The Credit Squeeze Fears on Mergers & Acquisitions Work at Law Firms

Article written by Melania Wenstrup

La crisi del credito causata dai mutui subprime statunitensi, ha avuto un forte impatto sulla pratica di M&A negli studi legali americani. Come ci spiega Melania Wenstrup, la diminuzione dei deal e le conseguenze che la crisi ha avuto sul mercato, ha portato molti studi a riposizionarsi, puntando su contenzioso, ristrutturazione del debito, ri-finanziamento e procedure di insolvenza. Ambra Di Tommaso

The fall down of the sub-prime housing market in the U.S. has had a ripple effect on the entire credit market. Law firms have started to see the impact of the global credit squeeze hitting their once flourishing mergers and acquisitions practices.

Many firms have seen a decline in deal flow since the beginning of the year. Deal volume fell off strikingly in the third quarter of this year, with some of the biggest deals of the year taking place during the first six months. In the third quarter, the global number of announced deals fell 40% to 3,086, from 5,101 in the second quarter of 2007, and the total value of deals dropped 5% from $897.8bn. to $852.6bn. (LegalWeek.com, October 11, 2007). We have seen a drop of global M&A transactions this third quarter compared to the same period last year.

We are now seeing a tightening credit market; tighter loan underwriting standards, decreased spreads, increased equity requirements, and delayed or cancelled transactions. Total debt in companies has been cut back amid sub-prime concerns and less favorable financing conditions have forced companies to be more cautious in corporate lending terms. Many attorneys are hoping for an increase in Initial Public Offering (IPO) activity as the affects of the credit crunch spill over into the public market. As debt becomes more expensive, some are predicting that private equity sellers could consider an IPO exit rather than a sale.

M&A work is a strong money maker for some law firms. As deal volume slows, law firms can expect to see profits dip as well. Some law firms, where the credit crunch is hitting hardest, will be forced to re-assign lawyers in other areas or let go of attorneys to stabilize profits. Recently, Clifford Chance, one of the worlds largest law firms, laid off a team of six structured finance associates in New York. The six associates exclusively worked on reviewing documentation related to mortgage-backed bonds, this section of the credit market has been hit particularly hard in recent months (Law.com, November 6, 2007).

In anticipation of slowdown in transaction-related work, we are starting to see law firms shifting to bankruptcy, restructuring, insolvency, workouts, and refinancing work for the short-term. A notable shift with law firms following the crises in the capital market is an increase in firms’ plans to invest in litigation. It is fair to predict that the credit squeeze is likely to trigger claims against participants and their advisers, and increase litigation between banking giants.

Opinion in the market remains divided. Optimists say many deals that were put on hold over the summer have been restarted. It is important to identify the dip in deal transactions is coming off one of the most extraordinarily busy cycles seen in years. Despite significant drops in deal transactions, many partners predict growth. The uncertainty created by the credit crunch has pushed law firms to look forward and strategically position themselves for Q1 or Q2 next year.

Article written by Melania Wenstrup, Wenstrup@BlankRome.com. Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business

Managing the RFP Process

Article written by Melania Wenstrup

Quali sono le questioni salienti che uno studio legale deve affrontare quando è chiamato a partecipare ad una “gara d’offerta”? Ci sono molti aspetti da valutare. Melania Wenstrup attraverso la sua esperienza di business development coordinator evidenzia i momenti principali di questo processo e le domande chiave da porsi per decidere l’approccio migliore da adottare. Ambra Di Tommaso

Clients are looking to consolidate their legal spending, better control their quality and prefer to reduce the number of law firms they use on a global basis. Therefore, it is increasingly important for law firms to differentiate their legal services and align their internal resources to better serve these clients across all locations and practice groups. Without the right business development strategy in place, firms can easily exhaust resources. The Request For Proposal (“RFP”) process can be a daunting task. It is imperative to have a strong plan and structured processes.

One way to improve marketing’s internal RFP process is by developing tools to help them decide which RFP to respond to and what priority and level of resources to invest in each proposal. Not all RFPs are equal, and certainly not all are golden opportunities. Law firms should be asking key strategic questions when evaluating whether to bid on an RFP and develop a Go/No Go strategy. Here are examples of key questions:

1. Is this company a strategic target for our firm? Why or Why not?
2. Are they a current client?
3. Can we meet the deadline based on our workload, the timing, and size of RFP?
4. Are the selection criteria clear and acceptable to us?
5. Does our service mix and operational structure match their needs?
6. Do any legal or business conflict issues exist? Can they be resolved?
7. Do we have an internal contact who will champion the firm?
8. Do we have adequate knowledge of their business and legal situation to develop specific solutions?
9. Do we know why the client has issued the RFP?

