm or plan to fire an outside law firm.

Do you know if your valuable law firm accounts are at risk?

Fortunately, there are some signs of trouble when an account is in jeopardy. Whether you choose to take action is up to you. Here are five sure signs of revenue risk.

1. Your relationship with an important account is concentrated in the hands of one partner. What if that partner leaves the firm, is tied up on a major trial for another account, or becomes ill?

2. Your client relationship involves many attorneys within your firm, but just one or two key contacts on the client side. The same questions apply. What if your contact gets a great job offer and jumps ship? Chances are that your contact's replacement may bring their own (and different) law firm relationships to the job.

3. Consolidation or retrenchment is gripping your client's industry. Think airlines or automotive. As an industry shrinks, your client firms may pull back at best or disappear at worst.

4. Mergers or acquisitions may keep your client afloat, but not with you. Countrywide or Bear Stearns are prime examples.

5. New management takes the helm of an important account. Your client contacts remain strong, but you never know when the next corporate reorg is around the corner. Incoming leaders like to bring in their own team. Can your law firm survive?

What would happen if you lost a major account? It makes you stop and think, which is a positive step.

A continuing focus on new business development will build a steady pipeline of prospects, helping to protect your law firm from the blow of a major account loss.

One of the most important roles you can play as a Managing Partner or Practice Group Chair is to be alert to "at risk" accounts. A few proactive steps, including staff business development training, can protect your firm from reversals of your hard-fought success.

Find Smart Clients in an Economic Downturn

Peggy Nordeen, President of the Fort Lauderdale-based integrated marketing firm Starmark International, spoke to the monthly luncheon meeting of the Florida Direct Marketing Association last week.

Her topic was on marketing in the travel and tourism sector, and she provided excellent advice that works equally well for law firm marketing. "Find smart clients" when times are tough, is what she advises. If your law firm seeks to expand its client base during these challenging economic times, find those clients who understand that moving forward during a recession will generate a competitive advantage.

Many companies tend to cut back on discretionary spending during a recession. This is a natural tendency, and can apply to budgets across industries in the areas of training, legal, or marketing. The smart firms are those who know that by making an investment when everyone else is pulling back, they will be able to emerge in a stronger position when the good times return.

"Never stop marketing," advises Nordeen. (We strongly agree with this, as stated in our legal marketing book "Courting Your Clients.") "Don't cut your budgets; use your marketing dollars more effectively and make your budget work harder."

To managing partners and law firm marketers, the Rainmaking Club suggests that now is a good time to craft a strong "value proposition" for your best prospects. Give some serious thought to the prospect's competitive environment and their economic considerations (best done after you have gained some personal insight on their circumstances). Then ask the prospect if you can have a few minutes of their time to demonstrate how your law firm might be able to assist them in increasing market share, or reducing expenses, or minimizing risk, etc.

Personal, thoughtful attention can go a long way toward favorably impressing a prospect with your attorneys and law firm. Relationships that are forged during economic slowdowns may blossom when the economic outlook brightens, thereby protecting you from account poaching.

Law Firms Go Green: Environmental Marketing

Nixon Peabody is one law firm to go "Legally Green" (see www.nixonpeabody.com). They have incorporated expertise from several practice areas into an Environmental "Thought Leadership" service group for clients. Equally important, the law firm has also adopted sustainable building practices where possible and is committed to following environmentally friendly law firm operations.

Wendel Rosen is another law firm that promotes its "green" status. In order to get certified by the Bay Area Green Business Program, the firm presented an educational series on sustainable practices to all firm employees. They developed a Sustainability Team comprised of attorneys and staff. The team analyzed all of the firm's environmental impacts and made recommendations for areas of improvement. Some were undertaken immediately, and others are being phased in over time. See: http://www.wendel.com/greencertification.cfm

As part of its environmental sustainability efforts, the Minneapolis law firm of Robins, Kaplan, Miller & Ciresi L.L.P. is switching to wind-generated electricity to provide 100% power for its law firm’s headquarters. See: http://www.rkmc.com/Minneapolis-Office-of-Robins-Kaplan-Miller-Ciresi-Goes-Green.htm

These law firms are discovering that doing good is good for their legal business. This is a great way for the early adopters to gain favorable press coverage while providing a community service and demonstrating their commitment to being good corporate citizens.

