Networks For Counsel Study Results

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Networks For Counsel Study Results

  1. 1. Networks for Counsel Study Results An examination of Counsel’s networking practices and the role of online professional networks Conducted by May 2008
  2. 2. Study Scope <ul><li>Focus of the study: The goal of this study was to examine the benefits and outcomes of professional networking practices – current and future – in order to identify professional networking best practice opportunities for bringing professional networking and collaboration online. </li></ul><ul><li>Specifically we looked at: </li></ul><ul><li>Counsel’s current use of networking practices on and offline </li></ul><ul><li>Counsel’s attitudes and expectations about online professional networking needs </li></ul><ul><li>Future impact of technology on legal practice </li></ul><ul><li>Sample composition: </li></ul><ul><li>The survey “ Networks for Counsel ” was administered to 673 Counsel – 224 Private Practice attorneys and 449 Corporate Counsel internationally, 22 countries represented, in April, 2008. </li></ul><ul><li>Financial Services, Manufacturing and Healthcare were the top three industries represented. </li></ul><ul><li>Company size ranged from 100 to greater than 10,000 staff. The heaviest concentration of respondents were from the large companies of 10,000+ employees. </li></ul><ul><li>Age and responsibility was well distributed with the greatest proportion in the 35-45 age range. Most respondents were either the decision makers or influenced the decision maker. </li></ul><ul><li>This was a double-blind research study conducted by Leader Networks and sponsored by LexisNexis. </li></ul>5/12/2008
  3. 3. Key Findings <ul><li>Context: </li></ul><ul><li>Professional networking is the lifeblood of the business and practice of law. It is how Private Practice attorneys and Corporate Counsel service the needs of the organizations by leveraging a ecosystem of collaboration and referrals. This is how specialized attorneys are able to find and service client needs. </li></ul><ul><li>Counsel are traditionally slow to adopt technology in general so their readiness to use online networking tools represents a significant change in the industry. </li></ul><ul><li>Findings: </li></ul><ul><li>While networking is a critical success step for Counsel, Counsel find many limitations with current in-person processes. The “old way” of doing business isn’t good enough anymore for many Counsel. </li></ul><ul><li>Private Practice attorneys and Corporate Counsel perceive that many of their networking needs could be met or augmented through the use of online relationship building tools and situations. </li></ul><ul><li>Counsel experience frustration with the speed of developing new relationships. They want to more rapidly increase their understanding of the services and the scope of offerings existing relationships offer. </li></ul><ul><li>Many Counsel are cautiously optimistic about the use of professional networking and online community to augment their current ways of forming relationships. They are especially looking to online networking to help bridge important gaps internationally. </li></ul><ul><li>Counsel believe that online professional networking has the potential to change the business and practice of law over the next 3-5 years. </li></ul>5/12/2008
  4. 4. 5/12/2008 <ul><li>Counsel worldwide face significant challenges with how they do business currently </li></ul><ul><li>Networking internationally is the most difficult challenge Counsel report they face </li></ul><ul><li>Second is using networking opportunities wisely and networking (connecting) at conferences </li></ul><ul><li>While networking is reported by counsel to be one of the most important professional behaviors, it is the arena where they report having the greatest challenges </li></ul>
  5. 5. 5/12/2008 N (PP) =224 <ul><li>After referrals or recommendations, relationship-based methods surface most frequently as effective methods for finding new business </li></ul><ul><ul><li>Over a fourth (27.9%) of Private Practice attorneys find Networking events most effective </li></ul></ul><ul><ul><li>Only slightly fewer (25.5%) rely on alumni relationships for help </li></ul></ul><ul><ul><li>This is especially interesting as Private Practice attorneys report difficulty networking, maintaining relationships and connecting with colleagues at conferences </li></ul></ul><ul><ul><li>Only 1.9% find online activities such as blogging and social media tools the most effective way to find new business </li></ul></ul>
  6. 6. 5/12/2008 N (CC)=449 N (PP)=224 <ul><li>Online networks will change the business and practice of law in the next five years --according to Counsel worldwide </li></ul><ul><ul><li>A substantial proportion of both Corporate Counsel (42%) and Private Practice attorneys (45%) believe that online networks are somewhat to extremely likely to change the business and practice of law in the next five years. </li></ul></ul>
  7. 7. N (CC) = 449 N (OC) =224 <ul><li>While creating and sustaining relationship are important, Counsel have difficulty engaging with peers </li></ul><ul><ul><li>Stay connected with colleagues and peers with whom they already have relationships </li></ul></ul><ul><ul><li>Leverage current opportunities to network with their peers </li></ul></ul><ul><ul><li>A very small number of Counsel reported that they have time and resources to keep connected to peers </li></ul></ul><ul><ul><li>Professional networking (on and off line) is a good method to create resources and save time in maintaining relationships </li></ul></ul>
  8. 8. N (CC) = 449 N (OC) =224 <ul><li>Counsel don’t make as many connections in person as one would think </li></ul><ul><ul><li>More than 60% of Corporate Counsel and Private Practice attorneys report difficulty connecting with colleagues onsite at conference </li></ul></ul><ul><ul><li>Many respondents – both Corporate Counsel and Private Practice attorneys also reported particular difficulties in networking internationally </li></ul></ul>
  9. 9. 5/12/2008 <ul><li>Corporate Counsel get too much information that doesn’t meet their needs </li></ul><ul><ul><li>Over 10% of Corporate Counsel and a total of 22% of total respondents strongly agree that they are overwhelmed with information making it difficult to find what is important </li></ul></ul><ul><ul><li>And, Internet search engines provide little relief in helping parse information for Counsel </li></ul></ul>N (CC) = 449 N (PP) =224 Please think about the following statements as they relate to your current networking practices. How strongly do you agree or disagree with the following statements?