Once the firm has decided to submit a proposal, they should focus on their internal strategy. A pre-pitch meeting that brings together marketing professionals, attorneys and, possibly, outside consultants is a great way to develop a clear picture of your client’s needs and issues, as well as to identify the firm’s ability to address these needs. When responding to an RFP firms should ask the following questions:

1. Why is the RFP being issued at this time?
2. Have we responded to an RFP in the past from this organization? If so, when and what was the outcome?
3. Who are the decision makers?
4. What are the incumbent firm’s strengths and weaknesses in the marketplace?
5. What are the client’s priorities and strategies for the future?
6. How does the client perceive your law firm?
7. What immediate action steps, analysis and added value can we offer?
8. How critical are fess as an issue?
9. What issues are most important to address in the proposal?

The greatest challenge when approaching an RFP is creating something new and fresh that speaks directly and specifically to the client’s needs and personality. A good proposal always takes into account the audience. Preparing an RFP can be narrowed down to five basic steps:

1. Go/No Go Strategy – deciding whether to purse an opportunity.
2. Research / Analysis / Competitive Intelligence – are crucial in identifying opportunities. Knowledge, experience and wisdom of each professional should be matched with the objective research of your marketing staff.
3. Internal Strategy – aligning the firm’s capabilities with the client’s priorities and strategies for the future. Also, identify established relationships with any of the client’s decision makers.
4. Written Proposal – produce a document and strategy that focus on specific issues important to the client and differentiators that address the client’s key concerns.
5. Delivery – focus the message on the limited set of issues that matter to the client.

The goal in preparing an RFP is to create a value proposition and win strategy. Differentiators are determined through research, interaction and discussion at the onset of the proposal process. In any proposal the winner will be the firm that understands what the client wants and demonstrates a superior ability to deliver it.

Article written by Melania Wenstrup, Wenstrup@BlankRome.com. Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business Management and Business Law. She has also attended the University of Maastricht, Netherlands, where she focused her studies on relationship marketing.

Integrating Global Marketing and Business Development Departments

Article written by Melania Wenstrup

As law firms grow or merge into new markets, legal marketers face difficult challenges in integrating and managing resources across multiple offices located in different regions and continents. Law firms with geographic and functional divisions must determine how to leverage standardized processes while remaining flexible to recognize and seize opportunities that are regional in nature.

Successful integration of global marketing departments raise a unique set of challenges. How do we coordinate between offices, practice groups, regions, and continents? Solutions vary depending on the law firm’s culture, size, and business operation. Marketing and business development need to determine how best to allocate management responsibilities and resources across geographic and functional divisions, and then harmonize local marketing with a practice group and/or firm focus.

Here are best practices from among the leading law firms.

• Create a five year business plan on where the firm sees itself and align your marketing initiatives to drive operations
  
• Set strong financial goals and target core competencies of the firm
  
• Create strong decentralized practice group models each with their own budget
  
• Align marketing plans at the practice group level with the firm’s goals
  
• Set a firm-wide strategy on marketing communication, planning, positioning, and brand management
  
• Decentralize marketing and business development activities to seize opportunities that are regional in nature
  
• Centralize support services
• Through a multi-disciplinary approach, encourage firm-wide team building by creating client teams, task forces, and industry teams

Communication is key in integrating offices scattered across the globe. Technology is a great tool to ease office integration. Using the Intranet as well as instant messaging, online meetings, videoconferencing, mobile technology and other electronic collaborative, conferencing and management tools enable offices to feel connected. Technology truly gives people the ability to work together without the need to travel.

Generate a good flow of information and collaboration across offices by holding regular conference calls and group meetings. The challenge is to ensure firms are not over communicating and over burdening staff members with meetings. Retreats are also a great way to strengthen relationships and build collaboration among offices and team members. Marketing, practice groups and firm retreats enable marketers to meet with firm administrators, attorneys and other members from different offices.

