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ROI: Reality or Illusion

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Demonstrating Return on Investment (ROI) in a law firm is possible. Often it's doing the little things - and the right things - that count.Get ideas of how to utilize data and technology to help make ROI a reality.

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ROI: Reality or Illusion

  1. 1. ROI: Reality or Illusion A webinar on measuring the Return on Investment in Law Firms Name Of Presentation 2013
  2. 2. WEISERMAZARS LLP Since 1921, WeiserMazars LLP has provided accounting, tax and advisory services. Defining features of our firm include:  Over 100 partners and more than 700 professionals in six U.S. offices  Named one of the top accounting firms in the country by Accounting Today (March 2012)  An integrated, customized approach – Our full service platform integrates accounting, auditing, tax and advisory services seamlessly to best address the critical issues our clients face  WeiserMazars is an independent U.S. member firm of the Mazars Group, one of the world’s most prominent international accounting, audit, tax and advisory services organizations with: • • • Access to over 14,000 professionals in more than 70 countries on six continents International reach uncommon in firms with such an intense focus on coordinated, client-centric service Expertise on global issues, cultures and techniques Visit us at: www.weisermazars.com 2
  3. 3. Timothy B. Corcoran • Over 20 years of expertise in law firm management, marketing, business development and technology, product management and consultative selling • Advises law firm leaders in business development, legal project management, process improvement. Also advises legal vendors on product development, market strategy and sales force readiness Principal Corcoran Consulting Group, LLC • Formerly a senior consultant with Altman Weil; Director of Practice Development for a global law firm; CEO of a NASDAQ-traded legal technology company; and a senior executive with both LexisNexis and Thomson Reuters • President-elect, LMA International Board of Directors • Author of Corcoran’s Business of Law blog • Fellow, College of Law Practice Management and Center for International Legal Studies • Columnist, Marketing the Law Firm, PSMG Magazine (UK), Bloomberg Law, CounselLink www.integratedmgt.com © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  4. 4. Chris Fritsch • Over 12 years working with law firm Clients to help them achieve their business and technology goals. Her focus is on building relationships, exceeding Clients’ expectations, delivering value and providing superlative service. • As a Business Development Consultant, Chris has worked together with attorneys and business development and marketing professionals to successfully leverage relationships, increase revenue and grow their law firms. • As a Business Development Technology and CRM Success Consultant, Chris works together with top law firms to help them select and implement the right technology solutions to support their Business Development efforts and maximize their return on investment • Author of CRMSuccess blog • President Chris has a J.D. from Emory University School of Law www.integratedmgt.com © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  5. 5. Putting the ‘R’ in ROI        Results Revenue generation Reducing time spent on redundant tasks and processes Representing new Clients Retention of current Clients and attorneys Reports and analytics to drive business decisions Respect for the marketing department
  6. 6. The little things count       Don’t try to boil the ocean A couple hours each week on business development Targeting the right people at events Improving click rates 1% Tracking business development touches Personal follow up
  7. 7. Do the right things        Pick the low hanging fruit Measure and reward collaboration, teamwork, client service and satisfaction Conduct Client interviews Focus on top Clients Know which RFPs to spend time on Take younger lawyers on BD calls Focus on expertise / niches  Industries / developments
  8. 8. What Gets Measured Gets Done… Better  E-mail and event campaigns  Open / Clicks / bounces Event attendance  Business development pipelines  RFP responses / successes  Marketing expenses 
