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The most efficient and effective way to become the go-to law firm for a specific industry is through industry practice groups, according to John Remsen, Jr., President and CEO of The Remsen Group. But their success, he says, depends on strong leadership. How does he know this? Through decades of helping law firms develop and implement long-term strategic marketing and business development objectives. “I can give you many, many examples where firms set up groups where one really thrives. They’re out doing things, there’s energy, and over time it starts to roll,” he says. “And then there’s another group. They can’t…
While procurement has long kept close watch over spending on outsourced services, law firms were exempt from their influence. But challenging economic times have forced Fortune 500 companies, and their international equivalents, to expand procurement’s influence to their legal departments. So if you want to work with these business leaders, you better become accustomed to dealing with procurement first, according to the 2016 Legal Procurement Survey, published by the Buying Legal Council. “It has definitely become a buyer’s market,” says Silvia Hodges Silverstein, PhD, Executive Director, Buying Legal Council. “Clients are starting to flex their muscle and bring in procurement…
“There’s riches in niches,” declares John Remsen, Jr., President and CEO of The Remsen Group. And this is why he encourages law firms to develop industry practice groups. “They promote cross-selling and teamwork, and focus a group of lawyers on a well-defined target audience,” he explains, noting that industry practice groups are the gateway for becoming the go-to firm for specific industries, such as banking, transportation, or real-estate development. John’s insight is based on decades of helping law firms develop and implement long-term strategic marketing and business development objectives. He recalls an experience from a quarter century ago that demonstrates the…
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