TLOMA Today

Happy new year! As 2022 came to a close, many of us recounted all the good that happened during the year and all that we have achieved. It was a time where we celebrated those we lost, including individuals who made a global impact and those who made a more personal one, while cherishing the new people that entered our lives. I hope that everyone was able to celebrate the close of 2022 and the birth of 2023 to its fullest.

The new year is often a time where people challenge themselves whether as a significant resolution or a simple desire to try something new. I was listening to a podcast over the holidays where they talked about being brave as you set goals for the year. Being brave will mean something different for each of us but the idea is the same. By having or showing mental or moral strength to face fear or difficulty we show bravery. Being brave means doing something even though we are scared, which is an idea we can bring to our work and personal lives. In 2023, be brave in setting goals and responding to situations, you will come out stronger for it.

The TLOMA leadership group is planning for a 2023 that will begin to look like what we are used to with in-person SIGs, more networking and growth opportunities. There has been significant change in how we work over the last few years and although none of us can predict what this next phase will look like, TLOMA will continue to be agile and find ways for you, our members, to have professional development opportunities that enhance your skills through learning, sharing and networking.

Here's a look at our upcoming calendar of events for January and February:

Jan 31, 2023 - FACILITIES SIG EVENT - The Invisible Barrier - How The Air You Breathe Is Impacting Your Business - A Harvard Review

Feb 21, 2023 - TLOMA JOINT FINANCE & TECHNOLOGY SIG - Cyber Security Insurance Renewals: What to Expect and How to Prepare for it

I wish you all the very best for 2023.

TLOMA acknowledged and thanked our outgoing Past President, Dawn Millar, Education Coordinator, Joanne Gibson-Davis, Conference Committee Chair, Colleen McHugh and Finance SIG Leader, Pat Carrano.  Daryl Craig, Technology SIG Leader and Nicole Brown, Marketing SIG Leader were unable to attend the event, but their contributions were recognized.  Our sincere thank you to all our volunteers for a job well done!



Here’s some pictures of our members who attended the in-person event at Biagio Ristorante on November 25, 2022!  Some of our Life Members were there too.





Thank you to Facility Plus and Vertex, a PACE Technical Company for sponsoring the TLOMA Networking Event!

In full disclosure, I am not a medical Doctor, and this article's focus is the non-medical side effects of Covid.

In particular, the side effects that require law firms and their leadership-focused attention include the following:

• Societal withdrawal
• Scattered uncertainty
• Escape from management/leadership (a.k.a. burnout)
• Unsustainable financial results
• Fundamental structural change

Societal Withdrawal

Dr. Larry Richard, who has studied lawyer personalities, shared that "the excellent lawyers in our study had an average Sociability score of only 12.8%, compared to an average of 50% for the general public".

Sociability, he described as a "desire to interact with people, especially a comfort level in initiating new, intimate connections with others." Dr. Richard shared that low scorers are "less inclined to enjoy interacting with others, may prefer to spend more time dealing with information, the intellect, or interactions that emphasize the mind rather than the heart."

Enter a pandemic that saw lawyers spend almost two years working in isolation, avoiding developing new relationships and minimizing their existing ones. With the pandemic in as much containment as likely possible, firms are incorrectly assuming that lawyers will pick up where they left off before the pandemic. Those that found it difficult to embrace sociability will find it even more challenging as the "tools" required have grown duller from a lack of use.

This withdrawal will directly impact business development and a willingness to return to the office full-time to practice law.

To overcome this, firms must focus on dealing with the psychology of coping with introverted behavior and more closely align business development efforts with the degree of societal withdrawal lawyers demonstrate.

