1 / 23

2007 Leigh Dance

2007 Leigh Dance. The reproduction, modification, or distribution by whatever means of the whole or any part of this presentation (including, without limitation, all images, logos, graphs, charts and quotes) is strictly forbidden without specific written permission from the author.

dalila
Télécharger la présentation

2007 Leigh Dance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 2007 Leigh Dance The reproduction, modification, or distribution by whatever means of the whole or any part of this presentation (including, without limitation, all images, logos, graphs, charts and quotes) is strictly forbidden without specific written permission from the author.

  2. Global Legal Services Buying Trends: How to Leverage Them Into Wins For Your Firm Leigh Dance June 2007 - London ELD International, Inc. eldance@eldinternational.com – June 7 2007

  3. eldance@eldinternational.com – June 2007

  4. eldance@eldinternational.com – June 2007

  5. Global Law Functions Focus on Improvement In 6 Areas • Productivity and process improvement across legal function • Use of data for all aspects: reporting, budgeting, forecasting, tracking • Improving value from outside lawyers • Improving value from in-house lawyers • Lower costs and greater control of disputes • Better depth and breadth on compliance

  6. TREND: Overload of marketing and pitches to largest global companies Why are large global companies today’s target? • Numerous multi-jurisdictional transactions • Need for support in more than one geography • High profile, sophisticated, complex problems • Precisely the work the aspirationally ‘global’ firms want and need to justify investments

  7. TREND: Overload of marketing and pitches to largest global companies Clients … • …receive dozens too many event invitations • …and hundreds too many newsletters/client alerts: few specific to their needs or sector • …will rarely respond without follow up • …always want more time with peers (prefer to keep outside lawyers out)

  8. OPPORTUNITY: Overload of marketing + pitches to largest global companies Your firm should… • Take very good care of your current global corporate clients – deepen/broaden your contacts • Execute carefully targeted and highly differentiated marketing initiatives • Bring corporate counsel together with each other, not only to hear you • Give them info to make their work easier

  9. OPPORTUNITY: Overload of marketing + pitches to largest global companies Your firm should… • Present information in tables and formats easy to digest • Adapt your communications to their systems • Spotlight personal professional relationships – they count • Look for windows: circumstances change constantly inside large globals

  10. TREND: Regulatory Scrutiny and the Risks of a High Profile Global corporate clients face… • Increased pressure to ensure compliance • Challenges to help the company keep its promises and also achieve business goals • Need to reduce threats, manage crises • Dangerous stakes: unforgiving enforcement and aggressive media

  11. TREND: Regulatory Scrutiny and the Risks of a High Profile Clients face… • Huge increase in reporting responsibilities • Need to understand changing laws and how they are being enforced worldwide • Obligation to find and solve problems to survive • Ability to get to the bottom of a ‘situation’ fast • Actions to avoid ‘creep’ of regulatory inquiries

  12. OPPORTUNITY:Regulatory Scrutiny and the Risks of a High Profile Your marketing should… • Emphasize firm name, reputation, firm integrity • Communicate empathy – don’t scare the horses • Understand client compliance demands and provide component of compliance support • Communicate specific talent in geographies, sectors and practice niches • Assist in identifying and monitoring threats

  13. OPPORTUNITY:Regulatory Scrutiny and the Risks of a High Profile Your marketing should… • Present information consistent with compliance reporting needs • Provide legal and regulatory info and connect dots to the client’s compliance pressure points • Demonstrate fast response, solid project management • Provide ‘dealroom’ context for crisis management

  14. TREND: Procurement managers are invading corporate law departments Corporate counsel face… • Arrival of procurement since all other major corporate expense areas have been addressed • Constant demand to prove value, yet little reward for doing so • A procurement manager’s tendency to look at legal service purchase like buying widgets

  15. TREND: Procurement managers are invading corporate law departments Corporate counsel face… • Procurement managers tactic to utilize competition among firms to reduce costs • Demand for measurable proof of value, reporting that demonstrates worth: transparency • Pressure for convergence squared

  16. OPPORTUNITY: Procurement mgrs are invading corporate law departments Your marketing and business development should… • Prepare to be one step ahead: measure and prove your value proactively • Improve transparency in budgets and estimates and allocation of resources • Demonstrate and promote efficiencies • Offer some value-added services free

  17. Global Law Functions Focus on Improvement In 6 Areas • Productivity and process improvement across legal function • Use of data for all aspects: reporting, budgeting, forecasting, tracking • Improving value from outside lawyers • Improving value from in-house lawyers • Lower costs and greater control of disputes • Better depth and breadth on compliance

  18. 2. Use of data for reporting, budgeting, forecasting, tracking EXAMPLE: Counsel to Counsel – Paris - 9 May 07 Increasing control over M&A costs (European 50 company) • Gather and track data for all law firm providers so as to have alternative measures than hourly rates • Break jobs into phases, estimate hours per phase, build a cost model • Keep responsibility within legal to calculate costs of transactions • Provide data to Procurement ahead of requests

  19. OPPORTUNITY: Procurement mgrs are invading corporate law departments Your business development should in essence… • Do a far better job of making the value proposition • Billable hour is the devil we know • Lawyers lack experience/autonomy to propose alternative pricing • Breakdown in cross-border situations

  20. OPPORTUNITY: Procurement mgrs are invading law departments Your marketing messages should emphasise : • The needs to reduce risk trumps cost - low-risk choice, - better coverage of legal services needs, - improved corporate governance

  21. TREND: In-house counsel tiring of client competitions, proposal processes Clients face… • Time consuming process, difficult to control • Creation of tensions and disincentives in future law firm relationships • Inefficient– prefer to just get the work done • Erosion of power over purchasing, and independence of choice

  22. OPPORTUNITY: In-house counsel tiring of client competitions, proposal processes Your marketing should… • Identify and market differently the practices that tend to fall outside scope of panels • Build solid relationships with client to pitch informally in advance of RFT/RFP • Continue evaluating cost/benefit of participating in RFTs, RFPs

  23. Global Legal Services Buying Trends: How to Leverage Them Into Wins For Your Firm E. Leigh Dance June 2007 eldance@eldinternational.com eldance@eldinternational.com – March 2007

More Related