It is crucial for law firms to build a strong team culture as well as have structured communication processes. Do not allow offices to operate as silos. Force communication among offices by coordinating and centralizing information as it goes through the firm-wide marketing and business development groups. Transparency is also vital. Communication should be focused with a strong vision. Give direction and periodically communicate the firm’s and marketing’s short term and long term goals. Articulate business plans and share what role staff plays in the bigger picture.

Article written by Melania Wenstrup, Wenstrup@BlankRome.com. Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business Management and Business Law. She has also attended the University of Maastricht, Netherlands, where she focused her studies on relationship marketing.

When Law Firms Go Public – A World of Change

Article written by Melania Wenstrup

Nel suo nuovo articolo Melania Wenstrup affronta l’argomento delle quotazioni in borsa degli studi legali, un tema diventato attuale da quando nel maggio 2007 si è assistito ad un evento senza precedenti, la quotazione dello studio legale australiano Slater & Gordon.
Melania ci spiegherà pro e contro di tali operazioni, che da una parte offrono agli studi legali una maggiore capacità di investimento, dall’altra creano possibili conflitti e contraddizioni tra logiche di mercato e tutela degli interessi del cliente. A. Di Tommaso

The legal landscape is rapidly changing and many aspects of the way law firms operate are fast-evolving. When Slater & Gordon, an Australian firm, became the first law firm in the world to trade shares on a stock exchange in May, it turned up the heat on lawyers worldwide. Slater & Gordon raised $29 million in its May 21 IPO, raising capital to finance new lawyers and offices. Interest across law firms has spread like wildfire. Another Australian firm, Integrated Legal Holdings Inc. has filed to go public and the United Kingdom is clearing the way for firms to go public with the Legal Services Bill. The bill is expected to pass later this year and may enable British law firms to sell shares as early as 2010. The advantages of new public capital are many. Stock sales would enable firms to raise funds needed to acquire competitors, hire the best talent, and expand.

As publicly traded entities, many aspects of law firm business models will change. It will push law firms to think and operate more like corporations and break away from traditional law firm mentality. We could start to see law firms become more top-down driven, with structured decision making, and partnerships could cease to exist. With new public capital, law firms could offer marketers the chance to do cutting-edge work, initiate risk-taking strategies, value growth, and work more with extensive advertising and marketing programs to build brand awareness.

The biggest challenges to U.S. lawyers are the different bar rules in the 50 states, and legal association ethics rules that prohibit non-lawyers from owning a stake in a law firm. As a publicly traded law firm, lawyers may be forced to put shareholders above clients and unintentionally create conflicts between the attorney-client privilege and Securities and Exchange Commission disclosure requirements. This could be problematic. With non-lawyers controlling a law firm there could be perpetual conflicts between increasing shareholder value and a lawyer’s primary duty to the courts and clients. Lawyers may be required to act contrary to their corporate responsibility and against the interest of shareholders. These uncertainties may be seen as unattractive to U.S. investors.

Going public may become unavoidable for law firms competing with firms that have millions of dollars raised by an IPO. Yet, many U.S. firms are waiting to see if going public gives their rivals an advantage. Competitive pressures could force firms to consolidate or consider testing the capital markets. We could start to see a push in the U.S. for regulators to permit law firms to begin going public. For law firms to begin embracing the public markets, we need to establish a new framework for the regulation of legal services that would facilitate alternative business structures, which would enable lawyers and non-lawyers to work together to deliver legal services.

Article written by Melania Wenstrup, Wenstrup@BlankRome.com. Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business Management and Business Law. She has also attended the University of Maastricht, Netherlands, where she focused her studies on relationship marketing.

Best Practice in Marketing: What Law Firms Can Learn From Other Industries

Article written by Melania Wenstrup

Today’s successful law firms have had to adjust to change and to an entirely new way of new thinking when it comes to building their businesses. Attorneys are trained to look for precedence, and are not comfortable with new ideas or new ways of doing things. To lead firms to think beyond the law firm sphere, it is important to look ahead by finding out what successful leaders in other industries are currently doing. Earlier this month I attended the LMA Capital Chapter Best Practices in Marketing: What Law Firms Can Learn From Other Industries seminar. The program included three leading marketers from closely related industries; Director of Public Sector Marketing and Communications at KPMG LLP; Director of Business Development at GeoConcepts Engineering, Inc.; and Senior Marketing Executive at Merrill Lynch. What can we learn from these related industries?

