February 15, 2008

Marketing Advice for Lawyers During Economic Down Cycles

12:00 am

I had a chance to catch up with John Remsen, Jr. last week and asked him about the economic outlook for law firms in 2008.  Like many, he believes we are in the midst of an economic down cycle that will affect how law firms perform in 2008.

In spite of the downturn, Remsen says that certain practices like bankruptcy, litigation and employment will do quite well.  Other areas won’t be so lucky.  He explained that law firms that are heavily dependent on cyclical industries like real estate should be prepared to ride the waves of the economic cycle.  For example, a firm that does lots of commercial real estate transaction work can position itself as “workout specialists” during the down cycle.  
 
Some advice from Remsen during a slowing economy:
  • Partners need to push work down to associates so they free up time for marketing and business development.  Most compensation systems tend to reward the opposite behavior.
  • With this time, they should go visit top clients to thank them for their business, and learn about their issues and concerns.
  • Invite clients into the firm to discuss industry trends and opportunities.
  • Resist the temptation to cut marketing expenses.  Most of your competitors are cutting back so you have a chance to stand out and solidify your position as the economy improves.
  • Make surethat marketing and business development activities sustain themselves consistently, in both good times and bad. 
At the end of the day it is about relationships, says Remsen.  He advises firms to take advantage of the down cycle to invest in relationships.  In so doing, you position your firm to take off as the economy improves….as it eventually will. 

John Remsen, Jr. is the founder of The Remsen Group, which in partnership with LexisNexis and others host the Managing Partner Forum. John has recently co-authored a book, The Little Black Book on Law Firm Marketing that can be purchased by clicking here.

Morepartnerincome.com is sponsored by Juris®. For information about Juris products and services for increasing law firm performance and partner income contact Juris National Sales Center:

877/377-3740, e-mail info@juris.com or go to www.Juris.com.

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Filed under Blog, Marketing, economic outlook by Brian J. Ritchey

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February 15, 2008
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