Scattered Uncertainty

An exception will be taken to define the pandemic's two years as focused uncertainty. So, let's start with a definition of "uncertainty." Uncertainty is a state of doubt about the future or about what is the right thing to do. Shortly after the pandemic was understood to be a "game changer," most law firms recognized that they had to ensure the following:

• Bring technology to the lawyers and staff at their homes
• The technology had to be cloud-based to be most effective
• Develop communication plans that engaged lawyers and staff
• Stay on top of finances

Today, not only are the results/outcomes continuing to be unknown, but the number of issues requiring the focus of law firm leaders has exploded. This has created "scattered uncertainty" in that firms are now uncertain about what topics should receive the most significant focus and the timing of this focus. Issues such as the following:

• Hybrid work policies
• Talent war
• Office configuration
• Escalating interest rates and inflation
• Looming recession (some of us believe it is on us already)
• Quiet quitting
• Compensation wars
• A decline in post-pandemic partners' incomes
• The escalating cost of technology and its use (many firms recognize it as the second highest cost displacing facility)
• Leadership succession and training
• Graying of the legal profession

The ability to handle "heart-based" decisions should be an essential consideration as partners select the future leaders of their firms.

Escape from Management / Leadership

Burnout is a state of emotional, mental, and often physical exhaustion brought on by prolonged or repeated stress. Stress in leading law firms is a given (and increasingly so) due to the nature of the decisions required and the repository of everything negative in the firm.

A recent Thomson Reuters Institute study indicated that many leaders wanted to return to law practice away from firm administration. While understandably wishing to do what you were trained to do, practice law, the satisfaction that used to be derived from guiding firms has steadily declined. The era of partners wanting to take on the mantle of management/leadership for the remainder of their careers is ending.

The low level of resilience that is a common trait in lawyers is a contributing factor. A lack of solid resilience suggests a self-protective quality or defensiveness. This, combined with the high levels of Autonomy exhibited by many lawyers, has enshrined the perception that managing lawyers is like "herding cats."[1]

The old saying that "one stops beating their head against a brick wall cause it feels good" has started to take on new meaning for law firm leaders. There has been no real stress break after two years of focused efforts during the height of the pandemic, and signs of burnout are increasing in law firm leaders' ranks.

Unsustainable Financial Results

The Thomson Reuters report for the third quarter of 2022 saw the Law Firm Financial Index (LFFI) remain at its all-time low score of 36. The continued erosion of law firm revenues from declining demand and high expense growth extended a five-quarter downturn as a directional indicator of law firm profitability.

Many firms reported that late 2020 and 2021 were their best financial years. Unfortunately, many of these same firms will not hold out in 2022 in the same regard. Many partners did not probe into why they benefited from such financial rewards, instead adopting to take the money and run (aka spend).

The anticipated demand to bring back pre-covid expenses (travel, conferences, retreats, perks) and unprecedented salary increases have driven up overheads to new heights. Unfortunately, at the same time, revenues have declined as clients seem to have an earlier understanding of the economic times they were entering. 

It is fair to assume that the flatness or even work decline will continue for some time. If firms have not adjusted their rates, doing so now could negatively impact the work they receive going forward. Another recent Thomson Reuters report indicated, "there is increasing evidence across the legal marketplace indicating that corporate clients are looking for ways to push work down to lower-cost legal service providers."[2]

The escalating compensation wars (remember the Covid bonuses, retention bonuses, double-digit salary increases) have come home to roost, and clients are reluctant to participate in the law firm "battles." In classic law firm reaction, the "stealth layoffs" have already started, and I anticipate they will become public early in 2023.

Not to be too much in the face of law firms, but a simple reminder that the definition of insanity is "doing the same thing over and over and expecting a different result!"

Fundamental Structural Change

The last side effect that has its roots (not all, of course) in the Covid period is the challenge of a structure that aligns with the practice of law in 2022 and the future. The changes that have and will continue to drive the need to develop a new functional structure include the following (I am not declaring the historical partnership structure to be dead, just like the billable hour is not finished):

• Hybrid work policy (in particular ignoring its reality)
• The cost of capital buy-in to the firm
• Ownership percentages
• Lack of desire to be an equity partner by lawyers who are "keepers" (work-life balance, business development, demand for a simpler life)
• Increased in-house opportunities (government and corporate)
• Facility costs and configurations
• "Greying" of the legal profession
• Bar societies/state bars experimenting with broadening ownership/services offered
• Lawyers wishing to practice law

Prognosticators have declared it is the time for small to mid-size firms; still, some others see it as the time of "big law."

