Business Development Strategies for Lawyers

Law Firm Research:Business Development and CI

Professors Ryan and Callinan

February 5, 2008

Information Environment

BUSINESSDEVELOPMENT

CASEDEVELOPMENT

CLIENTENGAGEMENT

ISSUE RESEARCH:STATUTES, REGULATIONS,CASES

BACKRGOUNDRESEARCH

CASE RESOLUTION

RESEARCHMANAGEMENT

LIFECYCLE

ANDRESEARCH

MILESTONESOF

A CLIENTMATTER

PLAN

IMPLEMENTEVALUATE

Where We Are

Your Information Environment– Current Awareness Resources

Practitioners’ periodicals Blogs and alerts

– Your Institutional and Personal Libraries Managing Research

– Team Members and Tasks– UPL and Supervision

Corporate Information– Common resources, multiple applications

Business development, Competitive intelligence, Conflicts, Experts, Case Development

Business Development Research:Key Concepts

Recognizing Current Niches Where is the firm getting business now? What special expertise does the firm offer? In which practice areas is the work non-routine

and important, i.e., it requires specialized expertise that the firm can offer but other firms do not?

What size companies does the firm serve? Best Source: Firm’s client list


Identifying New Issue Niches What are the hot topics in this area? Have there been new cases, statutes or

regulations that require changes in business behavior?

Are there political, financial, technological events that may trigger new laws?

Best Sources: Current awareness tools, CourtExpress Litigation Trend Report, Legal Trends Today.


Understanding New Issue Niches What is the legal context for the issue? Is there special terminology or jargon

associated with it? What are the related legal issues? Best Sources: Topical secondary sources,

such as treatises or looseleaf services; topical electronic resources; topical research guides; Findlaw website, ALM Research site.


Identifying Potential Markets What industries have been affected by

change? What trade associations or member groups are

associated with the industries? Best Sources: Edgar (for SIC Codes),

LiveEdgar (for research), Lexis, Standard & Poor, Current awareness tools, association information (Yahoo list, IPL list, Associations Yellow Book


Identifying Potential ClientsWhat companies comprise the industry?Which ones might have similar

problems?Best Sources: Fortune 500 list, industry

surveys, LiveEdgar (annual reports, litigation sections)


Identifying Competing Law Firms Which law firms currently represent those companies

and industries? Sources for law firm information:

– Martindale Hubbell– Lexis and Westlaw directories– Law firm associations

Surveys of law firms:– http://www.law.com/special/professionals/nlj/nlj_clientlist1-50.h

tml– http://www.boardmember.com/about_us/release_061004.shtm

l– http://www.law.com/jsp/article.jsp?id=1101738479985


Identifying Speaking/Writing Opportunities What associations or companies sponsor conferences in

legal subject areas? Which legal publishers sponsor conferences and/or seek

submissions? Best Sources: Association lists, publishers’ websites, lists

of conferences (MH list, Mealey list, PLI list, Glasser Legal Works list, ATLA list, ABA Marketing Site)

Note: Consider using a placement company such as Mondaq

Business Development Research: Tools

Requests for Proposals Definition: information that showcases the firm's

credentials, work ethic, internal efficiencies and relevant experience in response to a client’s request for advice on a specific issue

Elements: – Statement of the legal issue with firm’s experience, industry

knowledge; ramifications for prospective client of various actions or of taking no action at all;

– Identification of lead attorney with qualifications for future contact;

– Description of benefits and advantages over competitors;– Plan of action to resolve prospective client’s problem.


Statement of Qualifications Definition: a document outlining firm’s understanding of

issues facing client; not in response to specific problem; part research, part intuition. Sent to inside counsel at potential corporate client. Useful to potential client when important statutes or regulations have changed.

Elements: similar to an RFP, but without plan of action. Explains legal issues, impact on client’s industry, and firm’s ideas on addressing the issues. Serves as a starting point for further discussions.


Compliance Review Definition: An examination to determine

whether the company’s operation is in regulatory compliance. Often company is not facing a particular problem or lawsuit, but wants to ensure that policies and procedures are in compliance with relevant law.

Elements: Vary by industry and practice area. Common in Government Contracts, Labor, Taxation, Corporate, IP, Banking

Research Concept:Research as a Process

o Start with a problemproblem . . .

o Identify the sourcessources of answers . . .

o Design a search search . . .

o CloseClose the research circle.


Start with the problem . . .What do you already know

– Maximize the assignment with JUST ASK

What do you need to know– Apply classic analysis to the case to see

the holes

Build a vocabulary to describe it


Identify sources . . . What types of sources do you need?

– Secondary (i.e., journal articles, practice manuals, treatises, etc.)

– Case finding sources (i.e., digests, annotations, indexes)

– Primary (i.e., cases, statutes and legislative history, regulatory materials)

Where will you find what you need?– Online or in print?– Full text, abstract or index?– Free or fee?


Design a search . . . Use advanced search functions to maximize

Boolean effectiveness Take advantage of embedded controlled

vocabularies to avoid near misses Understand the limitations of the Invisible

Web


Close the circle . . . Have I done enough research?

– Quality of tools is good– Legal sources are verified as valid

What have I missed?– Research circle has closed; cites are repeating – no

new tangents revealed

When can I stop?– Now – with confidence!

Business Development Research: In-Class Exercise

Potential Niche

What impact will the arrival of the Millennial wave of ADHD workers have on the workplace?

How should companies prepare for this phenomenon?


Please go to the TWEN site and download the exercise on Business Development. We’ll do the first steps as a group brainstorm.

The Problem

The Sources

The Searches


Ask.com– Natural language search: What is ADHD?– Advanced search form: http://www.ask.com/webadvanced – Top answers: Wikipedia; CDC

Google– Natural language search: What is ADHD?– Advanced search form:

http://www.google.com/advanced_search Ask Dictionary search: http://www.ask.com/#subject:dic|

pg:1 Google Dictionary search: http:www.google.com (define:)


LEXIS BOOLEAN SEARCH STRATEGIES


WESTLAW BOOLEAN SEARCH STRATEGIES

Start Your Homework!

Go this“Competitive Intelligence” linked outline http://www.anderson.ucla.edu/x14441.xml

Using your “client”, work your way through this tool.

Business Development Research:Summary and Next Steps

Find a niche and relevant industries Learn the issues and terminology Identify related trade associations and

newsletters Find similar companies Identify their law firms and competitors Identify speaking and writing opportunities Write and publish an article on the niche Use the facts of the first case as a hook to

engage potential clients!

Business Development Research:The Final Word

Business development happens when you least expect it.

Read constantly and with an open mind – you never know where the next big idea will come from!

The End

Business Development Strategies for Lawyers

Business

Transcript of Business Development Strategies for Lawyers