  9. 9. Who moved my cheese? © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  10. 10. ROI = return on investment © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  11. 11. ROI = return on investment ROI is relative, not absolute © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  12. 12. ROI by the Numbers… 12
  13. 13. Positive Numbers Improving efficiencies  Outsourcing to reduce costs  Technology to automate processes  Cross selling to increase revenue from top Clients  Targeting business development opportunities for better results 
  14. 14. Negative Numbers • Opportunity costs – Billable hours wasted – Poor attendance at expensive events – Repetitive and redundant processes – Inability to target and segment and ensure information gets to the right audiences – Postal mailing costs – Random acts of golf and lunch • Dollars wasted on non-strategic activities • Sponsorships / Tickets
  15. 15. Targeting © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  16. 16. Getting a Little Better at E-mail Marketing 16
  17. 17. www.integratedmgt.com Proprietary ‹#›
  18. 18. Marketing List Management  Should be grown organically over time  Never purchased  Should regularly be vetted   Allow them to re-opt in Bigger isn’t necessarily better  Smaller, more targeted lists yield better results  If a recipient hasn't opened an email in a year, consider deleting them  A 5% reduction in customer defection can boost profit by over 25%
  19. 19. Segment to Improve Engagement          Clients Prospects Alumni Referral sources Job titles Interests Assets Gender Age         Industries Geographies / locations Company size Revenue Practice areas needs Current services utilized Goals Needs
  20. 20. E-mails That Get Read   Alerts Changes  Laws, regulations  Compliance     Timely subjects Timely updates Education Information to save time, improve professional and personal lives
  21. 21. Sending Schedules  Time of send can affect opens First thing in the morning generates the highest opens  Tue, Wed and Thu are the best launch days   If messages are regularly scheduled, Clients begin to expect them and get in the habit of reading them  Communications sent out daily (+27.8%, +100.3%)  Communications sent out weekly (+27.1%, +50.6%)  Messages shouldn't be scheduled too infrequently  Communications sent out “Monthly” (-26.6%, -37.0%)
  22. 22. Tips for Improving Return on Campaigns  Avoid list fatigue  The more often you send, the lower your key metrics will be  But infrequent messaging can also affect your key metrics       Test campaigns regularly Validate list recipients Improve subject lines Improve content relevance Use landing pages to give unsubscribe options Consider calling people who unsubscribe
  23. 23. Subject Line Analytics  Some words work better for opens or clicks  “Newsletter” has a slight positive effect on opens, (+0.7%)  But a strong negative effect on click rates (-18.7%.)  “Alert,” (+38.1% opens) (+61.8% clicks)  “Bulletin” - (+15.8%, +12.7%).  “Report” (-23.7%, -54.8%,)  “Learn” (-35.5%, -60.8%,)  “New” (+17.2%, +38.2%)
  24. 24. How and What to Test   Use about 10% of your list to get good data Test e-mail deliverability and recipient preferences  Subject lines  Time of the day or week  Which segments respond  Content  Text vs. graphics  Layout of information  Unsubscribe wording  Surveys
  25. 25. E-mail Analytics  Open rates can be deceiving due to the way they are tracked  Up to 50% of emails are delivered to subscribers unable to register opens  But they can still be valuable benchmarks  Open rates of 25%+ are considered good  Highest open rates come from clients and former clients  Prospects are the lowest  Click thrus are good metrics of campaign success  Demonstrate engagement  Are in decline
  26. 26. Opportunity management Stage 1 Initial Contact Bay Bank, Joe Reed; Catch up lunch Mitre Inc, Sue Glade; Met at ABA CLE NoCal Power, Jeff Lisso; Ref by ASD&R Convo Destin, Gene Inello; New GC mtg City Construction, Ed Flister; RFP rec'd Raytheon, Lucy Arroz; Webinar attendee Clifton Pubs; Neil Nolan; inbound call GE Aircraft; Bo Little; Network referral Stage 2 Fact Gathering Lazlo Mendel et al, Tony Monte, ptnr Lit co-counsel oppty Brighton Bank Ltd Stuart Grady - London debt restructuring Sun Apparel Chas. Marin - Atlanta RIF Quantralis Silber - NYC option backdating AirPeru Jose Denon - Atlanta class action defense Stage 3 Needs Analysis BioVate Labs Antitrust defense Ron Keltner - NYC next mtg 7/23/09 Stage 4 Proposal Stage 5 Close Major Ventures, LLP xchange delisting Torango, Silber - NYC meet CFO 7/7/09 Tolliver Industries Patent litigation Steve Testke - Chi $725,000 / Aug 09 S'western Power Water filtration plant Brent Day - Houston proposal due 7/20/09 Banco de Espana Airport development Kent Linert - NYC $110,000 / Jul 09 Ritter Corp Whistleblower def. Aimee Mann - Atlanta $275,000 / Jul 09 80% probability of closing within 3 weeks, leading to $100k billables in Q1, $150k in Q2, $50k in Q3 © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  27. 