Customer Relationship Management (CRM) for Law Firm Marketing

Last week I had the privilege of addressing the Associaton of Legal Administrators (ALA) West Palm Beach Chapter on the topic, "Courting Your Clients: The Administrator's Perspective." One of the questions that came up was about Customer Relationship Management (CRM) software services that are suitable for law firm use. Here is list of some of the leading CRM providers.

Act! by Sage, Premium 2008
http://www.act.com/

Contact Ease
http://www.colevalley.com/

Goldmine
http://www.goldmine.com/

InterAction® Lexis-Nexis
www.interaction.com

Microsoft Dynamics
www.microsoft.com/dynamics/crm/product

SalesForce
www.salesforce.com

Tracking your leads is a critical element in successful law firm marketing. You will want to record how you found your prospect, the date they became a prospect for your legal services, and future dates for follow up action.

Turning a prospect into a client for your law firm is essential to your practice expansion. Don't leave this important process to chance!

NEW: In response to a question posed by a reader, the choice of a software package depends on the number of users, offices, and your budget. Goldmine and Act! are widely used within small to medium businesses. They can be purchased at Office Depot or Staples starting at a price of about $200.

Other applications are typically priced by the "seat" or number of users, and typically involve installation of software and possibly hardware. Interaction is used by very large law firms. SalesForce.com is different in that it is Internet-based, so there is no software or hardware required. You should speak with each vendor directly to determine which service is right for you. Contact us if you need help in the evaluation process.

Best Practices in Law Firm Positioning: Stand Apart from the Competition

As we research business development opportunities for attorney and expert clients, our work takes us to dozens of law firm web sites on a regular basis. We will start to share with you some of the best practices in law firm marketing that we discover.

Today we are impressed by the registered tag line of Andrews Kurth: "Straight Talk is Good Business.®" Visit their site at www.andrewskurth.com/ to see how they carry out this theme visually and also weave it into their law firm marketing operations. For example, attorney presentations are listed on the web site as "Straight Talk Appearances."

The firm speaks directly to current and prospective law firm clients when they promise not to "hide behind the legalese." The implication is that they are a business partner with a roll-up the sleeves approach to evaluating options, measuring risk, and making informed decisions.

Navigation on the site is also excellent. I particularly like the search feature on the left side of the page.

Too many law firms today focus on what they do, rather than approach marketing from the client's perspective. Andrews Kurth offers a good example of straight marketing.

Associate Programs Feel the Pinch of Law Firm Budget Cuts

"Law Firms Curtail Associate Programs as Economy Slows," is the topic of a 4/14/08 article on page B1 of The Wall Street Journal.

As the economy slows, some firms are trimming expenses in the associate area. Examples include the law firm of Thelen Reid, which recently dismissed 26 associates from its staff of 550 lawyers. The firm also shortened its summer associate program from 8 to 11 weeks. Pillsbury Winthrop, an 800 attorney law firm based in New York, is also giving summer associates two weeks less time (from 12 to 10 weeks). Chicago-based Sonnenschein Nath actually rescinded offer letters to two summer associates and two first-year associates in the Charlotte, NC office.

A bottom line focus is absolutely essential, and cutting expenses is one way to manage personnel costs. A top line emphasis is also essential. More law firms should consider providing their associates with business development training as a means of opening additional avenues for new revenue.

Young lawyers a few years out of law school tend to have a strong electronic network of friends and acquaintances, even if they do spend a lot of hours behind a desk. This Facebook generation can tap into college chums and law school buddies who may be working at global Fortune 500 companies or fast-growing upstarts that need legal service.

Frequently associates simply don't know the basic steps of identifying an ideal client, determining legal needs, talking about possible solutions, or closing a sale. Investing in a few hours of business development training for associates is likely to generate a strong return on investment in the near term.

Now is a good time to get "all hands on deck" in looking for revenue opportunities.