To my way of thinking, size has less to do with who will sail through the recession and more to do with the insight captured by Darwin when he made the following comment:

"It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change." – Darwin

Given the likely timing of this article going into circulation, I hope everyone slows down and enjoys the seasonal festivities, and I wish you all the best in 2023.

Warmest seasonal greetings!

For new and established law firms alike, however, digital marketing is a key component of success and growth, providing key opportunities to attract new leads and translate online traffic into actual clients. This guide is intended to provide new insight into how different digital marketing strategies can be most effectively leveraged to generate revenue for your law firm.

5 Tips for Improving Your Law Firm Digital Marketing Strategy

As a law firm grows, it becomes necessary to reevaluate or implement new digital marketing strategies to continue progress. For new law firms, digital marketing offers an incredibly valuable opportunity for lawyers to grow their brands and attract new clients to their practice. Regardless of the size of your firm or the amount of time that you have been in practice, digital marketing can be an important investment for your law firm, generating new leads and increasing revenue. The following tips can help to effectively improve your law firm digital marketing strategy.

Implement SEO Best Practices

When it comes to improving your law firm digital marketing strategy, SEO is one of the most valuable tools at your disposal. SEO, or search engine optimization, refers to the process of structuring a website so that it achieves higher rankings on search engines such as Google. When SEO is utilized correctly, web pages have better visibility on search engines and therefore attract a greater amount of attention from prospective clients.

Implementing SEO best practices is easier said than done, however, and many lawyers find it difficult to identify a starting point. Oftentimes, the ideal first step for busy lawyers is crafting excellent, SEO-friendly content for their website. To create such content, the following tips may be helpful:

• Keywords: perhaps the most important aspect of written content rests in the use of keywords and phrases throughout the text. When prospective clients are searching for legal counsel or legal information, they will search for specific terms. For instance, an individual who was recently involved in a car crash in Toronto may search “Toronto car accident lawyer”. Using this phrase strategically within the written content on a law firm website will ensure that your web page will appear at the top of search engine results pages.
  
  
• Originality: search engines utilize crawlers, or bots, to evaluate the content of a web page according to the guidelines of their algorithm. One of the most important aspects of SEO-friendly content is originality. Ensure that your content is unique and does not duplicate any existing content found online, even your own.
  
  
• Formatting: the amount of time that a user spends on a site impacts that web page’s ranking. In general, users find text more readable when it is broken up in small paragraphs with clear, concise headings. Avoiding large blocks of text when creating written content for your law firm website can boost your website’s visibility.

Optimize Your Google Business Profile

The vast majority of people have utilized Google to find a local business. In fact, approximately 42% of searches resulted in clicks on the Google Map pack. Prospective clients are turning to Google to find lawyers in their respective areas, emphasizing the importance of using a Google Business Profile to the fullest extent.

Google Business Profile is a tool that allows businesses to manage how they appear across Google products, such as Search and Maps. Essentially, this tool serves as a business listing, helping local consumers find products and services quickly and easily. Your Google Business Profile will showcase your law firm’s phone number, website, address (if applicable), and customer reviews, for example. There are also other advantageous features, such as the capability to provide answers to common questions and enable direct messaging with prospective clients.

For law firms seeking to improve their digital marketing strategies, optimizing their Google Business Profile is often an ideal starting point. In doing so, you can ensure that potential clients in your area can find your business and increase the immediacy and quality of your correspondence with them.

Leverage Social Media to Your Advantage

Increasingly, lawyers are turning to social media platforms such as LinkedIn, Facebook, Instagram, Twitter, and TikTok to expand their market reach. The ability to network with prospective clients is limited by geographic region and time. Social media bridges this gap by providing a tool for lawyers to reach vast networks from anywhere in the world. Moreover, social media helps equal the playing field between large and small firms. It is possible for a small law firm or a solo practitioner to amass a following and form a unique professional brand.

To leverage social media to your advantage, consider the following:

• Authenticity: It is a common misconception that in order to attract an audience on social media, it is necessary to be humorous, dramatic, or otherwise inauthentic. When establishing a brand on social media, do not force a specific tone. Audiences are more perceptive than ever, and authenticity is a major factor that builds trust among consumers.
  
