And the Practice of Law
COO of Goodwin, Michael Caplan manages his firm’s business, financial and administrative operations – focusing on growth strategy and execution. He’s worked with over 30 different General Counsel during his career – many while running a legal operations consulting business.
Today’s law firm environment is more competitive and relies on preferred panels making differentiation throughout the entire business development process more important.
Firms and lawyers benefit when they talk about the business of law AND the practice of law.
Professional staff today has more opportunities to drive revenue and manage risk for the firm.
Making investments in clients is not about discounts – invest in the risk.
Offer capped fees tied to milestones with both discounts and success fees.
Have an ongoing dialogue on project management and scope with your clients.
Law is a service business. Law firms need to be working WITH their clients on matters, the law, and the business of law.
Demand for Big Law is 0%; the demand for litigation is -%, taking business from other firms requires differentiation.
The bottom line on business development: find ways to invest in clients and differentiate your firm.