Law Firm Marketing Mistake: Failure to Invite the Connection

Almost every law firm web site we visit has a menu option entitled something like "Practice Areas." Once you click on the link you are presented with anywhere from 5 to 20 different legal practice areas; some even have sub-practice areas.

"So what's wrong with this?," you ask. The answer is that invariably there is NO PERSON TO CONTACT once you get to the practice page of interest. This is not a good law firm business development technique.

If I am a prospective legal client and I want to get information on the Energy Practice in your law firm, who do I call? Most law firm web sites leave me guessing. I can try to call the reception in the main office, at which point I am likely to hear lots of mumbling and/or get transferred around (I speak from experience).

I could also try to find the right contact by searching the "Attorneys" menu option on the law firm's web site, but too often I'm presented with a list of dozens of lawyers with little indication of which one can help me.

Here's the solution: always list the Practice Chair or key contact person (ideally an attorney) for each practice area on the practice page. Provide their direct dial number, email address, and a link to their bio page. This is a very simple step.

Best Practice: Vedder Price does a nice job of introducing different members of the firm. See: http://www.vedderprice.com/index.cfm/fuseaction/about.home/about.cfm

Help your prospects make contact with your attorneys! You might even get some new business or alliance partners this way.

Law Firm Restructuring: Anderson Kill sets an Example

I just came across an interesting announcement from earlier this year that merits a mention in terms of law firm marketing and strategic planning.

The New York-based law firm of Anderson Kill & Olick, P.C. was faced with the amicable departure of 69 shareholders to Reed Smith after terminating merger discussions. Taking a proactive stance, Anderson Kill issued a press release announcing that it was refocusing its practice on the firm's core competencies in about six key legal practice areas. Read the release here: http://www.andersonkill.com/news_article.asp?newsid=1113

There are times when downsizing or refocusing is the right step in a firm's business development cycle. Such a dramatic action allows you to restate your mission and re-energize the team. In today's turbulent market conditions, perhaps your own firm will benefit from a refocusing or streamlining action.

The tighter your focus, the more effectively you can allocate resources. You will also be able to develop and communicate your USP (unique selling proposition) to the marketplace more forcefully.

Burger King's Success: Insights for Law Firm Marketing

Burger King's management team has orchestrated a successful turnaround in the past couple of years. Today's Wall Street Journal article ("Man Behind Burger King Turnaround; Chidsey Says Identifying His Restaurants' 'Superfan' Helped Beef Up its Offerings," by Janet Adamy) contains some marketing nuggets for legal marketers. Here is an excerpt.

WSJ: What were the keys to your company's turnaround?

Mr. Chidsey: Most importantly, I'd say it was finding who our target customer was, figuring out who was the superfan and not wasting our time trying to be all things to all people.

This is similar to the General Electric (GE) strategic goal to be first or second in each market segment, even if it means creating a unique market niche. The same type of approach works in any business, including law firms. Focus on your "ideal" clients with the right mix of distinctive service offerings. Try to avoid spreading yourself too thin by being a jack of all legal trades and master of none.

This principle can be applied also in regard to multiple practice areas within your firm. Consider eliminating the weak performers in order to focus your resources on what you do best.

(In the spirit of full disclosure -- since this is a legal column -- I must admit to being a fan of the Whopper Jr. priced at about $1. With all too easy access to a Burger King right across the parking lot from my office building, I will continue to watch and weight the firm's success.)

The Bear Essentials: Balancing the Eggs in Your Basket

The Wall Street Journal today includes a story entitled "Law Firms Likely to Miss High-Fee Work for Bear." Several large law firms may find themselves at risk of losing business on the Bear Stearns account as the firm becomes part of JP Morgan Chase, according to the report. Cadwalader Wickersham, Skadden Arps, Latham & Watkins, and Weil Gotschal are among the firms mentioned as historically providing legal services for Bear Stearns.

One week ago today Bear Stearns stock was trading at $65 per share, to be followed by a proposed fire sale of $2.00 per share less than 4 days later. One Bear Stearns trader who read about the deal in the paper said he was sure the offer price was a typo.

