Combining ABM (Account-Based Marketing) With Inbound Marketing to Supercharge Your Law Firm’s Growth
Legal Business World Magazine
by Author Contribution
3M ago
By Kanayo Okwuraiwe The Pareto Principle states that 80% of effects come from 20% of causes. When applied to businesses, 80% of the revenue generated in your firm comes from about 20% of your customers.  Account-based marketing (ABM) helps you streamline your marketing efforts by targeting customers you would have pre-determined fit into your Ideal Customer Profile (ICP). These customers are those most likely to fit into the bracket of the 20% of businesses that can bring in 80% of your business’s revenue. Inbound marketing, on the other hand, is a broad-spectrum approach that helps yo ..read more
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Legal Innovation: The African Perspective.
Legal Business World Magazine
by Author Contribution
3M ago
By Hellen Mukasa Background The “Golden Year” for legal tech, is what many described 2023 to be, and the African continent was no exception. While the legal tech Community in Africa is in its early stage, it experienced a boost as legal tech became the talk in many boardrooms and much traction was gained across different platforms. The continent witnessed a fusion of partners from the business and the development world e.g., corporate entities, UN agencies, and embassies working together to support the promotion of legal tech in Africa. Not only did we have the renown events to celebrate lega ..read more
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Lawyers Need Nonlegal Jobs … and Buy-In from Corporate America
Legal Business World Magazine
by Author Contribution
3M ago
By Neil Handwerker According to the US Bureau of Labor and Statistics, lawyers are the least happy workers in America (The Washington Post, Jan. 2023). Not just among professionals.  All workers.  Wow.  Anecdotally, I find every practicing attorney knows at least 2 attorneys who want to do something else.  Handwerker’s Theorem?  Study after study shows substance abuse in the legal profession is growing exponentially. This article is not about the causes of lawyer malaise…Alright, I’ll list some: Impossible deadlines, working in silos be it at the home or office, no se ..read more
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COMING SOON: Mental Health & Well-Being Community - Letter from the Editor-In-Chief
Legal Business World Magazine
by Author Contribution
3M ago
Hello all, I would like to introduce myself and share some exciting news from Legal Business World. As many of you know, LBW is a digital knowledge and information company for legal professionals that provides comprehensive coverage of a wide range of issues related to the business of law. Its reach is global and hundreds of thousands of readers see its publications each month. The leadership team and LBW have decided to create a Mental Health and Wellness Community to provide knowledge, resources and a platform for construction interaction about the mental health, substances abuse and wellne ..read more
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Decoding Confidence: The Five Building Blocks
Legal Business World Magazine
by Author Contribution
3M ago
By Mila Trezza. Confidence is often perceived as an inherent aspect of one’s character—a quality some naturally possess effortlessly while others just lack. This perception can be further reinforced by believing that once acquired, confidence is a permanent state that shines in all situations and at all times.   However, confidence is far from innate; rather, it evolves through a journey of knowledge, education and deliberate practice. It’s a dynamic skill capable of being cultivated and refined over time. Confidence is also not a constant state. Occasional moments of doubt do not entail ..read more
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The face of ageism in law firms
Legal Business World Magazine
by Author Contribution
3M ago
By Eve Vlemincx. In the hallways of law firms, where tradition meets ambition, a more complex narrative unfolds—one that challenges the conventional approach of "up or out" and reveals the face of ageism in law firms. When we think of ageism, we often think of people at the end of their careers. However, what if it concerns a much broader narrative? One that brings to light stories of individuals who, for various reasons, didn't ascend the traditional ladder within the first decade of their careers, only to find themselves at a crossroads, battling the silent yet pervasive bias of ageism ..read more
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Changing Law Firms
Legal Business World Magazine
by Author Contribution
3M ago
By Richard G. Stock This is the forty-eighth in a series of articles about how corporate and government law departments can improve their performance and add measurable value to their organizations. More than 75 % of companies have long-established relationships with primary law firms and local counsel. Banks, insurance companies, and utilities have worked with law firm panels for more than 25 years. Legal expertise and service levels are, by and large, meeting the expectations of most companies. However, companies with more specialized or modest legal spend are much more informal about ..read more
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Lessons from the Law Firm Maturity Index
Legal Business World Magazine
by Author Contribution
3M ago
What are the links between a law firm’s purpose, staff wellbeing and business risk? By Manu Kanwar and Stuart Woollard The Law Firm Maturity Index is a unique diagnostic of culture and organisational health. A Lex Solutions and Maturity Institute initiative, it provides evidence and insights to help improve the legal sector deliver greater benefits to all its stakeholders.  Law firm leaders are under pressure. Evidence of deteriorating mental health, wellbeing and staff burnout continues to flow [1]. Importantly, much of the focus is now directed at root causes, rather than ways to ..read more
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8 Ways to Stop Losing Time & Money in Your Law Practice: Part 3
Legal Business World Magazine
by Author Contribution
4M ago
Mastering efficiency: unveiling the DOWNTIME framework for a productive practice By Karen Dunn Skinner and David Skinner Have you ever stopped yourself in the middle of a task and thought: “Why am I doing this…there must be a better way”? It’s easy to get stuck doing things the same old way. Humans adapt well to broken processes and we’re great at creating workarounds. But adaptations and workarounds don’t solve the actual problem and they’re not typically very efficient. If you want to stop wasting your valuable time, you need to look at your work differently. Welcome to the third article ..read more
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A GPT-document search is unrealistic for mass search – do this instead
Legal Business World Magazine
by Author Contribution
4M ago
By Jason Ly. Time spent searching for documents leeches on a workday. Having witnessed generative AI boost efficiency across many areas, innovation directors are asking if they can apply the same technology to streamline enterprise search and quickly fish out hidden documents. Although generative AI confers many benefits, deploying LLMs to search an entire large database (called a “mass search”) is not their intended purpose. In this article, we explain why the state of the majority of firms’ file storage drives and the formatting of their files makes them unprepared for a GPT-powered search ..read more
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