A Blog About Law Firms And Their Clients

I just had the great pleasure of spending the past couple of days at a Zeughauser Group meeting featuring some of the top Chief Marketing Officers (CMOs) in the country (approximately 30 in attendance).  They traveled from all over the United States for this meeting.  For those of you unfamiliar with the Zeughauser Group, they are a well organized group of consultants that are focused on advising, consulting and supporting law firms across the country on a myriad of strategic issues, it’s a very highly respected group.  They count among their clients many of the largest law firms in the country/world.  The conference was incredibly well run and is intentionally designed to have only between 30-40 members for this annual meeting.

On behalf of Manzama I was asked to share some thoughts as to the state of social media, specifically with a focus on how business intelligence is evolving and changing with the proliferation of content in the public domain.  It was honor to be asked to present in this forum and we hope that the members of the group benefited from the exchange.  While I am not at liberty to discuss specific firms nor the contents of the program that would be deemed confidential, I’ll share some over-arching themes and messaging that I heard through the two day program:

> All lawyers in firms must be revenue generators.  There was a time when the divide between the procurers of revenue (aka rainmakers) and those partners that do the work was an acceptable divide.  This is no longer the case.  In fact, the divide in terms of compensation paid to the procurers vs. the services is becoming more apparent and growing;

> Most of the leadership acknowledge that lawyers/partners more than ever are open to having others w/in marketing support revenue type of activities, including “selling,” with the expectation that this would become more important w/ each year;

> GC’s interest in social media is growing.  This is substantiated with the findings in the Inside Counsel/Green Target report that I blogged about the other week.

> Directories (Chambers, Superlawyers, etc.) are only meaningful to the partners (sometimes merely to reinforce egos), but GCs do not weigh these directory listings as a key factor for hiring a law firm.  Again, there was some data shared to support this statement, but I think there are still some other valid data points to suggest otherwise;

> Wikipedia is gaining momentum as an authoritative source of information for GCs to help understand and profile a law firm.  However, the group was cautioned to not try and turn Wikipedia into a branding/marketing activity, rather, firms should view Wikipedia as “opportunity to credential” themselves;

> Social Media use is on the rise (blogs, videos, twitter, etc.) in and across all age groups of lawyers and GCs.  Likewise, the ability to “monitor” and understand what’s transpiring in and around a law firm’s brand, practice, industries, clients, etc is becoming increasingly important as firms look to differentiate and reflect a deeper understanding of their client and align themselves across various industries, etc.  Hence, the reliance on ways to find and locate intelligence and act in a timely manner will become service differentiators in the months and years to come;

Bottom line — great group (approximately 30) and I think the next decade will emerge as the decade of the CMO.  In this blogger’s estimation never has this role been more important (I saw the 90s as the rise of the CIO, due to the strategic use of technology w/in law firms, but the emphasis on client satisfaction, business development, positioning, business intelligence have demanded a greater skill set from CMOs than in past decades, and this trend is likely to continue).

Best,

Peter J. Ozolin, CEO

Manzama, Inc.

I had the great pleasure of sitting alongside as part of a panel that discussed GC’s & Social Media (use of, interest, etc) of several individuals at this year/s MPF conference.  Let me summarize the dialogue, starting with the basics:

Adrian Dayton (moderator and well known social media blogger, especially as it pertains to the legal profession) had the following information to share with his opening remarks:

• 114% growth in news blogs year over year across the  AMLAW 100

John Corey, Principle and Founder of Greentarget, also provided Adrian and I with a sneak preview to an upcoming survey his group plans to release next week on GC’s use of social media.  Here’s what he was able to trickle out to Adrian and I in advance:

Finding # 1:  LinkedIn perceived as the “serious” social network

LinkedIn continues to be the most commonly used social media platform for professional reasons. It perhaps is the most dynamic example of older counsel–those between 40 and 65 years of age–increasing their usage of social media, with the majority of counsel of all ages using LinkedIn at least weekly.

In addition, 88 percent of respondents perceive the content they obtain via their LinkedIn connections as credible, which further supports the efficacy of the platform for professional reasons.   While I am not prepared to quote the study (just don’t feel like digging through all my past articles, pretty sure it was an ABA study), the trend line in lawyers adopting LinkedIN has been steadily increasing – 57% in 2008, 75% in 2009, probably closer to 90% by end of 2011.  As one Partner of an AMLAW 200 firm shared with me, “LinkedIn is more important to our firm that our CRM system?”

