Understanding Social Media The Nature of Law Firms

Transcription

1 Understanding Social Media The Nature of Law Firms Legal Support Network, 3 Nov 09 Presented by Allan Carton Solicitor, MBA, Director Business Development Strategies, Law Firms & Legal

2 Agenda Dealing with Legal Practices? How can social networking work in the legal sector? Why should THEY bother? If you re setting out your stall to engage with customers, where should you focus your efforts to get the attention of people who matter, where you have a good chance of keeping them interested? Their issues, their responsibilities; what matters to them. Explore key characteristics of different types of firm, their structure, key people, roles and their mindset, which we spend a lot of time trying to understand and develop; Explore with delegates how these can help to establish a meaningful and productive rapport.

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4 Inpractice UK Tweetie iphone Twitterfeed.com - RSS

5 Building Client Relationships - Roles Suspect - could the Client fit the target market profile? First-time Client - Client makes first purchase Majority Client - Client selects your company as supplier of choice Advocate - Client generates additional referral dollars Relationship Timeline Prospect - Client fits the profile and is being approached for the first time Repeat Client - Client makes additional purchases Loyal Client - Client is resistant to switching suppliers; strong positive attitude to your company Acquisition Role: Finding and winning the right Clients. Marketing & Sales Activity Retention Role: Keeping the right Clients. Client Service/Service Delivery Development Role: Growing the value of the right Clients. Up-selling, Cross-selling & Down-selling

6 Who do you (want to) deal with?

7 Dealing with Lawyers, CEO s, MP s, IT, HR... Closing the deal can be a long process! Lots of consensus and committee decision making. Managing can be painful. Lack of interest, poor decision making, lack of info.. Short of time, short attention span Understand the legal work... but beyond? If you make a relationship that works, you want to keep it. Some very loyal.. But we need to be seen to understand their problems. Reduce their risks. A lot of me too! Help them with VISION

8 Useful thoughts... I think Social media - siimilar... to the old world! A lot of Me too! great! AIDA RAPPORT Empathy, understanding, acknowledgement Humour... making their day interesting Relevant: Case Studies Tips, tricks Testimonials New ideas, innovation for some help with vision

9 Generating Rapport! AIDA Attention - Get Attention Interest - Generate Interest Desire - Arouse Desire Action - Prompt Action Understand their world. Get on the same wavelength. About people Different styles - Inpractice

10 Overall Picture England & Wales No of % of No of % of Firms No. of Firms Partners Solicitors Solicitors % 4, % 6, % 4, % 18, % % 12, % % 11, plus 1.9% % 33,188 Totals: 10,114 82,557 >4 14.2% 1,436 69% 55,597

11 Size of Firms by Fee Earner Major consolidation and growth at top end Very rough guide double f/e for total headcount 100 th fee earners (doubled in 6 years) 200 th th th th th - 15

12 Types of Legal Work Main Areas Corporate, Commercial, Property Business Mergers, Acquisitions, Insolvency Contract, agreements, intellectual property, franchises Property Investment, development, management Litigation, disputes, mediation, debts, employment Personal Legal Services Residential property Family (Divorce, Property, Children) Wealth & Assets (Wills, probate, trusts, Tax) Disputes, accidents, employment Niche (e.g. Property Development, Intellectual Property, Insurers) Volume (Remortgage, residential property, accidents)

13 % Revenue Spent on IT - Number of Partners 5.00% 4.00% 3.00% 2.00% 1.00% 1 2 to 4 5 to to to 50 > % IT Budget as a % of Turnover Average Source: Inpractice research of Managing Partners, December 2005

14 Other Considerations Small firms often move faster Larger firms have bigger budgets, but more controls Most managers are frustrated by poor decision making recognise and offer help. Asking telling questions generates respect. Ask about their role to get them to open up. Use as little time as possible don t waste their time. 14

15 What motivates / keeps them awake at night? Hard... Money, profits take home pay different levels! Compliance, Risk, Professional Indemnity More business Soft... Social conscience, community yes! Respect, recognition, success (whatever that is)... ego? Roles, status... big city firms, young guns... and the rest! Lifestyles Job Satisfaction Work Life Balance Succession, retirement.. Client Satisfaction ones who complain / advocate? We work, but all got a life too!