Marketing group skills rather than individuals enables service organizations such as KPMG stand out in a crowded marketplace. It permits the delivery of a consistent message about the firm, develop a systematic and goal oriented approach, and strengthen the firm’s brand. KPMG has created distinct differentiators by identifying selected group experience and capabilities.

Marketers as relationship builders with clients. At GeoConcepts Engineering, the Director of Business Development (“BD”) establishes key relationships with current and/or potential clients and makes the initial pitch on behalf of her engineers. As a marketer, the director provides significant industry expertise and environmental consulting to clients and has become the go-to marketer for clients and the firm’s engineers.

Building brand awareness is an important part of service marketing. A brand is more than a symbol, it is a warranty, a promise that the service carrying that brand will live up to its name and perform. KPMG’s yellow rubber duckies as table favors are a great example of creatively building brand awareness and brand equity. The idea began as a way to provide something visible and tangible at their annual conference held in New Orleans – concert duckies. KPMG seems to have created power brand awareness with a select audience with a cleaver and inexpensive giveaway. The results were unexpected and people were excited about the giveaway. The following year the conference was held in San Diego and KPMG produced the surfing duckies. Everyone wanted one.

6 clients in 60 minutes is a powerful technique used by Director of BD at GeoConcepts to prepare her internal “clients” to take better advantage of business development initiatives. This approach maximizes the opportunity for the engineers to learn about the firm’s strategically significant current and/or potential clients with a 10 minute power point presentation on each client.

Qualitative vs. quantitative. Clients tend to evaluate law firms more on quality of their relationships and services rather than on the fine points of legal knowledge. As with most service organizations, law is a profession built on close, trusted, personal relationships. At Merrill Lynch and KPMG, creating strategic client and industry teams ensures the quality of the service provided to the client. It allows the groups to develop closer relationships with the client through ongoing work, obtain deep industry knowledge, and reduce vulnerability by building many relationships at many levels.

Article written by Melania Wenstrup, Wenstrup@BlankRome.com. Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business Management and Business Law. She has also attended the University of Maastricht, Netherlands, where she focused her studies on relationship marketing.

Competitive Intelligence – Tools of the Trade

Article written by Melania Wenstrup

Con questo articolo Melania Wenstrup aggiunge un altro utile tassello all’attività di business development per studi legali. L'argomento trattato riguarda, la ricerca e la gestione delle informazioni, una delle maggiori risorse a disposizione degli studi legali. A. Di Tommaso

While an increasing number of law firms are conducting client surveys, a surprisingly small number undertake efforts to learn about prospect clients, industries, or current or potential markets.

Competitive intelligence (CI) is the process that enables law firms to:

• determine whether markets exist for new services or new locations,
• identify and target prospective clients,
• gauge client satisfaction,
• identify new industry service opportunities,
• develop and qualify leads, and
• determine how it compares to its competitors.

Competitive intelligence is relatively a new endeavor for law firms and is becoming an important tool for law firms to differentiate themselves.

Many law firms are now global, serving companies across the world and across disciplines. Competition is intense and firms need good real time information on client and sector developments. Proprietary analytical reports help smart firms make better service decisions for their clients and win new business. Clients are demanding more sophisticated services from the law firms that represent their interests. They are looking for legal solutions to business situations that are based on their sector and company.

As a business development coordinator, I provide our attorneys with this type of research. I use a variety of tools and techniques to gather the vital intelligence my lawyers need. I analyze industries, companies, and key legal and business trends from newspapers, trade periodicals, public filings, and various sources in legal marketing. Using LexisNexis and Thomson Corporation’s Westlaw research services allows me to quickly search the archives of thousand of news agencies. I review publicly available records – Dun & Bradstreet data, Factivia, and Google searches, I also set up Google news alerts to track news of key clients and issues. Thomas West Monitor Suite provides me with unique market assessments on business intake and outtake. This collection of data helps my team to focus its marketing and business development efforts and identify opportunities to develop and promote. I review litigation profile reports to analyze and spot trends in litigation by practice area, company, law firm, jurisdiction, attorney representation, and identify which law firms have represented who and the judges involved. Deals Monitor helps me to identify the relationship between the attorneys and the underwriters, issuers, buyers, and acquisition targets. Services like PinHawk offer handy digests of news and blog commentaries, which allows me to create profiles and receive customized information. I also review the ALM Research Online to understand competitors billing rates, levels of lawyer compensation, and track major transactions. I use Hoover’s Online to review profiles on companies, industries and executives enabling me to identify possible new service opportunities for our clients. I then distill this information and link my reports and recommendations to specific companies, executives and attorneys through our CRM system.