  
• Understand your target audience: Leveraging social media does not necessarily mean that every platform must be utilized. Consider which platforms that your ideal clients use and build a presence on those platforms. Younger audiences may gravitate more to Instagram and TikTok, for instance, while older clientele may find more use in Facebook and LinkedIn. Select one or two of these platforms and focus on creating high-quality, shareable content.
  
  
• Connection: when using social media to its fullest potential, it is important to realize that these platforms should not be viewed as promotional billboard space. Rather, try to use social media as a place to connect with clients and alleviate any fears they may have. Answer questions and share content that addresses major concerns in your specific practice area.

Note that as social media becomes more and more integral in your digital marketing strategy, it may be helpful to consider the following:

• Who is responsible for posting social media content and reacting to others’ content?
  
  
• How often will you post?
  
  
• In the event of a misstep, how will negative feedback or backlash be handled?

Social media presents major opportunities for lawyers who wish to improve their digital marketing strategies, mainly due its capacity to reach vast audiences. In doing so, it is possible to build brand recognition and stand out from the competition.

Utilize Email Marketing Campaigns

Email marketing is a core component of many law firms’ digital marketing strategy - and for good reason. Reaching current and prospective clients via email is an effective and reliable way to increase your law firm’s visibility and keep your brand and services fresh in their minds. Moreover, unlike social media (where your post may not always be seen) email positions your firm’s name in the forefront of clients’ inboxes.

To begin utilizing email marketing campaigns effectively, consider the following tips:

• Consider content. Email newsletters are a valuable way to announce new hires, share major news within the firm, or send well wishes to clients on holidays. It is also important to include industry-specific information within the areas that generate the most revenue for the firm. Finally, some firms include round-ups of their top-performing blog posts over the course of the prior year. This can help keep the blog content fresh and relevant.
  
  
• Build email lists. By targeting your email campaigns, you are more likely to generate leads. Email newsletters can be sent to a variety of different people, including clients, alumni, law student recruits, referral sources, and prospects, for instance. Catering content to specific audiences based on demographics and relationships can improve the effectiveness of your email campaigns.

Analyse Your Law Firm’s Data

Whether you are just beginning your digital marketing journey or you have been building your strategy for years, reviewing your law firm’s analytics is essential. When analysing your law firm’s data, consider the key performance indicators that you would like to improve. For example, if you wish to attract more attention to your website, consider implementing more aggressive SEO strategies or reviewing your Google Business Profile.

This can also provide an understanding of where new business originates. Your law firm data can elucidate how much business is generated from referrals, as well as who is providing these referrals. Tracking simple metrics through intake procedures or website analytics tools can make a large difference in how your law firm markets its services to the public.

Consider Visiting with a Digital Marketing Expert To Help You Develop Your 2023 Strategy

No two law firms are alike and tailoring a digital marketing strategy to fit your law firm’s unique needs can make a difference in the effectiveness of your marketing campaigns. Understanding how to create a strategy that generates leads and attracts new clients is a key to success in the legal industry. Law Quill is owned by an attorney of over two decades, and works closely with Canadian law firms to implement digital marketing strategies that work. Visiting with an experienced digital marketing agency that understands both SEO and the law can help ensure that you craft the perfect 2023 year for marketing success!

As you prepare for 2023, we invite you to explore The HUB International 2023 Outlook: Profitability, Vitality, and Resiliency for insights from HUB International's risk management, insurance, employee benefits, and retirement experts.

HUB's third annual outlook outlines steps you can take to improve your profitability, support the vitality of your people, and build a more resilient future.

Dive into what’s impacting your workforce and your bottom line:

• Get practical guidance on employee benefits and retirement strategies to support your people.
• Understand insurance market changes anticipated in 2023.
• Gain insight on personal risk management to help maintain your lifestyle and protect your assets.
  
  

Let’s build a plan together today, so you can be ready for tomorrow. Click here to discover HUB's 2023 Outlook.