Download - Business Development Strategies for Lawyers
Law Firm Research:Business Development and CI
Professors Ryan and Callinan
February 5, 2008
Information Environment
BUSINESSDEVELOPMENT
CASEDEVELOPMENT
CLIENTENGAGEMENT
ISSUE RESEARCH:STATUTES, REGULATIONS,CASES
BACKRGOUNDRESEARCH
CASE RESOLUTION
RESEARCHMANAGEMENT
LIFECYCLE
ANDRESEARCH
MILESTONESOF
A CLIENTMATTER
PLAN
IMPLEMENTEVALUATE
Where We Are
Your Information Environment– Current Awareness Resources
Practitioners’ periodicals Blogs and alerts
– Your Institutional and Personal Libraries Managing Research
– Team Members and Tasks– UPL and Supervision
Corporate Information– Common resources, multiple applications
Business development, Competitive intelligence, Conflicts, Experts, Case Development
Business Development Research:Key Concepts
Recognizing Current Niches Where is the firm getting business now? What special expertise does the firm offer? In which practice areas is the work non-routine
and important, i.e., it requires specialized expertise that the firm can offer but other firms do not?
What size companies does the firm serve? Best Source: Firm’s client list
Business Development Research:Key Concepts
Identifying New Issue Niches What are the hot topics in this area? Have there been new cases, statutes or
regulations that require changes in business behavior?
Are there political, financial, technological events that may trigger new laws?
Best Sources: Current awareness tools, CourtExpress Litigation Trend Report, Legal Trends Today.
Business Development Research:Key Concepts
Understanding New Issue Niches What is the legal context for the issue? Is there special terminology or jargon
associated with it? What are the related legal issues? Best Sources: Topical secondary sources,
such as treatises or looseleaf services; topical electronic resources; topical research guides; Findlaw website, ALM Research site.
Business Development Research:Key Concepts
Identifying Potential Markets What industries have been affected by
change? What trade associations or member groups are
associated with the industries? Best Sources: Edgar (for SIC Codes),
LiveEdgar (for research), Lexis, Standard & Poor, Current awareness tools, association information (Yahoo list, IPL list, Associations Yellow Book
Business Development Research:Key Concepts
Identifying Potential ClientsWhat companies comprise the industry?Which ones might have similar
problems?Best Sources: Fortune 500 list, industry
surveys, LiveEdgar (annual reports, litigation sections)
Business Development Research:Key Concepts
Identifying Competing Law Firms Which law firms currently represent those companies
and industries? Sources for law firm information:
– Martindale Hubbell– Lexis and Westlaw directories– Law firm associations
Surveys of law firms:– http://www.law.com/special/professionals/nlj/nlj_clientlist1-50.h
tml– http://www.boardmember.com/about_us/release_061004.shtm
l– http://www.law.com/jsp/article.jsp?id=1101738479985
Business Development Research:Key Concepts
Identifying Speaking/Writing Opportunities What associations or companies sponsor conferences in
legal subject areas? Which legal publishers sponsor conferences and/or seek
submissions? Best Sources: Association lists, publishers’ websites, lists
of conferences (MH list, Mealey list, PLI list, Glasser Legal Works list, ATLA list, ABA Marketing Site)
Note: Consider using a placement company such as Mondaq
Business Development Research: Tools
Requests for Proposals Definition: information that showcases the firm's
credentials, work ethic, internal efficiencies and relevant experience in response to a client’s request for advice on a specific issue
Elements: – Statement of the legal issue with firm’s experience, industry
knowledge; ramifications for prospective client of various actions or of taking no action at all;
– Identification of lead attorney with qualifications for future contact;
– Description of benefits and advantages over competitors;– Plan of action to resolve prospective client’s problem.
Business Development Research: Tools
Statement of Qualifications Definition: a document outlining firm’s understanding of
issues facing client; not in response to specific problem; part research, part intuition. Sent to inside counsel at potential corporate client. Useful to potential client when important statutes or regulations have changed.
Elements: similar to an RFP, but without plan of action. Explains legal issues, impact on client’s industry, and firm’s ideas on addressing the issues. Serves as a starting point for further discussions.
Business Development Research: Tools
Compliance Review Definition: An examination to determine
whether the company’s operation is in regulatory compliance. Often company is not facing a particular problem or lawsuit, but wants to ensure that policies and procedures are in compliance with relevant law.
Elements: Vary by industry and practice area. Common in Government Contracts, Labor, Taxation, Corporate, IP, Banking
Research Concept:Research as a Process
o Start with a problemproblem . . .
o Identify the sourcessources of answers . . .
o Design a search search . . .
o CloseClose the research circle.
Research Concept:Research as a Process
Start with the problem . . .What do you already know
– Maximize the assignment with JUST ASK
What do you need to know– Apply classic analysis to the case to see
the holes
Build a vocabulary to describe it
Research Concept:Research as a Process
Identify sources . . . What types of sources do you need?
– Secondary (i.e., journal articles, practice manuals, treatises, etc.)
– Case finding sources (i.e., digests, annotations, indexes)
– Primary (i.e., cases, statutes and legislative history, regulatory materials)
Where will you find what you need?– Online or in print?– Full text, abstract or index?– Free or fee?
Research Concept:Research as a Process
Design a search . . . Use advanced search functions to maximize
Boolean effectiveness Take advantage of embedded controlled
vocabularies to avoid near misses Understand the limitations of the Invisible
Web
Research Concept:Research as a Process
Close the circle . . . Have I done enough research?
– Quality of tools is good– Legal sources are verified as valid
What have I missed?– Research circle has closed; cites are repeating – no
new tangents revealed
When can I stop?– Now – with confidence!
Business Development Research: In-Class Exercise
Potential Niche
What impact will the arrival of the Millennial wave of ADHD workers have on the workplace?
How should companies prepare for this phenomenon?
Business Development Research: In-Class Exercise
Please go to the TWEN site and download the exercise on Business Development. We’ll do the first steps as a group brainstorm.
The Problem
The Sources
The Searches
Business Development Research: In-Class Exercise
Ask.com– Natural language search: What is ADHD?– Advanced search form: http://www.ask.com/webadvanced – Top answers: Wikipedia; CDC
Google– Natural language search: What is ADHD?– Advanced search form:
http://www.google.com/advanced_search Ask Dictionary search: http://www.ask.com/#subject:dic|
pg:1 Google Dictionary search: http:www.google.com (define:)
Business Development Research: In-Class Exercise
LEXIS BOOLEAN SEARCH STRATEGIES
Business Development Research: In-Class Exercise
WESTLAW BOOLEAN SEARCH STRATEGIES
Start Your Homework!
Go this“Competitive Intelligence” linked outline http://www.anderson.ucla.edu/x14441.xml
Using your “client”, work your way through this tool.
Business Development Research:Summary and Next Steps
Find a niche and relevant industries Learn the issues and terminology Identify related trade associations and
newsletters Find similar companies Identify their law firms and competitors Identify speaking and writing opportunities Write and publish an article on the niche Use the facts of the first case as a hook to
engage potential clients!
Business Development Research:The Final Word
Business development happens when you least expect it.
Read constantly and with an open mind – you never know where the next big idea will come from!
The End