Begs the question, does it not?  Why?  I’ll offer up one simple conclusion – LinkedIn does something for ME and I don’t have that same conviction when the firm’s InterAction administrator ask me for all my contacts?  I think to what end?  Whether said, or unsaid, it comes down to the belief that a system will benefit me (regardless of what firms say about institutionalizing clients).  This said, I do believe firms can (and have) succeed with InterAction as a product/service, but that’s for another discussion.

Other notable findings from the Greentarget study (provided by John Corey, with my comments after the bulleted entry):

• Blogs, Executed Well, Influence Hiring of Outside Counsel:

Seventy-six percent of respondents say they attribute some level of importance to a lawyer’s blog when deciding which firms to retain. Additionally, the percentage of respondents who say a law firm’s blog can influence hiring decisions went up slightly, from 50 percent in 2010 to 55 percent in 2011.

• I expect this percentage to increase considerably over the ensuing years, especially as law firms get more savvy on “what” to blog about (positioning content) as opposed to checking the box, “yes” we have a blog (or two).  You need only look to firms that are getting business from their efforts and it will create an interest in learning how can we do better?
• On a related point, there was a lot of emphasis and crowd participation in and around focusing on making sure to have a targeted approach to your blog vs. the be everything to everyone approach.

• New Media Usage (Steadily) Going Mainstream: The generational divide that fueled the 2010 findings is leveling off. This effect is driven by older counsel (40 to 60 years of age) consuming more content rather than a significant drop in consumption among younger counsel (30 to 39 years of age). While the 2010 survey revealed that blogs were read more consistently across age groups than the “big three” social media platforms (LinkedIn, Facebook and Twitter), the 2011 research shows a continuation of this trend whereas older counsel are reading blogs with even greater frequency.

• Again, as the content provides more insightful information, I expect this trend to continue.  Likewise, blogs are a great source for insights on more granular levels, which is typically what professionals want vs. many of the traditional news sources get disseminated quickly and tells what we already know.

• Wikipedia Important, But Not to Research Law Firms: Very few in-house counsel (7%) are using Wikipedia to research outside firms, but they are using the online encyclopedia for issues-based research (51%).

Look for full release of the findings from John Corey (Greentarget founder & principal) in a survey titled: In-House Counsel New Media Engagement Survey to be released next week (1/23/12, week of).

I am looking forward to seeing the full study!

We had a great finish to 2011 at Manzama, both in terms of the typical metrics (client adoption, use, etc., click here for full summary), but perhaps more importantly it was great to see the profession recover in 2011, which included in a willingness to be a bit more innovative in various marketing and business development efforts within the law firms.  Namely, firms continue to hire business development specialist, a trend I don’t expect to see lose momentum anytime soon.  The reality is that most firms recognize that they will need to find new ways to differentiate, compete, understand  and market their expertise.  You can’t do this by ONLY having great lawyers, it needs to be complimented with a disciplined approach to assessing your strengths, weaknesses and likely growth opportunities.  Bottom line – this requires focus and an improvement in skill sets for many law firms.

Recently, we published a case study from an AMLAW 100 (how they leverage Manzama’s business intelligence platform to identify and qualify new business development opportunities) , likewise, a similar case study from Faegre Baker Daniels was published last week as well, excerpts from both can be by clicking here.

Not too long ago I wrote about the concept of MESH companies.  A fundamental concept of mesh is information dissemination.  While every company that offers a content service would benefit from being the focal point in a user’s day, the reality is that few people are capable of even remembering both their Facebook and LinkedIn user ids.  Furthermore, by way of illustration, I am guessing we either go to Yahoo or MSN everyday for news, probably not both.  Mesh companies realize that the value of what they do needs to be accessible in many forms.

To this end, I am pleased to announce Manzama will be making, via a partnership with LexisNexis, its content and trend analysis results available through LexisNexis Communities, thereby reaching additional lawyers and professionals with valuable social intelligence (trending conversations by issues, clients, practices, industries, etc.) in a forum other than w/in the Manzama Service.  To learn more about this partnership, please read the following:

Lexis Nexis & Manzama Partnership Agreement

Have a great holiday.