  10. 10. 5/12/2008 <ul><li>But, Counsel are starting to be “connected.” They use social networking both professionally and personally. </li></ul><ul><ul><li>More than 65% of Counsel who are between 25-35 years of age belong to a social network </li></ul></ul><ul><ul><li>This suggests that wide scale adoption of social media among counsel is likely to occur as the more senior population retires and the younger counsel move up the ladder </li></ul></ul>N (CC) = 449 N (OC) =224
  11. 11. 5/12/2008 N (CC)=449 N (PP)=224 <ul><li>Corporate Counsel and Private Practice attorneys connect with friends online </li></ul><ul><ul><li>Private Practice attorneys use social networks more often than Corporate Counsel for keeping in touch with friends </li></ul></ul><ul><ul><li>Corporate Counsel use social networks more to make new contacts or advance their career </li></ul></ul>
  12. 12. 5/12/2008 N (CC)=449 N (PP)=224 <ul><li>Corporate Counsel are more likely to use online networks professionally than Outside Counsel regardless of age </li></ul><ul><ul><li>Outside Counsel typically use their social networks more often for personal reasons than professional </li></ul></ul><ul><ul><li>And, 52% of Outside Counsel use social networks for both personal and professional reasons </li></ul></ul><ul><ul><li>Older Counsel use social networks more often for professional reasons than personal reasons whereas younger counsel do not often use professional networking for professional reasons </li></ul></ul>
  13. 13. 5/12/2008 N (CC)=449 N (PP)=224 <ul><li>Content is King to Counsel. Attorneys want to connect people to the work they do. </li></ul><ul><ul><li>Reputation management is important to Corporate Counsel; they want to have control over their profiles </li></ul></ul><ul><ul><li>Private Practice attorneys are focused on connections to advance business </li></ul></ul><ul><ul><li>Private Practice attorneys value access to content with more than 50% of the respondents selecting this as the most important attribute </li></ul></ul>
  14. 14. 5/12/2008 N (CC) = 449 N (PP) =224 <ul><li>Counsel will join a professional network if it has dynamic relevant information and an exclusive, private environment. </li></ul><ul><ul><li>For Corporate Counsel, information and a safe private network are the primary drivers. </li></ul></ul><ul><ul><li>For Private Practice attorneys, an emphasis on connections and legal relationships, and large membership base were the top drivers identified </li></ul></ul><ul><ul><li>For both Corporate Counsel and Private Practice attorneys, a trusted brand behind the network was important to both parties as a reason to join a professional network </li></ul></ul>
  15. 15. 5/12/2008 <ul><li>Corporate Counsel are ready to network online – they are not afraid. </li></ul><ul><ul><li>They are not worried that participation will not provide leadership opportunities </li></ul></ul><ul><ul><li>Nor are they worried that the transition to online information and content will be difficult. </li></ul></ul><ul><ul><li>Since these were original concerns when forming the network, it is important to note that they do not emerge as concerns </li></ul></ul>N (CC) = 449 N (PP) =224
  16. 16. 5/12/2008 N (CC)=449 N (PP)=224 <ul><li>Overall Counsel appear to be guardedly optimistic about professional networks </li></ul><ul><li>Corporate Counsel are slightly more positive than Private Practice attorneys on the impact of professional networks </li></ul><ul><li>Over 26% of Corporate Counsel have moderate (5) to extreme confidence (7) that professional networks can help them do their job better </li></ul><ul><li>Corporate Counsel (mean=3.6) are slightly more positive than Private Practice attorneys (mean=3.3) on the impact of professional networks, and means are very similar across age groups in each constituency </li></ul><ul><li>Confidence levels may be low due to lack of expectations or experience with professional networks </li></ul><ul><li>As indicated earlier, expectations are high, but are coupled with a high degree of frustration with processes for networking </li></ul>
