Let’s cut to the chase. The world is in crisis mode and it’s difficult to know what to be doing with clients to help them through this—while still trying to maintain our own business operations. Having worked with law firms through the 2008 financial crisis, there’s a couple of relevant lessons in how to best adapt to a market that completely transforms overnight.
It’s interesting that even by the end of last year, when most of us had never heard of Coronavirus, the majority of the partner meetings and workshops I facilitated had several people dialled in from multiple locations around the world.
A growing number of people “dialled in” are now using video – which certainly makes the facilitation role a lot easier.
► 49% of Acritas Stars felt their performance had been affected by mental or physical health
By Steve Blundell - Head of Acritas Advisors
We’ve been looking at six key challenges facing the creators of thought leadership content:
- Picking a topic
- Focus and speed to market
- Getting value from “old” ideas
- Channel issues
- Internal engagement
So, this time we get to the fourth topic: collaboration.
The “thwak” factor
The noise around Alternative Legal Services Providers has reached a fever pitch. Sifting through what the actual market trends are v. what is purely the speculation of market pundits can be an overwhelming undertaking.
Acritas’ newest research with more than 1,300 buyers of legal services takes away the guesswork and homes in on exactly how companies are changing their use of (and spending with) ALSPs—and what’s not changing as expected.
Demonstrating industry sector expertise (rather than just legal expertise) is proven to double your share of a client’s legal spending.*
While many law firms today are changing their messaging to talk about industry sector expertise, few are realizing this level of growth in their client relationships.
► Developing and taking care of Star Talent
► Collaborative firms attract and retain talent and clients better
► Old might not be boring – the third Thought Leadership tension
Collaborative firms earn more money, attract and keep better talent, and increase client retention.
When legal decision makers identify three or more standout attorneys at a single law firm, the firm earns nearly 4x the share of their clients’ legal spending than firms without these teams*.