16 Hot Issues today? Cash releasing locked up capital Return on investment, reducing cost of ownership (IT) Client and business retention Productivity, turnaround times Risk Management Compliance and regulation Cross selling, getting closer to clients

17 What s on their agenda? Partner Conference Planning business growth Business objectives Marketing / promotion / managing relationships Retain clients Generate more from existing clients - cross sell services Generate new clients Roles within Departments Earn fees Develop business opportunities Manage people and performance Defining Roles

18 Roles Chief Executive Officer Increasingly popular. Influential. Recruited for commercial nouse, even (some) in small firms Accountancy credentials common + bankers Some CEOs are good managing partners with a corporate title. Maybe lawyers with extra management training e.g. MBA Focus on strategy and manage operations through others No legal work. Indicative of progressive partnership

19 Roles Senior Partner May be a figurehead Probably been there longest in smaller firms; appointed in others. Usually influential, having respect of partners. May be the real (sometimes the only) decision maker In smaller firms, may own more than others May be heading to retirement, so different personal objectives, but varies a lot. May be the managing partner Managing Partner A lawyer and a partner in the firm, so they are one of them. Role in decision making varies. Can act alone or only with agreement of Boards and Groups Always an important figure A charismatic leader who naturally takes the role, or a partner who has taken the job reluctantly nobody else wants or can do it? Often mix management with a fee earning role, but usually shouldn t. Mix of strategy, operations and legal

20 Roles & Characteristics Practice Director Professional manager. Have to earn partner respect to be able to influence change Step up from Managers. Working more strategically with a Managing or Senior Partner. May have a more operational, less strategic focus than a CEO. Usually supporting a Managing Partner or Senior Partner Many roles, no spare time: HR, Finances, IT, Marketing? Practice or Office Manager Facilities management. Day to day operational manager responsible to others with more authority. Increasing HR sickness, absence, holidays... Traditionally promoted or grown naturally from cashiers in smaller firms, but increasingly professional Extent of role often not appreciated by partners Many roles, no spare time: HR, Reception, stationery, IT, promotions, cashiers, pay, furniture? 20

21 Roles & Characteristics 21 Heads of Departments Generally partners, mostly lawyers Very influential but often not good at managing their teams; more focused on their own legal work. Should work closely with the management team to produce best results; focus on their team. Influential and often demanding Should set business plan for their department all areas of business development and operations. Can be an obstacle to decisions and implementing new solutions. IT Director / IT Manager If they say Yes! - Influential on IT solutions but maybe not decision maker on solutions for lawyers. Don t trust lawyers to use IT properly; want to keep control. Director = Larger firm, more strategic, more from outside legal. Too much time fire fighting to make big improvements / change Often technical and not good communicators. Help them sell. If they say No! partners probably won t take the risk.

22 Finding out what kind of firm / people they are? How they think, what makes them tick? Nature and Scope of business Dimensions: People, offices, clients Management structure: Strategic, regulatory, admin Business Strategy: Growth, profitability, clients Risk management: Compliance, continuity, clients, quality, market. Lexcel culture or badge IT Positioning (more in Module 6 Legal Technology) Status and awareness Systems installed How do decisions get made? 22

23 Useful thoughts... I think Similar... to the old world! A lot of Me too! great! AIDA RAPPORT Empathy, understanding, acknowledgement Humour... making their day interesting Relevant: Case Studies Tips, tricks Testimonials New ideas, innovation for some help with vision

24 Closing Discussion Allan Carton /blog Tel: +44 (0)