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Monday, August 3, 2009

Young partners leave when older partners won't market

Clear (sad) trend: this week I ran into another established firm where the mid-career partners are about to leave to form a new firm. These lawyers, in their late 30s and early 40s for the most part, were mentored and have practiced for most, if not all, their careers at this firm. The founding and senior partners do not want to invest in marketing-- which every study shows would be a good move now-- or in the facilities or new technology (and it is showing in the firm's financial results.) The senior members of the firm are slowing down and want to maintain their income but question cost and value of what they see as long-term and capital improvements. We are seeing this situation more and more. Everyone involved is upset. Striking a a balance between the needs of both groups is key. And, made easier if a marketing plan can be agreed to.

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posted by Bob Weiss at 3:28 PM

Lawyer use of social media triples!

A new report by the ABA shows 43 percent of lawyers are members of an online community, Facebook, Linked In, Legal On Ramp, etc.-- up from just 15 percent one year ago. While some social media sites have faltered or shown they have limited business development potential for a lawyer-- think My Space with Twitter, possibly-- this form of communication is not going away. Our recommendation: your law firm marketing plan, in the absence of that your practice group marketing plan, in the absence of that your personal business development plan, should include automatic reminders to update your profile and participate in such a community regularly. How often should you update? While weekly postings are the standard you will often hear, we think that's a stretch for many successful lawyers. Twice a month, please.

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posted by Bob Weiss at 3:05 PM

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