Managing Partner Panel

At the May 13, 2003 meeting of the LMA's Rocky Mountain Chapter, members were treated to an entertaining and informative panel discussion regarding a managing partner's view of marketing successes and failures. Five managing partners from some of Denver's most respected law firms, both large and small, participated as panelists.  The panelists were Barbara Wells, Minor & Brown, PC; John D. Shively, Faegre & Benson, LLP; Edward H. Flitton, Holland & Hart; Michael D. Nosler, Rothgerber Johnson & Lyons, LLP; and Kenneth W. Lund, Holme Roberts & Owen, LLP.  Mark Maraia, Esq. of Mark M. Maraia Associates superbly moderated the discussion.  The panel received questions on a variety of topics and, in turn, provided valuable insight and feedback. 

The discussion began by requesting the panelists' expectations of their marketing departments.  Responses included the typical responsibilities associated with the position(s) as well as initiative, creativity and energy.  The panelists reported recent successful marketing initiatives to include advertisements, seminars, client interviews, new logo designs, web site enhancement and promotion of a firm anniversary. 

The panelists felt that the internet and e-marketing were important marketing tools but some found it difficult to measure the ROI.   The panelists' opinions on advertising and branding were diverse -- some found differentiation to be important while others did not believe in branding and found branding to be "dangerous."  The panelists, however, conveyed the importance for firms to have a vision or image of "who they are" and "what they do well."

The panelists were then asked how they foster a positive, cooperative sales culture.  They felt that partners and senior counsel are no longer solely responsible for sales and marketing efforts.  Rather, new associates are now expected to also build and develop networks.  Incentives and rewards are given to encourage this behavior.  One panelist pointed out that one couldn't be just a good lawyer anymore but that they must also be a good marketer. 

The panelists also discussed cross-selling. One panelist suggested that cross-selling be addressed in each individual attorney's year-end marketing report.  Another felt successful cross-selling revolves around trust -- trust in management to reward efforts, trust in partners to get the job done and trust in the capabilities or expertise of your firm.  They also articulated that communication between the attorneys and practice groups was important to cross-selling and that the marketing staff could assist to organize and facilitate the communication.

Some of the panelists' plans for future marketing incentives included the hiring of a "leads developer," development of a firm brochure and increased marketing support.  Most panelists indicated that ROI was not always easy to measure.  Marketing budgets for most of these firms seemed to range about 2 to 3% of firm revenue; however, one firm indicated spending about 8 to 10%. 

The panelists were also asked how they evaluate their marketing directors and staff.  A variety of responses were given including internal and external feedback, evidence of improvement, work product, initiative, creativity and vision.
 
The lively and enlightening discussion concluded with agreement that the legal marketplace is continually changing and in order to survive, it is a must that firms continue to be proactive!