Complacency and the assumption that what is working now will always work can put a darker tint on a successful financial year for law firms.  What worked last year isn’t guaranteed to work this year, and relying on that principle could in fact have a detrimental effect on success down the road.  Mary K. Young observes that a small number of firms tend to move forward in a halting fashion, taking two steps forward and then one step back. But she believes that most firms recognize that being static after success isn’t the way to replicate it moving forward.  It isn’t so much that firms have a great year and then rest on their laurels. The firm could have had a major litigation matter settle and have comparatively lower numbers the next year.

In a roundtable discussion, Mark K Young discusses:

• What is a brand and how do you define it?
• How do you know if a brand is working?
• Are firms making big branding mistakes?
• Have firms moved fast enough on content marketing?
• Is it a smart move for law firms to bring emotion into branding?

Over the last two decades, global law firms have evolved from collegial professional partnerships to organizations that adhere to the management practices of other large businesses, yet many of them continue to neglect the vital importance of effective branding, particularly in a weak economy.  Mary K Young discusses the need for strong branding:

• What is a strong brand, and what are its benefits?
• How does a law firm develop a stronger brand at a reasonable cost?
• How does a law firm instill its brand in the marketplace?

She concludes that law firms that build strong brands attract the most prestigious clients to do their most important work. Consequently, they are among the most profitable law firms in the world.

There are a lot of ways for attorneys to reach prospective and current clients, and the pandemic has only increased the importance of an all-hands-on-deck approach, as lawyers try to replace the face-to-face interactions that used to occur at lunches, networking events and conferences. A new survey of general counsel, conducted jointly by strategic communications firm Greentarget, legal consulting firm Zeughauser Group and B2B branding agency Right Hat LLC suggests that when the messaging is relevant, timely, novel and useful, a simple phone call will do the trick.  While law firms have gotten creative in their outreach and content production, the simplicity of a personal, relevant message goes a long way.  Norm Rubenstein observes that the fundamentals of marketing and business development have not changed. It really comes down to whether your content and service delivery are aligned with what the client wants. 

Zeughauser Group's 2020 Pocket Guide to the American Lawyer Rankings of the Am Law 200 by Profits Per Equity Partner and by Value Per Lawyer; The A-List; The Global 100; The Global 200; The China 45; The Asia 50; and The Corporate Scorecard.

You can download the ZGuide here.

If you would like a hard copy of the 2020 ZGuide, please send an email to zgadmin@consultzg.com with "2020 ZGuide Request" in the subject line and provide your mailing address.

Results of our survey conducted in partnership with Greentarget that focuses on the information consumption attitudes, behaviors and tendencies of in-house counsel. The report includes practical guidance to help law firms compete for greater share of voice among corporate legal departments.

It’s natural that law firms overhaul their image to win and keep clients. But experts say recruiting and retaining talent should be key considerations too.  Mary K Young points out the importance of defining the target audience when developing a branding approach and that other industries that rely heavily on talent have made more of an investment in crafting their image and brand around employees and hiring considerations.

Greentarget and Zeughauser Group surveyed In-house counsel as part of our ongoing research into social media and content consumption.