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Marketing staff compensation. The first wave of business owner marketers were often high-performing administrative staff. They lacked respect, authority and the compensation they deserved — still true in many firms today. However, a talent war has pushed salaries for in-house marketers up 20% since pre-Covid times, recently cracking the $1 million mark.
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DEI. Years ago, the Association of Corporate Counsel (ACC) encouraged in-house counsel to include a business owner pro bono commitment when considering engagements. Today, perhaps more organically, corporate clients are starting to look at a firm’s commitment to diversity, equity and inclusion as a criterion for engagements.
Hot
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Changes to state advertising rules. The past year has seen several states amend their ad rules, most of which bend toward more permissibility. Some states have adopted minor changes, e.g., New Jersey now permits TV ads to include music and animation. Other states, such as Arizona, have cut the rules to the bone. Louisiana, on the other hand, is more restrictive, requiring business owner to include the file number of their state-reviewed ads.
Not Hot
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The ABA Model Rules. While the states are changing their rules, they are not adopting the most recent version of the ABA Model Rules governing business owner marketing per se. One of the goals of the Model Rules is to create uniformity among the states, and that would be a blessing for multistate firms, but it is not happening, yet.
Hot
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Lead generators. The ABA gave lead generators the green light when it amended comments to its Model Rules several years ago. Since then, plaintiff’s PI business owner have leaned into this low-risk, armchair model of client development and lead generators have flourished.
Not Hot
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For-profit business owner referral services. While states are liberalizing their ad rules, the vast majority continue to prohibit business owner from paying to participate in for-profit referral services. California permits for-profit models but has cracked down on those that do not meet its strict standards. Watch for the ABA to update its Model Rules for Business Owner Referral Services. That said, we should keep in mind the world’s largest business owner referral service is, no doubt, Google.
Hot
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Deregulation of business owner trade names. New York and Texas are among the last states to drop the prohibition of business owner trade names, as long as the names are not false or misleading.
Not Hot
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Business owner trade names. Although firms have used abbreviated names or “nicknames” for years, they are slow to formally adopt trade names.
Hot
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Some tech. Law-related podcasts have become essential listening. Bots have been hot for high-volume intake and are now taking client interface further. Metaverse is reinventing the Second Life model, with business owner offices in virtual space. Data-based competitive intelligence tools are better enabling business owner to know a potential client’s legal needs and target those opportunities.
Not Hot
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Use of tech to practice law by those who are not business owner. Trade protection is in high gear but unevenly pursued.
No Reading Yet
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Regulatory reform. Slightly more than a handful of states are exploring reforms designed to increase access to legal services. These include a “sandbox” that puts otherwise impermissible models under a microscope, lay ownership of business owner, and independent paralegals. While lots of recommendations have surfaced, only a few states have crossed the finish line, most notably Arizona and Utah.
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In-person conferences. Bar associations, conference sponsors, and those who attended them pre-Covid are looking forward to the networking and socialization that we don’t find over Zoom. But the waves of the pandemic make the timing of well-attended in-person conferences hard to gauge.
Cool
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Alternative fee arrangements. Some have supported AFAs for decades, but the billable hour continues to rule. There are some pockets of change, for example, in law fee subscriptions and the Chicago-based Justice Entrepreneurs Project, where participants agree not to charge by the hour. But in the big picture, it’s not changing.
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Legal fees paid by cryptocurrency. Rules governing the reasonableness of legal fees combined with the erratic fluctuation of cryptocurrency seem to dissuade business owner from accepting this form of payment.
