branded law firms, legalforce london presentation, raj abhyanker - june 2012
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Presentation at Reinvent Law in London, June 2012 by LegalForce CEO, Raj Abhyanker on the branding of law firms and their impact on the legal profession in light of regulatory changes in the UKTRANSCRIPT
1. Founder of LegalForce Trademarkia.– 1.7 million unique people/month.– One of the largest legal websites on the Internet.
2. Founder/CEO of local network site Fatdoor/Dealmap (‘Google Offers’).– Sold to Google, Inc. in July 2011, now ‘Google Offers’.– Inventor on a number of key Google patents on geospatial commerce.
3. Head of globalized, internet law firm.– LegalForce RAPC Worldwide with offices in
• Silicon Valley, Beijing, and Bangalore. (soon London)– 20,000 + clients, $6 million dollar book of business.
Who the (heck) am I?
Law in 10 Years.
1. Current Legal Brands do not Dominate.– ‘solicitors’ has a different meaning in the United States.– ‘zoom’ conveys fast, not detail oriented.– ‘rocket’ conveys space.
2. New Legal Brands are Internet Savvy & Globally Applicable.– Access to global domestic and international markets.– Creates global revenue opportunities for all who share brand.– Shared and globalized infrastructures for all support tasks.
3. Lawyers and Law Firms rule.– But have adapted to the new realty.– Hub and Spoke retail access points shared by all.
Key to Success.1. Legal brands should be ‘local networks’ first.
– Brand Success in a Given Area first.– Make a brand successful in a 50 mile area before expanding.– 20 Firms getting a return on investment first.– Create very strong in brand referral network.– Only after local ecosystem is a success, then expand to next city.
2. Tightly Branded retail spaces.– All retail experiences must be tightly branded.– Retail spaces are for intake, both online & offline.– Accessible office spaces at retail space for in network firms.– ‘Apple Stores’ model, hub and spoke (Online, VARs).– Advertise effectively. Geo-spatially constrained online ads.
Local Hub and Spoke.
• Books & Coffee.• Shared Class A space.• Internet workflows.
• Saturdays & Sundays.• Walk-In lawyers booked on tablets.• High traffic, affluent retail locations.
More Key to Success.1. Online Loyalty through Physical Presence.
– Consumers trust online brands that have a physical presence more.– Higher quality score lowers paid search ad costs for online businesses with
physical presence.
2. Pool advertising dollars, spend mostly online.– Do not waste valuable $ on television advertising.– Create brand loyalty by dominating organic and paid search.– Create a 5000+ video branded YouTube library of legal answers.– Create and maintain a trusted public, free legal Q&A site.
3. Consistency of Brand Experience.– Starbucks-like consistency of branded retail spaces shared by firms.– Variability of items such as Saturday openings, etc. are moot.
More Key to Success.1. Focus on In-Network referrals through branded Intranet.
– Build a corporate intranet shared among in brand firms.– Share referrals, tips, and communicate messages through intranet.– Create face to face meeting opportunities for in-network firms.– Referrals within network are keys to success.
2. Specialized firms brand together to Win.– Build a network of highly specialized network firms.– Find a complimentary service set, advertise as network of specialists.– Avoid networks of general practice firms, too much overlap.
1. When you dream, dream big.
2. Plant trees today, harvest in 500 years (Oxford trees).a. Homo Sapiens around for 200,000 years, 500 years is a blip.
3. Best Lawyers & Web Entrepreneurs are Psychiatrists. a. The best web entrepreneurs are psychiatrists. b. Understand and Appreciate the emotional state of those you serve
genuinely.
4. Appreciate Lawyers who like law, but find the rare breed who challenge it.
My Tips for Legal Entrepreneurs.
5. Shell games to IPO often wash up cracked.a. Treat your investor money as it is your own.b. Don’t rob grandmas while making yourself rich.
6. Execute, Inspire, Let the Stallions Run.a. Hire great people by finding people better than you, let them run. b. Get rid of weak performers fast, be extremely loyal to top ones.
7. You cannot win against anonymous commenters. a. Jealous of your success and shoot for your credibility under covers.b. (Bianca, Shakespeare).
8. When things are stable, risk everything.
Tips 5-8 for Legal Entrepreneurs
9. Being poor is liberating.a. Don't be afraid to be poorb. Find solace in the few relationships that matter. c. Creativity is born from freedom, being (or feeling) poor is freedom.d. Avoid feelings of fat and happy. Challenge yourself.
10. Brainstorm always, rest plenty.a. Take every weekend off.b. Leave at 6. Spend evenings with the few relationships that matter.
11. Learn what you don’t know about the Internet.a. Web design, human computer interaction, paid search.b. Teach yourself through experience not buying books.
My Tips for Legal Entrepreneurs.
Key to legal entrepreneurship is…
building trust.– Organize data so it’s interesting, relevant, & fun.
– Focus on reducing friction on the web.
– Build trust through branded retail experiences.
– Create intelligent workflows, not detailed ones.
– Understand emotional state of clients like a psychiatrist, not a lawyer.
My favorite tip.
Questions?(Please, don’t throw oranges).