Peter

I recently attended LMA New England’s annual conference, held at the spectacular Moakley Courthouse in Boston. The theme of this year’s conference was Lawyers v. Technology, which was incredibly relevant and timely. The conference’s opening session featured a panel discussion among three practicing lawyers about their use of social media. The panel included two bloggers and one Tweeter (Twitterer?). It was fascinating listening to their perspectives on the relative value of these tools; however, what was consistent among them was their view that their use of social media constituted a conversation with prospective clients. I was also stuck by the amount of preparation each of the bloggers undertakes on a regular basis to keep on top of their practice areas. Most of them are ably assisted by their marketing and business development teams who also spend considerable time making sure their lawyers are fed a steady diet of relevant and timely information.

On the second day of the conference, I was asked to be a last-minute substitute on a panel on Competitive and Business Intelligence: What Really Matters is ROI with Christina Fritsch, President of ClientsFirst Consulting and Patrick Fuller, Managing Account Director at HubbardOne. Our goal was to explore various CI and BI tools, focusing on how a partnership between buyers and sellers can provide real value and help achieve strategic goals. We had a great time discussing some of the internal and external resources (including the Manzama Listening Platform) that we can use to provide actionable intelligence to the lawyers and why we would choose those resources. Some of them were new to me, such as checking AdAge to see if clients have changed branding or announced new products. There was wide agreement that while sometimes we’re looking for something specific, more often than not, we’re panning for gold in the fast-moving information river. We also had a lively discussion about the relationship between vendors and law firm buyers and some of the ways we can work together to facilitate success. Having just made the leap back to the vendor-side, the conversation was particularly relevant for me.

This was my favorite kind of session because everyone got involved in the conversation, and I think we all had fun and learned some new stuff. (It probably didn’t hurt that Patrick was launching prizes into the audience…)

At the end of the day, I was left with one overriding impression: Social media is no fad, and just as firms need to figure out how to effectively contribute to the “conversation”, they also need help learning how to be consumers of the vast amount of information that lives outside traditional news and information sources in ways that help identify and inform business opportunities. At Manzama, we are engaged in creating innovative new ways to help firms cut through the information clutter. This week’s conference solidified for me just how important this is.

– Allison

This post is a bit off subject to how I might normally approach the topic of business intelligence, however, in the context of finding “actionable insights” from mainstream media this post should fit right into a discussion of why mainstream media newspapers and many publications are not only not a good source for business intelligence, but neither do many of these sources align their stories with the interest of mainstream America.  Today, while traveling cross country, I picked up a Wall Street Journal (WSJ).  Granted, the title of the publication after all  is “The Wall Street Journal,” but does that mean that its content should be irrelevant to 90% of its prospective readers –everyday business people?  Shouldn’t the publication at least try to appeal some of those on “Main Street” and not only Wall Street?  After all, last I checked small businesses account for something like 80-90% of employers.  It’s this segment that is expected to drive growth.  And, don’t individual investors make up much of the investing pie in this country?

I first started to read the WSJ in the 80’s when I was in college.  I recall there used to be at least attempt at appealing to the masses, interesting stories on small business, leadership, etc.  Not to mention, there may even be a competitive insight gained having read a well thought out column that a competitor of mine may have overlooked.  I think the point I am trying to make can illustrated be easily illustrated by simply looking at the titles of the various stories within the WSJ.  A sampling of headlines from today:

Front Page/Main Section Headlines:

“At UBS, Chief Pushes New Cuts” — not applicable to most small business

“Fed to Fix Flaws of Regional Boards” — again, how is this important to 80% of folks?

“One Man’s Zoo Turns Into a Killing Field” — story covered by just about every major newspaper in the country today.  Shouldn’t my $2.50 journal offer a bit more than a filler article that was a breaking story on every major news station this morning (why, I don’t know?  But that may be another post.)?

“Advice on how to clean up the housing mess” — heard this many times over.

Market Place Section (a space where I used to read about interesting case studies of sorts — analyzing new technology, management techniques, etc.):

“Groupon Discounts IPO” — this is great news for who?

“Expenses Fell Mercedes Boss” — great if you are buying a Mercedes.  Not really in most of our budgets.

“Is that Warhol Fake?”– really, in Marketplace we are talking about Andy Warhol’s silkscreen?

“Slow Start for TV’s X Factor” — hmmm, and a business person would care why?

“Microsoft & Others work on Yahoo Bid” — great, huge acquisition, newsworthy if you have a very big interest in either company.

“Apple Celebrates Steve Jobs” — a very worthy article.  The man was a living legend.  If WSJ ran an article or leadership series highlighting his career for three months, I’d read it.

“Big Abbot Charge Tied to Marketing”

“Google Touts Android” — why wouldn’t they?