Competitive intelligence helps firms prospect for new clients, target opportunities in new industries, headhunt laterals hires, spot trends in litigation, and profile competing firms. It is an opportunity not to be missed.

Article written by Melania Wenstrup, Wenstrup@BlankRome.com. Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business Management and Business Law. She has also attended the University of Maastricht, Netherlands, where she focused her studies on relationship marketing.

Law Firm Technology - Supporting Business Development Initiatives

Article written by Melania Wenstrup

As firms grow, awareness of their institutional knowledge and strengths diminishes proportionately. There is a growing need to readily identify resources and expertise within law firms for proposals or informal opportunities that address client needs. The technology I use has a direct impact on my work output and overall productivity. Many marketers are not satisfied with their current knowledge sharing processes. Few firms have good processes in place to track and report on proposal activity or return on investment (ROI) accurately. I recently attended the LMA Capital Chapter’s Technology Matrix – Building Effective Knowledge Sharing and Using it to Plan Strategy and Track ROI event. The luncheon included three panelists from top DC law firms that are leading the way with knowledge management solutions. Catherine Bishop, my firm’s Chief Marketing Officer, helped lead a discussion that used our firm’s marketing technology systems as a demonstration on how we are addressing the issue. The event was tremendously informative and provided great insight on current law firm technology and how expertise matrices significantly impact business development.

My firm, Blank Rome, is in the process of rolling-out a powerful new knowledge management interface that will aggregate vital information from a number of databases. Our goal is to manage the business development processes (i.e., communicating with clients/prospects, requesting collateral, managing opportunities, creating pitches, conducting client research, measuring the success of programs, etc.) more efficiently. As we continue to grow and our service offerings become more complex, we want to ensure consistency of approach and deliver effective marketing materials that enhance our firm’s brand. Our marketing technology has allowed business development to produce more effective and targeted marketing materials as well as determine where our efforts are best directed in the future.

We have created a firm-wide technology matrix to power our business development initiatives. This system integrates our InterAction relationship database with our client financial records and the time & billing systems (we use Elite and Carpe Diem). When a new matter opens in the time & billing systems, key contact and matter information automatically get pushed into InterAction. The integration makes it easy to use financial records to produce reports that analyze clients by services, revenue generated, trends and market share. Data analysis collected from these reports allows business development to focus on our most profitable clients or practice areas with the highest realization. We also use InterAction’s Activities feature to retain records of contacts, conversations and meetings with an individual or company. The system enables us to use InterAction to track matters, opportunities and identify and leverage relationships. It also allows our team to track and update projects in real time. InterAction also gathers information from Employee Relationship Management (ERM), and other HR systems. It organizes enhanced information on relationships and reveals who at Blank Rome knows whom in our client and prospect companies. We also have customized our Web Content Management System (CMS) to harvest information from InterAction for data mining. Our business development team is now able to extract enriched information from CMS to analyze the firm’s existing situation, predict trends, recognize opportunities and manage the execution of strategies. This helps to improve the firm’s decision-making process when approaching both strategic and tactical marketing activities and monitor and measure results. The information housed in CMS rolls-out to provide content for the firm’s website as well as PitchBuilder, used internally to create pitches, proposals, brochures and various collateral marketing materials. We now spend less time on assembling materials, finding and formatting content and more time on analysis and counsel. Finally, we are developing an intranet portal, calling it The Mother of All Portals. The Mother Portal will pull information from both InterAction and CMS and interface with attorneys, staff and clients. The Mother Portal then collects, organizes and manages attorney experience and expertise so it is easily searchable and quickly retrievable firm-wide.

Integrated technology solutions provide the institutional knowledge that enables marketers to analyze, plan strategy and to propose and manage winning ideas that generate a return on investment.

Article written by Melania Wenstrup, contact: Wenstrup@BlankRome.com. Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business Management and Business Law. She has also attended the University of Maastricht, Netherlands, where she focused her studies on relationship marketing.

