LMA Strategies - March/April 2013 - (Page 4)

Competing on Intelligence Finding Your Firm’s Competitive Edge By Patrick Fuller A pril is a great month for sports fans. It begins with the NCAA Final Four, followed by the start of the Major League Baseball season, the NCAA Frozen Four, the start of the NBA and NHL playoffs, and finally ends with the NFL Draft. April also marks the month where statistical analysis and intelligence may have the greatest impact on both the onfield and financial success of professional teams. Peter Drucker’s famous quote — “If you can’t measure it, you can’t manage it” — has slowly evolved into a “Moneyball” strategy that is now employed in various degrees by virtually every professional sports team. Therefore, it is not surprising that the legal profession — which throughout the past 10 years has seen the collective revenue of the AmLaw 200 rise nearly 80 percent to roughly $90 billion — is now driving strategy with intelligence and analytics. But while the overall revenue is rising, the share of that revenue that is going to the “bottom 150” (numbers 51-200) of the AmLaw 200 continues to decline, from 48 percent of the total revenue in 2003 to slightly more than 42 percent in 2012. This means that 75 percent of the AmLaw 200 is getting a decreasing share of an increasing market, which creates the most complex of competitive environments. Throughout the past decade, as technology continued to develop, law firms have been increasingly embracing various forms of intelligence. There are five basic points of intelligence that firms can use to power their strategy, limit exposure to risk and drive revenues: market intelligence, which includes the litigation, deal and IP aggregators; relationship intelligence, which is driven mainly 4 | Strategies: The Journal of Legal Marketing, March/April 2013, V15.N02 

Table of Contents for the Digital Edition of LMA Strategies - March/April 2013

LMA Strategies - March/April 2013
Contents
President’s Podium
About This Issue
Competing on Intelligence
Online Competition Is Brutal: Enhance Your Results with SEO
The War for Lateral Attorney Talent Within Law Firms
First-place Media Pitching
Starting on a Shoestring: How to Build a Robust Social Media Program
Law Firm Websites for the iPad Generation
Friendly Competition Sets One AmLaw200 Firm Apart
Movies, Marketing and Professional Development
Ask the Authorities
Dicta: Marketers on the Move
From the Desk of the Executive Director

LMA Strategies - March/April 2013

https://www.nxtbook.com/nxtbooks/lma/strategies_20130910
https://www.nxtbook.com/nxtbooks/smithbucklin/lma_strategies_20130708
https://www.nxtbook.com/nxtbooks/smithbucklin/lma_strategies_20130506
https://www.nxtbook.com/nxtbooks/smithbucklin/lma_strategies_20130304
https://www.nxtbook.com/nxtbooks/smithbucklin/lma_strategies_20110506
https://www.nxtbookmedia.com