27. Resource allocation There is an inevitable and inexorable migration of products and services from leading edge to common place, whether the provider likes it or not Strategic Rates Supply Important Repetitive Repetitive Repetit ive © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  28. 28. Committees and conferences Visibility & Credibility Leading Expert Board Committees Demonstrating Expertise Submit Articles Speak at Conferences Networking & Education Attend Meetings, Educational sessions © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  29. 29. Event management © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  30. 30. Event management © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  31. 31. Event management © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  32. 32. Share of voice © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  33. 33. RFP management The usual process • Always in a rush • 95% about us • Deal lists, representative matters, bios • Never call to clarify • Last second drop-in of mystical pricing The usual result • Who cares? We pitch what the partners tell us to pitch! © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  34. 34. RFP management Winning Characteristics • Potential alternative solutions • Early • Client prep call/test close • Proposed project plan • Proposed budget • 95% about the client • Clear problem statement © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  35. 35. Improving Efficiency 35
  36. 36. AFA profitability www.integratedmgt.com © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  37. 37. Consider Outsourcing ROI • Can things be mandated? – If not, can they be automated? • Integration with other systems • Automated data feeds • SIC or NAICS codes – Or outsourced • Outsourced data quality – Enhancing information with company or industry information – Adding existing CI data to records
  38. 38. Client satisfaction Repetitive Repetitive © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission
  39. 39. Final Success Tips • • • • • • Be patient Don’t try to do everything Small wins, communicate successes, repeat Focus on best practices Don’t reinvent the wheel Don’t do it alone - reach out for help
  40. 40. WEISERMAZARS SERVICES • • • • • • • • Audits Reviews Compilations Reporting on Controls of Service Organizations Reconciliation Projects SEC Filings International Needs (inbound, outbound and IFRS) Special Purpose Reports • • • • • • • • • • • • • • Compliance Consulting Tax Reporting & Withholding FATCA SALT GAAP/IFRS Disclosures Cost Segregation Trust and Estate Planning High Net Worth Services Corporate Structure International Tax FBAR Reporting Pension, Benefits and Compensation Personal Financial Planning • • • • • • Internal Audit CoSourcing and OutSourcing Risk Management Consulting Fraud Assessment Services Information Technology Security, Strategy and Solution Selection Other Services (SOD analysis, PCI assessment) Disaster Recovery/Business Continuity Services • • • • • • • • • Visit us at: www.weisermazars.com 40 Due Diligence Valuations Litigation Support Bankruptcy Turnarounds Investor and Lender Services Fraud Investigations Business Advisory and Recovery Project Finance and Financial Modeling Services • • • • • • Sourcing Strategy Finance Process and Systems Operations Process and Systems Information Technology Tax Sensitive Design
  41. 41. Timothy B. Corcoran Chris Fritsch Principal President CLIENTSFirst Consulting, LLC 404.249.9914 CF@ClientsFirstConsulting.com ClientsFirstConsulting.com Twitter: @CRMSuccess Corcoran Consulting Group, LLC 609.557.7311 tim@corcoranconsultinggroup.com CorcoranLawBizblog.com Twitter: @tcorcoran © 2013 Corcoran Consulting Group, LLC and CLIENTSFirst Consulting, LLC, used by permission

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