The Road Less Traveled

Article written by Melania Wenstrup
In questo articolo Melania Wenstrup ci racconta del suo percorso professionale in USA, di ciò che ha significato per lei la partenza dall'Italia e fornisce degli utili consigli a chiunque aspiri ad iniziare una carriera nel marketing legale. Ecco il resoconto di un'esperienza affascinante che non tutti hanno il coraggio di intraprendere.
Ambra Di Tommaso

My decision to leave Italy and pursue a career in legal marketing has been transformative, challenging and has provided me with remarkable career growth. Leaving my family, friends and the place you call home is an overwhelming experience filled with fear, dread, anxiety and excitement. There is no single technique that helped me cope with my transition. Every person and situation I encountered were unique.

I had a strong interest to work in the legal industry and excel as a business professional. Before I left Italy, I began networking and contacting people from my alumni association, family friends and law firms. I left Naples and arrived in Wilmington, Delaware where I stayed with a friend. Through networking, I learned about the various career opportunities at law firms and after three months of searching I landed a position with Blank Rome LLP in Washington, DC.

When I arrived in DC, I was absorbed with my preparation for work; finding an apartment, learning my way around the city and exploring the neighborhood. I had little time to be nostalgic. I learned how to cope with the longing for home by keeping focused on my immediate goals and long-term ambitions. This experience has helped shape my character and been of great value to my career. The opportunities I discovered in legal marketing are complex, stimulating and very gratifying.

If you are interested in pursuing a career in legal marketing in the United States, I strongly advise that you connect with experienced individuals within the industry, anyone who is willing to share their experiences and provide direction. Get to know people and learn from them. If possible, connect with industry leaders. I recently attended a legal marketing mentorship mixer designed to share work experiences and form relationships between the less experienced professionals new to legal marketing and the more experienced leaders. The partnership between my mentor and I fosters knowledge, leadership, interaction and offers significant career development advice and guidance.

Read books, articles, newsletters, journals and attend webinars, conferences, events, lectures - anything that will provide insight and keep you abreast of the latest developments. I read everything. I read new books, journals and subscribe to magazines, looking for ideas and enhancing my understanding. I recently joined the Future Law Firm Leaders Roundtable; it supplies tremendous support, training and tools to assert myself as a valuable marketing resource within my firm.

Become a member of a professional association. As a member of the Legal Marketing Association (LMA), I am provided with a wealth of resources and industry specific knowledge. Make yourself visible in the industry/profession by volunteering for a committee and become involved with your local community. Recently, I became more involved with the LMA Capital Chapter Program Committee which handles every aspect of planning monthly educational programs in the DC area. Members take responsibility for managing programs and collaborate with other committees and members. Volunteering provides exposure and opportunities for growth.

In general, the best advice I can give anyone interested in pursuing new paths abroad is to be objective, have a vision, set specific goals and do something, even a small thing, every day to help you achieve your goals. Research and learn about your destination, job, internship or whatever you are pursuing. Reach out to those with similar experiences and connect with anyone who is currently in positions you aspire to be in. Be open to new experiences. What helps me stay on course is keeping a positive disposition and making the best of every circumstance.

Article written by Melania Wenstrup. Ms. Wenstrup is a Business Development Coordinator for Blank Rome LLP in Washington, DC. Contact: Wenstrup@BlankRome.com. Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business Management and Business Law. She has also attended the University of Maastricht, Netherlands, where she focused her studies on relationship marketing.

Cross-Selling dei servizi legali

[Leggi gli articoli di Melania Wenstrup]

Il Cross-selling è un processo in cui le abilità del singolo avvocato acquistano valore per il cliente quando abbinate all’ abiltà e talento di colleghi con differenti competenze. L'obiettivo è di fornire ai clienti soluzioni uniche proponendo servizi attraverso la presentazione di offerte di alta qualità. Ciò richiede una grande esperienza nel campo dei servizi ed una estesa e vasta cultura di collaborazione aziendale. Una efficace strategia di business development espande l’ offerta dell’ azienda abbinando i servizi all’applicazione, le capacita’ aziendali all’esperienza degli avvocati.

La capacità di forgiare collegamenti attraverso l’ applicazione dell’ esperienza richiede una profonda conoscenza delle esigenze dei propri clienti e capacità della propria azienda. Recentemente, ho lavorato ad una importante iniziativa di cross-selling che ha coinvolto sia il gruppo di lavoro addetto alle relazioni con il governo che gli avvocati. Lavorando a stretto contatto con un gruppo attentamente selezionato, abbiamo identificato i 20 maggiori clienti dell’ azienda. Per raggiungere il risultato finale e’ stato necessario applicare specifiche procedure.

