Guiding strategic focus amidst turbulence and shrinking budgets.

• Author: Scalzi, Jeff
• Position: Message from the Editors

He Said ...

"A creative economy is the fuel of magnificence."--Ralph Waldo Emerson

I'm a survivor of the dot-com bust. I was working in the technology industry at the time, so the experience was particularly acute as I watched colleagues get laid off, budgets cut and projects indefinitely postponed. Suddenly, as a marketer, even the best-laid plans had to be rethought. With the current economic crisis, I'm experiencing a professional deja vu. But unlike 2001, the product I am selling today isn't a next-generation software program that can be put into development freeze. With today's crisis, there is opportunity, and a chance for many of us to drive strategic focus at our firms.

Shrinking budgets mean less to do, right? Wrong. Sure, there may be fewer events to manage or perhaps a delay on that microsite you were planning to launch this year. Good. Now is the time when marketers accustomed to a frantic pace can stop, take a deep breath and think more strategically. For many of us, the time to just think during the day is a luxury that has eluded us for years. And this new-found time should be spent working harder to maximize the value each member of your team is offering to the firm.

How, you ask? If you have business plans, go back and evaluate the tactics identified to implement the plans' goals. For example, a seminar that costs $10,000 to execute can be replaced by a series of client alerts or a Webinar. You're still getting your lawyers' intellectual capital to your clients, but you're doing it at a fraction of the cost. Identify additional business development activities where a different tactic would yield the same result without the high price tag. And as you re-evaluate, use your budget constraints to your advantage: Get firm leadership to recognize that a tighter budget requires focus on only the clients and industries identified as strategic growth areas for your firm.

If you don't have business plans at your firms, start with two important concepts. First, make sure your lawyers are cultivating and nurturing their existing clients. After all, listening to your clients' needs is the easiest way to show them that you are engaged. Second, lead by example: Leverage your LMA network for ideas, best practices and even prospective hires when the economy improves. Similarly, your lawyers should be maximizing their networks, remembering that client development does not have to cost a fortune. A strong network is an asset that even a weak...