  17. 17. 5/12/2008 N (CC)=449 N (PP)=224 <ul><li>Counsel want a private exclusive network – not the open web </li></ul><ul><ul><li>More than 40% of all Corporate Counsel and Private Practice attorneys report an interest in joining an online professional network for lawyers </li></ul></ul><ul><ul><li>This is a up tick from the percentage of counsel who are currently subscribed to a social network. </li></ul></ul><ul><ul><li>The remaining results are concentrated in the “Don’t know” category – which reinforces that counsel are cautiously optimistic about professional networking and are taking a “wait and see” approach as they did not report an unwillingness to join </li></ul></ul>
  18. 18. 5/12/2008 <ul><li>Martindale-Hubbell is identified as the best positioned organization to deliver on a professional network for lawyers according to those surveyed </li></ul><ul><li>Martindale-Hubbell is favored equally by Corporate Counsel and Private Practice attorneys to deliver a professional network successfully </li></ul><ul><li>The value proposition statement counsel responded to was “An online global legal community where counsel can connect with peers and expand professional referral networks, share information and insights, and access compelling content essential to the business and practice of law.” </li></ul>N (CC) = 449 N (PP) =224
  19. 19. 5/12/2008 5/12/2008 <ul><li>Martindale-Hubbell is identified as the best positioned organization to deliver on a professional network for lawyers according to those surveyed </li></ul><ul><li>Martindale-Hubbell is favored equally by Corporate Counsel and Private Practice attorneys to deliver a professional network successfully </li></ul><ul><li>The value proposition statement counsel responded to was “An online global legal community where counsel can connect with peers and expand professional referral networks, share information and insights, and access compelling content essential to the business and practice of law.” </li></ul>N (CC) = 449 N (PP) =224
  20. 20. Summary <ul><li>A clear and compelling need for ongoing networking and relationship maintenance exists among Counsel </li></ul><ul><li>Online networks are the way Counsel find each other to conduct business and the trend is for increased participation in the future </li></ul><ul><li>The current practice of in-person networking is difficult to sustain and has a high cost, effort, and diligence requirement to succeed </li></ul><ul><li>Often the time and effort required for in-person networking is more than Counsel has reported they can dedicate to networking </li></ul><ul><li>While not first adopters, Counsel are cautiously optimistic about the use of online networking to further the business and practice of law </li></ul><ul><li>They are looking to advances in online networking and community to achieve greater efficiencies </li></ul><ul><li>Martindale-Hubbell is strongly considered to be a resource when Counsel seek to find each other and is strongly favored to deliver on the promise of an online professional network solution. </li></ul>5/12/2008
  21. 21. 5/12/2008 For more information about this study “Networks for Counsel” Contact: Vanessa DiMauro President, Leader Networks [email_address] 617-484-0778 www.leadernetworks.com
  22. 22. A5. Of the organizations list below which two [2] do you believe can best deliver on this value proposition? An online, global legal community where counsel can connect with peers and expand professional referral networks, share information and insights and access compelling content essential to the business and practice of law. Reference for Slide X Best Deliver on the Value Prop Corporate Counsel Outside Counsel Avvo - 1.1 % ACT - - ESQchat 0.5 % 1.1 % Legal Onramp` 0.8 % 1.1 % LawyersNow 0.8 % 1.1 % Thompson 3.4 % 8.7 % CEB 3.7 % 2.7 % Chambers 5.0 % 19.7 % Findlaw 11.9 % 13.1 % Google 13.0 % 29.0 % LinkedIN 15.1 % 26.2 % GC roundtable 22.5 % 7.1 % ABA 25.5 % 30.1 % ACC 43.8 % 4.9 % Martindale Hubbell 48.0 % 48.6 % Other (specify:) - - Don’t Know - -
  23. 23. B2R1 How trustworthy are the following sources when it comes to information about Private Practice attorneys? (Not at All Trustworthy =1 to Extremely Trustworthy =7) Reference for Slide X Not at All Trustworthy 1 2 3 4 5 6 Extremely Trustworthy 7 Personal relationships 0.2% 0.0% 2.2% 5.8% 12.9% 34.1% 44.8% Recommendations from colleagues and peers 0.0% 0.0% 0.7% 3.8% 21.2% 46.1% 28.3% Consultants/search firms 3.6% 14.5% 26.7% 38.8% 14.0% 2.0% 0.4% Online searches 9.4% 18.3% 29.8% 31.6% 8.9% 1.6% 0.4% Legal directories 9.1% 21.6% 24.9% 31.8% 10.0% 2.2% 0.2% Law firm web site content 5.1% 15.1% 26.3% 32.7% 17.4% 3.1% 0.2% Blogs 29.4% 27.4% 22.9% 14.0% 4.9% 0.9% 0.4%

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