In primo luogo, coordinazione. Abbiamo condiviso e segmentato le informazioni riguardanti i clienti creando classificazioni basate sul fatturato prodotto per lo studio, casistica legale, quantitativo di casistiche aperte con lo studio, settore, e tipo di azienda. Queste segmentazioni hanno reso più semplice mettere a fuoco e centralizzare le informazioni a secondo degli obbiettivi del cliente.

In secondo luogo, capacita’. Con una profonda conoscenza dei target, obiettivi e soprattutto dei nostri clienti, siamo realmente in grado di capire i loro bisogni, a questo punto abbiamo la capacità di proporre soluzioni diversificate nelle tante aree di interesse, che sarebbe impossibile realizzare se non attraverso questo minuzioso lavoro di squadra.

In terzo luogo, collegamento. Abbiamo collegato ed abbinato le nostre capacita’ ai bisogni dei nostri clienti. Sulla base di proposte valide, abbiamo generato soluzioni di alto-valore combinando alle esigenze dei nostri clienti vari servizi complementari. Alla fine, abbiamo prodotto servizi e soluzioni altamente apprezzate dai nostri clienti.

Tradotto da Carmen Adamo, in collaborazione con Melania Wenstrup.

Cross-Selling Legal Services

[Read Melania Wenstrup’s articles]

Cross-selling is a process where an individual attorney’s skills become valuable to a client when paired with those of another colleague with a different skill set. The goal is to provide clients unique solutions by aligning services across practices in an array of high quality offerings. This requires an enormous amount of service expertise and firm-wide culture of cooperation. An effective business development strategy expands a firm’s offerings by leveraging services across practices, firm capabilities and attorney experience.

The ability to forge connections across practices requires deep knowledge of your client needs and your firm capabilities. Recently, I worked on a major cross-selling initiative involving both our government relations group and attorneys. Working closely with a carefully selected group, we identified, profiled and targeted the firm’s top 20 most profitable clients. Several steps were necessary to successfully achieve our end result.

First, coordination. We shared client related information and segmented them by creating classifications based on revenue, practice group, multiple representation matters, industry, focus group and lobbying representation. Segmentation made it easier to target and align information around client needs.

Second, capability. With a deep understanding of who our target clients’ industry challenges and what we discover as their needs , we can then bring together a solution set from many areas of service that may not have otherwise thought to work together for a client.

Third, connection. We connected and aligned our capabilities with the needs of our client. Based on value proposition, we created higher-value solutions by combining several services complementary to our client’s needs. In the end, we produced bundled services and solutions that our clients truly value.

Article written by Melania Wenstrup. Ms. Wenstrup is a Business Development Coordinator for Blank Rome LLP in Washington, DC. Contact: Wenstrup@BlankRome.com Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business Management and Business Law. She has also attended the University of Maastricht, Netherlands, where she focused her studies on relationship marketing.

Sviluppo del business per studi legali

L’ approccio interno di una Business Development Coordinator

di Melania Wenstrup

[Read the english version]

Da business development coordinator di Blank Rome, uno studio legale internazionale che segue gli interessi dei propri clienti sotto il profilo globale, lavoro con una squadra di 30 professionisti per sostenere le attività di sviluppo del business di 509 avvocati. Blank Rome e’ uno degli studi legali con il piu’ alto tasso di crescita in America ed altamente quotato per l’ indirizzo marittimo.

Mi piace la vibrante ed efficiente cultura marketing che si respira in questo studio. Nell’ ambito del business development il mio ruolo e’ di coordinare e dare supporto costante, ed a largo spettro, ai soci dello studio nell’elaborazione di proposte e presentazioni rivolte al target di riferimento, nel rispondere alle gare d’appalto (RFPs - request for proposal), individuare potenziali clienti ed analizzare ipotesi di cross-selling. Contribuisco ad identificare specifiche opportunita’ di lavoro mantenendo sempre alta l’attenzione sui mercati nei quali operiamo attraverso aggiornamenti costanti e l’acquisizione di una conoscenza approfondita sulle tendenze del business nelle aree ad alto tasso di competitivita’, tramite ricerche mirate dei mercati. Lavorando a stretto contatto con i nostri avvocati, coordino la progettazione di proposte ad hoc finalizzate a soddisfare, fin nei minimi dettagli, le esigenze dei clienti.

