2007 Leigh Dance

1. 2007 Leigh Dance The reproduction, modification, or distribution by whatever means of the whole or any part of this presentation (including, without limitation, all images, logos, graphs, charts and quotes) is strictly forbidden without specific written permission from the author.

2. Legal Services Buying Trends: How to Leverage Them Into Wins For Your Firm Leigh Dance 22 March 2007 ELD International, Inc. eldance@eldinternational.com – March 2007

3. eldance@eldinternational.com – Feb 2007

4. eldance@eldinternational.com – Feb 2007

5. TREND: Regulatory Scrutiny and the Risks of a High Profile Clients face… • Increased pressure to ensure compliance • Challenges to help the company keep its promises and also achieve business goals • Need to reduce threats, manage crises • Dangerous stakes: unforgiving enforcement and aggressive media

6. TREND: Regulatory Scrutiny and the Risks of a High Profile Clients face… • Huge increase in reporting responsibilities • Need to understand changing laws and how they are being enforced worldwide • Obligation to find and solve problems to survive • Get to the bottom of a ‘situation’ fast • Avoid ‘creep’ of regulatory inquiries

7. OPPORTUNITY:Regulatory Scrutiny and the Risks of a High Profile Your marketing should… • Emphasize firm name, reputation, firm integrity • Communicate empathy – don’t scare the horses • Understand client compliance demands and provide component of compliance support • Communicate specific talent in geographies, sectors and practice niches • Assist in identifying and monitoring threats

8. OPPORTUNITY:Regulatory Scrutiny and the Risks of a High Profile Your marketing should… • Present information consistent with compliance reporting needs • Provide legal and regulatory info and connect dots to the client’s compliance pressure points • Demonstrate fast response, solid project management • Provide ‘dealroom’ context for crisis management • Not gloat-- show you are on their side

9. TREND: Overload of marketing and pitches to largest global companies Why are large global companies today’s target? • Numerous multi-jurisdictional transactions • Need for support in more than one geography • High profile, sophisticated, complex problems • Precisely the work the aspirationally ‘global’ firms want and need to justify investments

10. TREND: Overload of marketing and pitches to largest global companies Clients … • …receive dozens too many event invitations • …and hundreds too many newsletters/client alerts: few specific to their needs or sector • …will rarely respond without follow up • …always want more time with peers (prefer to keep outside lawyers out)

11. OPPORTUNITY: Overload of marketing + pitches to largest global companies Your firm should… • Take very good care of your current global corporate clients – deepen/broaden your contacts • Execute carefully targeted and highly differentiated marketing initiatives • Bring corporate counsel together with each other, not only to hear you • Give them info to make their work easier

12. OPPORTUNITY: Overload of marketing + pitches to largest global companies Your firm should… • Present information in tables and formats easy to digest • Adapt your communications to their systems • Spotlight personal professional relationships – they count • Look for windows: circumstances change constantly inside large globals

13. TREND: Procurement managers are invading corporate law departments Corporate counsel face… • Arrival of procurement since all other major corporate expense areas have been addressed • Constant demand to prove value, yet little reward for doing so • A procurement manager’s tendency to look at legal service purchase like buying widgets

14. TREND: Procurement managers are invading corporate law departments Corporate counsel face… • Procurement managers tactic to utilize competition among firms to reduce costs • Demand for measurable proof of value, reporting that demonstrates worth: transparency • Pressure for convergence squared

15. OPPORTUNITY: Procurement mgrs are invading corporate law departments Your marketing and business develoment should… • Prepare to be one step ahead: measure and prove your value proactively • Improve transparency in budgets and estimates and allocation of resources • Demonstrate and promote efficiencies • Offer value-added services free

16. OPPORTUNITY: Procurement mgrs are invading law departments Your marketing messages should emphasize : • The needs to reduce risk trumps cost - low-risk choice, - better coverage of legal services needs, - improved corporate governance Firms must be able to produce sophisticated client information and sophisticated proposals

17. TREND: In-house counsel tiring of client competitions, proposal processes Clients face… • Time consuming process, difficult to control • Creation of tensions and disincentives in future law firm relationships • Inefficient– prefer to just get the work done • Erosion of power over purchasing, and independence of choice

18. OPPORTUNITY: In-house counsel tiring of client competitions, proposal processes Your marketing should… • Identify and market differently the practices that tend to fall outside scope of panels • Build solid relationships with client to pitch informally in advance of RFP • Continue evaluating cost/benefit of participating in RFPs, RFTs

19. Legal Services Buying Trends: How to Leverage Them Into Wins For Your Firm E. Leigh Dance 22 March 2007 eldance@eldinternational.com – March 2007