August 28, 2006
Increased Law Firm Income Correlates with Five Important Practices
BTI Consulting Group, a leading provider of market research, reported that the “Best In Class” law firms had in common the following practices:
1. Each has a single individual responsible and accountable for client service performance;
2. They make specific changes in response to client feedback;
3. These firms spend $14,000 to $17,000 per attorney on marketing;
4. They have a formal, written strategy - i.e., plan;
5. They track and measure client retention.
The above five practices together with seven more comprise the 12 Power Marketing Practices that BTI identified as those that are producing pacesetting performance among law firms. Based on their research, law firms that follow the majority of the twelve practices experience a significantly higher per-partner profit over those that do not. You can order their complete report or read an overview of the twelve practices in The Atlanta Bar Association’s The Complete Lawyer.
Morepartnerincome.com is sponsored by Juris, Inc. For information about Juris® products and services for increasing law firm performance and partner income, go to www.Juris.com.
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Filed under Management, Marketing by Tom Collins