In altre parole, il mio obiettivo primario è fornire ai nostri avvocati gli strumenti giusti per ampliare il loro portafoglio clienti, rafforzare i rapporti con i clienti esistenti e trovare nuovi contatti che possano svilupparsi in nuove opportunita’ di lavoro. Il mio target è differenziare il nostro studio dando maggior rilievo al processo di business development. Raggiungo tale scopo in vari modi. A volte serve semplicemente capire le esigenze dei clienti, comprendere la ragione sociale della loro azienda, i loro obiettivi e l’ impatto che le tematiche legislative avranno sul loro business, a questo punto associo la competenza specifica dei nostri avvocati alle esigenze specifiche del cliente. Altre volte, invece, lavoro in squadra per sviluppare ed analizzare strategie mirate, sia per i vari indirizzi legali che per gruppi industriali.

Per la nostra squadra, la tecnologia e’ determinante ai fini dell’ efficienza e della tempestivita’ di risposta del nostro team. Al momento sto lavorando ad un grosso progetto a largo raggio che riguarda l’ aggregazione di informazioni di varia natura vitali per il business development ed i branding materials, tali informazioni verranno estrapolate dalle molteplici data-bases, ad oggi funzionanti e aggiornati singolarmente. Ne sono un esempio il nostro sistema contabile, il nostro CRM, il nostro sito web e altri specifici data-bases di rilievo.

Articolo scritto da Melania Wenstrup, e-mail: Wenstrup@BlankRome.com. La Signorina Wenstrup si è laureata alla Pensylvania State University in International Business Management e Business Law. Ha anche frequentato la Universita’ di Maastricht, Netherlands, dove ha concentrato i suoi studi sul relationship marketing.

Business Development for law firms

A Business Development Coordinator’s Insider Perspective

Ecco un articolo scritto appositamente per questo blog da Melania Wenstrup. Melania lavora a Washington, coordina le attività di sviluppo del business di un studio legale internazionale di 509 avvocati. La sua lingua madre è l’inglese ma avendo vissuto fino ai 18 anni a Napoli parla perfettamente anche l’italiano. Poi ha lasciato l’Italia per intraprendere gli studi universitari negli Stati Uniti. Sono contenta che voglia condividere qui la sua esperienza perché credo che possa dare un contributo utile a capire meglio in cosa consiste l’attività di business development per gli studi legali. [n.d.r.]

[Leggi la versione italiana]

As a Business Development Coordinator at Blank Rome, a prominent international law firm servicing the global interest of our clients, I work with a team of 30 professionals to support the business development efforts of 509 attorneys. The firm is one of America’s fastest growing law firms and we have the largest admiralty and maritime practice in the U.S.

I enjoy the effective and vibrant marketing culture here at the firm. My role serves as a business development liaison providing firm-wide support to the development of targeted pitches and presentations, including responses to RFPs, prospect research and cross-selling of services across the firm. I help to identify specific business development opportunities by maintaining strong knowledge of the markets, including business trends and competitive landscape. Working closely with our attorneys, I oversee the drafting of customized business proposals that speak to our client’s interests and concerns.

In general terms, our overall objective is to provide our attorneys with the right tools that enable them to expand client portfolios, strengthen relationships with existing clients and make new contacts that might develop into a business opportunity. On the job, my goal is to differentiate our firm and add value to the business development process. I do this in various ways. Sometimes it is simply taking the time to understand our client, the industry it serves, their goals and the issues impacting our client’s business, I then match our experience to our client’s needs. Other times, I work with my team to develop and analyze business development strategies for various practice groups and industry focus groups.

Technology has a huge impact on the effectiveness and responsiveness of our team. I am currently working with a firm-wide team on a powerful new knowledge aggregation interface that will pull vital information for business development and branding materials from such diverse data sources as our billing system, our CRM, web site and other expert databases that we currently maintain as stand-alones.

Article written by Melania Wenstrup, contact: Wenstrup@BlankRome.com. Ms. Wenstrup graduated from Pennsylvania State University with a Bachelor of Science degree in International Business Management and Business Law. She has also attended the University of Maastricht, Netherlands, where she focused her studies on relationship marketing.