What if the unimaginable happens to a client of your law firm? Do you have 1 or 2 large accounts that represent a significant share of your business? The old adage "don't put all your eggs in one basket" holds true for law firms as well. If you determine that the misfortune of a small number of accounts can cause great potential harm to your practice, now is a good time to work toward rebalancing your portfolio of clients and/or practice areas .

A Team Focus on Billable Hours

I heard a great idea recently from a wise law firm administrator at an insurance defense firm. There was some grumbling among the support staff about simple things like why an attorney could not make their own copies (sound familiar?).

The Office Manager offered some very simple staff training, taking the time to point out that the firm's clients monitor invoices very carefully. Copying charges were acceptable to clients, but only when done by support staff and not the attorneys.

Staff members were encouraged to look for ways to help the attorneys spend more of their time on client work. The Office Manager emphasized that when the attorney spends the maximum amount of their time on billable client hours, everyone wins because the firm becomes more profitable.

Strategic Networking: 5 Steps to Snag Hard-to-Reach Prospects

Strategic networking is the process of focusing your time and attention on reaching the big fish.

You can go out every night of the week and meet dozens of people at Chamber meetings, professional association dinners, or fund raising events. If you are a member of the plaintiff's bar, this is probably not a bad approach (although it is time consuming). However, you have little control over who you meet.

But what if your time is limited and you need to see a better return on your networking activities?

Let's say as an example that you are a partner in a defense law firm offering some type of healthcare legal service to hospitals, clinics, HMOs, or other health care related firms. In order to maximize your referral networking time, you want to connect with the Chief Financial Officer, Chief Risk Officer, in-house General Counsel, or Chief Executive Officer. Unfortunately, these people can be hard to reach.

Here is a way to reach the person with purchasing authority through your networking efforts.

1. First, identify the top 5 to 10 local firms in the health care industry that you want to reach. (D&B's Zapdata - www.zapdata.com - is a great way to compile your list)

2. Write down the names of the 3-5 executives within each firm who would be good contacts for you.

3. Do some research to find out where these prospects and/or their employers get involved in the community, like the local Chamber or Economic Development Organization.

4. Start to attend meetings of the organizations where your prospects are involved.

5. Once you meet someone within a target firm, ask for referrals and introductions that will eventually get you in front of your intended prospect.

This is likely to take some time, and you may need to volunteer for a committee or project, but it will be time well spent. The bottom line, if done properly, is your success in opening a new account with one of your top prospects.

Remember the secret to business development: never stop marketing!

Helping Law Firm Associates Build a Referral Network

Law firms that rely only on their referral network may not be tapping into other productive marketing channels, as reported in my previous post.

Visits with several law firms this week remind me that there is another underutilized resource in regard to the power referral network. What I'm referring to is the fact that many law firm associates, still early in their legal career, are not trained on how to build their own referral network. Happy to rely on work brought in by other partners, these associates may not be developing the skills they need to bring their own business in the door.

Whether you develop an in-house mentoring program, or bring in outside trainers, teaching your associates how to build their own referral networks can be one of the best investments that a law firm can make.

Showing your associates how to think strategically about the business they want to develop, then showing them how to go out and network their way into these accounts, can start paying off in weeks or months.

Our next post will focus on how to map out your networking activities to get an introduction to the decision maker at a hot prospect. Stay tuned!

Beyond the Referral Network

"How do you get most of your legal business?" is a question I frequently ask attorneys and other law firm professionals. In the past three weeks I've asked this question to dozens of as part of our participation at Association of Legal Administrators (www.alanet.org) events in Orlando, Miami and West Palm Beach, Florida.

"Referral from other attorneys," is the most common response to the question. It's true that many attorneys and law firms make a very nice living by waiting for leads to come in from other attorneys. As the law becomes more specialized, this practice will undoubtedly become more pronounced.

It can take quite a bit of time to build a referral network to the point of robustness. When properly maintained, an attorney should have an extensive list of prioritized (A/B/C) referral sources. "A" referrals are current producers you should be communicating with monthly. "B" referrals are less mature sources that you are grooming and/or periodic producers that warrant coffee or lunch every 90 days or so. "C" referral sources should be on your newsletter mailing list.

