Big Stick Marketing
Larry Bodine of LawMarketing Blog has a brand-new marketing plan for law firms: Big Stick Marketing. Bodine writes that law firms themselves are often the major impediment to the successful implementation of a marketing plan by failing to hold lawyers accountable for marketing. Bodine emphasizes:
To have a business development program, it is aboslutely essential that lawyers be held accountable. See "Increasing Marketing Effectiveness At Professional Firms," a 2006 research study conducted by Suzanne Lowe and me. Accountability makes business development count; without it, biz dev is an optional activity.Yet many partners are unwilling to include The
Big Stick in their business development programs. They don't want to
be the ones to hurt another partner's feelings. Some want to avoid
responsibility and don't want to be measured themselves. But this is not the way to run a business.
Bodine also has advice for firms that want to engage in a Big Stick Marketing program. He references the experience of lawyer Patrick Lamb:
"We review marketing plans, because it’s
something measurable. Every partner has a certain number of base points
(a guaranteed income) plus discretionary points. We took a certain
amount of points of the base points and put them at risk – 4-7 points –
and it’s proven to be enough of an incentive. If a partner has not done anything, they do not participate in the bonus points; they are losing $30,000 to $40,000.
This year, if they don’t qualify to get at least half of the credit,
the gate to the discretionary bonus is closed, and it becomes a
six-figure monetary loss."
And if partners don't participate, the Big Stick comes down, and they're asked to leave.
Posted by Carolyn Elefant on November 15, 2006 at 03:10 PM | Permalink
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