LMA is on fire!(Legal Marketing Association) (Conference notes)
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LMA President Aleisha Gravit said it best during the opening remarks of this year's annual conference when she channeled a particular R&B diva of the same name and belted out: LMA is on fire!
LMA is, indeed, on fire, and at this year's conference--held April 8-10 in Las Vegas--members were able to fan the flames and take in not only the brilliant Vegas scenery, but the mountains of opportunities to learn something new, meet someone new or take part in a new experience.
The next few pages take you through some of the conference highlights and key takeaways from the education sessions. Keep reading to see what you missed--or to relive the memories.
THE NEW NORMAL
Professor David B. Wilkins, Harvard Law School, told attendees during his keynote address that in today's competitive global market, law firms are operating under a new normal--a "normal" that demands more for less. Because there is reduced demand for traditional law firm services, firms need to figure out how to help their clients in a way that is cost-efficient and provides value. Legal marketing and business development professionals need to help their law firms realize this new world they're living in and the strategy they need to gain and retain business in this market, and they need to help the firm develop simple ways of communicating its value proposition.
PRICING
Legal pricing is a critical emerging function within law firms. Due to rate and fee pressures in the market, firms need to be able to maintain their competitive position and profitability. The pricing role is challenging as it requires a unique blend of skills, such as business development, financial analytics, technology, project management, and communication and presentation skills, along with an entrepreneurial spirit. Pricing presents a powerful business development opportunity. Most firms are using pricing in a defensive mode right now, doing whatever they can to hold on to work and stay profitable. Successful firms will make pricing a more proactive, offensive role, using it as a tool to grow the business and enhance profitability. In addition, general counsel is looking for open communication about pricing from law firms upfront and it expects the firm to be in control of these expenses.
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PROVIDING VALUE
Clients and general counsel want law firms to show how they provide value, and marketers can help their...
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