But wait! There's another question to be asked. If a law firm is doing well with referrals, that means you may be leaving money on the table. This is particularly true if you don't pursue any or many other business development campaigns.

The question is, "What else can I do to get more business?" Business development takes time, and you need to plant a lot of seeds. Try adding at least one more marketing program, whether it is a newsletter, educational seminar, or publishing an article. Keep trying to stretch for more. Only then will you be able to create a truly integrated legal marketing program that can get you through the good and bad times.

As we always say, legal marketing is a process and not an event. Never stop marketing!

Chat Rooms: Open or Closed to Florida Attorneys?

This just in from The Florida Bar ...

Official Notice of Advertising Inquiries from the Board of Governors

"The Florida Bar Standing Committee on Advertising will consider withdrawing or modifying Florida Advertising Opinion A-00-1 regarding attorney participation in chat rooms at the request of The Florida Bar Board of Governors at its meeting to be held via conference call on May 13, 2008. Florida Advertising Opinion A-00-1 concludes that an attorney may not solicit prospective clients through Internet chat rooms, defined as real time communications between computer users.

The Standing Committee on Advertising also will consider adopting a proposed advisory opinion regarding specific questions relating to an attorney's participation in chat rooms based on inquiries from The Florida Bar Board of Governors and a member of The Florida Bar, at a meeting to be held via conference call on May 13, 2008.

Specific questions include whether it is prohibited in-person solicitation for an attorney to obtain a client by responding to a person or group encountered in an on-line chat room, whether an attorney can respond to specific questions posed by chat room participants such as whether anyone knows a lawyer or knows what to do when faced with a specific legal problem, and whether a lawyer may interject advice in an on-line chat involving other participants where bad advice is being given.

There are no drafts for the committee’s consideration at this time. Pursuant to Procedures 4(c) and (d) of The Florida Bar Procedures for Ruling Relating to Lawyer Advertising or Solicitation, comments from Florida Bar members are solicited on the issues presented and on the possible withdrawal or modification of Florida Advertising Opinion A-00-1.

Comments must contain the advisory opinion number or issue, must clearly state the issues for the committee to consider, and may include a proposed conclusion. Comments should be submitted to Elizabeth Clark Tarbert, Ethics Counsel, The Florida Bar, 651 E. Jefferson Street, Tallahassee 32399-2300, and must be postmarked no later than March 31, 2008."

Holiday Parties Offer the Gift of New Business

The holiday season is upon us, which means lots of opportunities for social networking with other attorneys and prospective new clients. Think of this as the perfect time to skillfully launch your 2008 legal marketing efforts.

You don’t have to be the life of the party to attract serious business development opportunities on the social circuit; you just need to have a plan. Here is a simple five-step program you can easily implement.

Step 1: Build your referral network. You should always maintain an active list at least 3-5 key contacts who have the ability to send you qualified leads on a regular basis. Non-competitive attorneys, bankers, accountants, financial planners, and consultants are among those well suited to helping you generate business. The holidays are a great time to reinforce or expand this referral network.

Step 2: Strengthen your connection to current and past clients. Your best source of new business comes from your existing client base. Make a list of 10-15 clients you want to connect with over the holidays. Try to schedule a lunch to thank them for their business, or get a commitment to meet in the New Year.

Step 3: Make connections on the networking circuit. Attend as many events as you can, and make a point of working the room to talk to those you know while also introducing yourself to new contacts. Go prepared with a well-rehearsed “elevator speech” and lots of business cards. While you may not be able to have substantive conversations at a crowded cocktail reception, you can ask for a post-holiday meeting with your most promising leads.

Step 4: Listen for new business. The key word here is “listen.” Ask about business challenges and opportunities faced by those you meet. Discover what they will be focusing on in the New Year, then figure out how you, your firm, or one of your referral partners, may be able to help.

Step 5: Prepare to follow up. Don’t drop the ball after the party; your plan is just starting! Make notes for yourself after you leave a party as a reminder of new leads to pursue. Send a handwritten note to those you met to reinforce the on-going conversation. Ask for a meeting with key clients and prospects to further develop the relationship.

