Leadership Exchange - April/May 2013 - (Page 28)

MARKETING A LAW FIRM’S MARKETING SUCCESS STORY Carolyn Smallwood csmallwood@ebg-law.com 818-827-9131 Patrick A. Stevens, CMA Atkinson, Andelson, Loya, Ruud & Romo GLA ALA held its Chapter Luncheon and Annual Meeting on 02/12/2013, at the Jonathan Club Towne, featuring a panel discussion entitled “A Law Firm Administrator’s Playbook on Legal Marketing,” moderated by Jonathan Fitzgarrald, Chief Marketing Office of Greenberg Glusker and Immediate Past President of the Los Angeles Chapter of the Legal Marketing Association. Vickie Sprang, Chief Marketing officer for Sheppard Mullin, Tiffany Truffo, Director of Marketing & Attorney Recruiting for Haight Brown & Bonesteel LLP, and Cheryl Bame of Bame Public Relations participated on the panel. Legal Marketing issues discussed included business development, revenue generation, attorney marketing plans and social me- dia. During the panel’s discussion about how to create, monitor and assess a marketing and client development budget, Patrick A. Stevens, CMA, Director of Finance for Atkinson, Andelson, Loya, Ruud & Romo (“AALRR”), volunteered that his firm uses a fixed percentage of revenue for this purpose and that he would share his firm’s marketing success story. What follows is the Q&A I had with Patrick and AALRR’s Director of Marketing, Darrell S. Uran. Question 1: How does your firm decide what percentage of its expense budget is allocated to marketing, client and business deAALRR Answer 1: Our Marketing department carefully tracks ex- velopment? Darrell S. Uran Atkinson, Andelson, Loya, Ruud & Romo sive of payroll and benefits, which is calculated as a percentage of revenues. The Budget Committee and Executive Committee weigh in as to how the proposed marketing budget “fits” within the firm’s rev- enue and expense budget. Adjustments up or down are negotiated among the three groups. Q2: How does your firm measure success and/or the return on investment of its marketing/client and business development AALRR A2: Our firm has a few ways of measuring success and/or budget, and how often does it create and analyze those metrics? the return on investment. Explained most simplistically, we look at three key areas: • • • The first, obviously, is revenue. Did the marketing activity result in us winning new business? Second, is strengthening of relationships (with future rev- enues to come). Were we able to engage prospective clients and ultimately improve our chances of eventually winning them as a client? Lastly, is creating new exposure. Through our marketing efforts, were we able to make ourselves known to future clients, even if we did not get a chance to engage them individually? This type of assessment takes place before we incur expense, penses throughout the year and compares them to years prior. We and immediately following the marketing activity. Also, monthly, practice group leaders and individual attorneys to help identify ad- Q3: How and how often does your firm hold its attorneys/ can pretty well predict how much our repeatable events are going to cost us and use that as a base budget when we are in the planning season. From there, we have meaningful conversations with the ditional expenses or marketing activities they might have planned for the upcoming year. This helps round out our budget number that gets routed to the Budget Committee and Executive Committee for consideration. Our Finance department anticipates a marketing budget, exclu- 28 the marketing department participates in each of the practice group meetings to prepare, review and assess marketplace activities. partners/shareholders accountable for wise investment of that AALRR A3: The firm does hold its partners responsible for mak- marketing/client and business development budget? ing wise investment choices. In a nutshell, investments that do not produce a return are not repeated each year. Darrell may screen out Greater Los Angeles Leadership Exchange

Table of Contents for the Digital Edition of Leadership Exchange - April/May 2013

Leadership Exchange - April/May 2013
Table of Contents
President’s Message
Editor’s Message
Monthly Calendars
2013 Event Calendar
ALA Webinars
ALA Social Media
Community Connection News
Diversity Upfront
The I-9 Gets a Make-Over
ALA Management Encyclopedia
Accept the Challenge to Become a Green Lawyer
CLM Corner / Crossword Puzzle
CLM Study Session
CLM - Steve Wingert
GLA Making News
Volunteer of Year
Annual Chapter Meeting
A Law Firm's Marketing Success Story
GLA ALA Essay Contest
March Luncheon Recap
CLM Crossword Puzzle Answers
Member/BP Mixer Recap
Board of Directors
Region 6 Officers
Board Update
Board Crossover Meeting
Does Your Law Firm's Technology Meet Ethical Requirements?
Coach’s Corner
ALA Past President's Reception
New Members & Member Updates
Members In Transition
2013 Compensation and Benefits Survey
Business Partner Spotlight
"Green" Ideas

Leadership Exchange - April/May 2013