Oh, here’s my favorite — finally, in Small Business (last page of Marketplace section), there’s “Retailers Brace for Holidays,” small merchants worry they won’t survive another season of heavy discounts.   Basically, the only item published that is directly applicable will introduce fear for small business retailers.  How about some advice as to how marketing tactics for small firms should change in tough economic climates?

Money & Investing Section:

“SAC Capital Faces Probe” — and why I care?

“Citi to Pay $285 Million to settle fraud charge”

Oh, and the journal even has a sport’s section, which features an article on “Have Goalies in NHL become too dominant?”  Why is the WSJ writing about anything related to sports?

There’s probably several issues implicit in this post worth discussing, but the one that probably matters to the readers of this blog, “A Blog About Law Firms And Their Clients,‘  would be a discussion as to whether there is any worthy business intelligence in major publication that you (lawyer or business development person) could use to develop a “unique” insight around a client – large or small?  I am having a difficult time believing so, and herein lies my conjecture: true market intelligence or worthy insights (strategic, competitive or otherwise) no longer exist in major media, or at least not that often, and, if so, the stories are disseminated so quickly that bringing to a client would not be seen as an advantage.  Rather, unique insights are in the thousands of blogs specific to your perspectives and interest (industry, practice, competitive or otherwise), not to mention new social media sources — Facebook, Twitter, LinkedIn.  While we (business professionals) are not necessarily accustomed to monitoring these as a profession, I would argue it’s here you will find the insights that can be leveraged in conjunction with many of your firm’s initiatives to track client trends, competitive intelligence and developing issues.

Having been a part of several early stage companies, I once aspired to be in the WSJ.  Candidly, I am not so sure what this would get us now.  Probably a moot point– not sure WSJ editors will have much interest in a story on Manzama at this juncture.  This said, if by the off chance the WSJ decided to take my opinion head on, I’d be happy to respectfully share my opinion as a small business person that has helped to create jobs in a in a depressed economy, and, I may even blog about it, even if my opinion were ultimately changed or altered.

Peter

I am pleased to announce today that Manzama has partnered with the Lex Mundi organization.  For those of you unfamiliar with  Lex Mundi, the organization counts among its member law firms some of the most widely recognized law firms in the world.  We are excited to be able to reach this vast network with the Manzama offering.  The partnership demonstrates that social intelligence and business intelligence as applied to what’s transpiring in the public domain is at a level of importance that is global in significance, e.g., regardless of location, the need to listen and understand what clients are saying and to track conversations is important to a broader based understanding of  lawyer’s or marketing department’s business and practice strategies.

The Lex Mundi network provides clients with access to unparalleled global legal resources with its vast network of 160 premier member firms in more than 100 countries and offices in more than 600 business centers.  By working with a Lex Mundi member firm, you can be quickly connected to in-depth local market knowledge and legal expertise practically anywhere your legal needs arise.

To learn more about our newly formed partnership, please visit us at Lex Mundi’s Americas Regional Marketing Conference in Denver, CO October 5th – 7th.

It must be the season, but in the past ten (10) days I have presented at and attend two supposedly very different marketing and technology conferences (on either side of the United States no less – SF & NY). However, I was surprised at how much they overlapped. While there were certainly sessions unique to each program. Quick side-bar: credit to the organizers of each program – both were well organized, run and were able to include interesting speakers and content.

All-in-all here’s what I heard and learned.

• Use of blogs and firms blogging is reaching a tipping point. While statistics vary, there’s a huge push toward understanding and how to deliver content in meaningful ways. Now that there are lawyers that have been blogging for years, there were many concrete examples of lawyers/firms getting new revenue from blogging. I don’t think anyone left either conference doubting, if done effectively, there’s revenue to be gained. I don’t have the time or inclination to relay the specific tactics, but I encourage folks to visit Adrian Dayton’s blog, www.adriandayton.com to learn more about best practices, etc;
• Business Intelligence – whether backward looking (profitability analysis, analyst reports, etc.) or forward looking (analyzing social media, news, etc.), firms are moving ahead and aggressively, witness Latham Watkin’s recent hire of a “social media manager.”
• Video – take away here is “wow.” I was not expecting to see such concrete examples and high quality delivery from law firms on the use of video as a business development tool. Specifically, I’d highly encourage that readers see Adam Stock’s (Chief Marketing Officer at Allen Matkins) short blurb that summarized his various presentations over the past several weeks.

http://www.youtube.com/watch?v=ikuF_KsSIfY

Enjoy