L E A D E R NETWORKS

How will Social Networking Help Lawyers Generate and Retain Business?

LMA Boston EventDecember, 2008

Vanessa DiMauroCEO, Leader Networks

www.Leadernetworks.com

L E A D E R NETWORKS

It’s all about connecting.

• what networks do you want to participate in?

• who do you want to connect with,• and how do you want to network online?

L E A D E R NETWORKS

Networking Is Critical To The Legal IndustryAccording to the Networks for Counsel (2008) study by Leader

Networks…

– Networking is the most effective means to get business but, in-person networking is getting more difficult to sustain (cost and time issues)• 60% of Corporate Counsel and Private Practice attorneys report

difficulty connecting with colleagues onsite at conferences

– (As of last April) approximately 50% of counsel belong to a social network such as Linkedin or myspace.• Corporate Counsel are over 3x more likely to use their network for

professional reasons• Counsel prefer a private online network for just attorneys.

– Corporate Counsel value online professional networks because…– Access to information I cant get anyplace else -- 46%– Easier exchange of information – 45% – More quickly find and evaluate the right legal partners 29%

L E A D E R NETWORKS

TIMING IS EVERYTHING

Opportunity for legal marketing•Need is clear

•Skills are inherent•Legacy of in-person success

L E A D E R NETWORKS

WIFM (what’s in it for me/my firm)?

#1 OPPORTUNITY Still (much) room for market domination in Legal.

Barrier to entry is low.

#2 VELOCITYGreater reach, greater efficiency, low cost.

Attract and retain new business.Can target regional, national & specialty

at the same time.

#3 BEST PRACTICEOther industries and people have succeeded.

Market, measure and grow online.

L E A D E R NETWORKS

What you need to succeed• Purpose

– Know what you want to get out of online professional networking– Define the social media program goals and plans (increase awareness

of partners capabilities, share thought leadership)

• Point of View– Use the virtual podium wisely – photo, info & ideas and update– Power to showcase knowledge

• let your attorneys show what they know • Transparency is key• If they would be allowed to attend an event without regulation, let them

online without controls

• Patience– Returns come over time - expect results after 3-6 months.– In person rules of engagement = online rules of engagement