Here’s a bonus item for your business development efforts. Talk to the officers, directors, sponsors and program chairperson at parties hosted by Bar associations, trade associations, and media organizations to learn about their 2008 priorities and calendar of events. You just might be able to set the stage for an important speaking or publishing opportunity.

Happy holidays and happy prospecting!

Lawyer Referral Network v. Contact Database

What is the difference between a lawyer referral network and an attorney's contact database? It's a good question, and one I was just asked the other day.

A referral network is a group of 5-10 professionals who have the ability to send you high quality business leads. As an attorney, your referral network may include non-competitive attorneys, bankers, accountants, consultants, financial planners or others. If you don't have a strategic referral network in place working for you, set one up soon. It is like have your own personal sales force without having to pay commissions!

You should plan to meet with each referral network member individually every 30-45 days. Also, be sure to reciprocate by sending business opportunities to those who are providing you with leads. If you find that a network member becomes less productive over time, replace them with a new player.

Your contact database, on the other hand, includes your clients and prospects, as well as members of your referral network. You can prioritize them on an A/B/C basis. You may want to make personal contact with your "A" (best) candidates every 2-3 months, while you contact "B" prospects by phone or in person every 6-8 months. Maintain communications with "C" prospects via email or direct mail.

You can maintain your contacts in some type of contact management software like Act!, Goldmine, Contact Ease, Interaction, or similar services.

If you want to read more about legal marketing and attorney business development, read my new book "Courting Your Clients: The Essential Guide to Legal Marketing." See www.courtingyourclients.com.

LMA Bay Area Tech Program Features Internet Marketing Panel

"Must Be Present to Win: Law Firm Marketing on the Internet” is the topic of an Internet marketing panel being moderated by law firm marketing consultant Margaret Grisdela, President of Legal Expert Connections, at the Legal Marketing Association’s Bay Area Chapter Ninth Annual Technology Program in San Francisco on September 5, 2007.

“Keywords are the currency of the digital economy, convertible into cash when site visitors become clients,” said Ms. Grisdela. “Smart law firm marketers need to know how to position their firms online for search engine visibility.”

Session attendees will learn about search engine optimization (SEO), email marketing for law firms, why keywords are critical to attract visitors to a law firm’s website, and how to build client value into a law firm’s web site.

Business purchasers of legal services are turning to the Internet with increasing frequency to identify and research suitable law firms and attorneys. General Counsel might use Google, check lawyer rankings in rating services, or consult a legal directory; however, most refer to law firm web sites when they need to hire outside counsel without a personal reference.

Details on the one-day conference, including panel participants, are available at http://www.lmabayarea.org/techshow.

Attorney Billable Hour Rate Hits $1,000

In an article today entitled "Lawyers Gear Up Grand New Fees," The Wall Street Journal reports that the hourly rate for some leading New York lawyers is crossing the $1,000 per hour threshold. This is yet another example of how the legal industry is a "treadmill paved with gold," a phrase made popular by Aric Press, Editorial Director of ALM.

While high billing rates are lucrative for the attorneys and law firms who can command these lofty fees, it also sets the stage for further negative backlash against high legal costs by increasingly cost-conscious corporate clients. A top national legal expert with a proven track record who's leading a "bet the company" type of case may deliver great value at $1,000 per hour when s/he ultimately saves the client millions with a favorable outcome. In other cases, attorneys will find clients facing a psychological pricing barrier at $1,000 per hour or more.

Marketers face the pricing question when determining the right price for a product to sell properly. What is the difference between $99.95 and $100, other than a nickel? The answer is in the mind of the buyer. $99.95 looks like a great value, while $100 may appear to be expensive. The marketers rule of thumb is that if the market is price sensitive, the lower price is the better approach. Higher prices work where the market is price-insensitive.

Pricing is a fascinating subject with many possible solutions. Outside of the New York price leaders, Managing Partners are advised to carefully evaluate less obvious pricing and bundling options that contribute to firm profitability. Alternatives include cross-selling, up-selling, increased client retention, service bundles and higher "switching costs."

These and other ideas are outlined in more detail in my new legal marketing book, Courting Your Clients: The Essential Guide to Legal Marketing. See www.courtingyourclients.com for details.