advanced

What's in a name?
Printer-friendly version
Published on 11/23/09

It used to be a given at law firms: letterhead stationery engraved with the firm name, with all four, five, or six partners listed at the top or down one side of the sheet. For many, it was the only form of "advertising" in which they engaged

Perhaps it still exists at some firms. Much more common, however, is shortening the firm name to match common usage (does anybody really refer to Skadden, Arps, Slate, Meagher & Flom as anything other than "Skadden?"), or developing an entirely new name based on the type of law a firm practices.

The advantage of calling yourself the "Business Connection" or "Family Law Center" is the appeal to that segment of the marketplace that generates the bulk of your business.

It's a way of specializing without going through the specialization process that some state bar associations require for focusing on a practice area. This is purely a marketing consideration, to be made only if you've decided in advance that you want to serve only one practice area. If you expect to expand into other practice areas, it is not applicable.

Traditionally, when a lawyer or lawyers open a firm they take their own names. One reason is ego, but another is that they are general practitioners without a specialty. They may migrate to several specialties as they become more seasoned in their practice just by virtue of their clientele.

Another reason for using your name is that your name, to some degree, becomes your brand. When you want people to come to you, how are they going to find you in the phone book or through an Internet search engine? If clients want to refer friends or associates to you, how are they going to describe you?

As you grow and more partners are added to the firm, it becomes a choice as to whether the firm name grows as well. Inevitably, over time, the first couple of names for a firm are the ones that clients and prospects associate with it. To go contrary to that "share of mind" is at odds with your marketing purpose.

But when you see five or six or seven names in a letterhead of a smaller firm, it is inevitably because the other partners believe they need it for their own personal marketing purposes.

One final consideration is ethics. Marketing regulations adopted several years ago by the New York State Bar assert that "a lawyer in private practice shall not practice under a trade name."

This would seem to require that if a firm is sold, the selling lawyer must retire and the purchasing lawyer must delete the seller's name from the firm; yet, it is often the "trade name" — or selling lawyer's name — that is an important part of the purchase price. Changing the firm name might diminish the intangible "good will value" of the firm name. However, firms with bad publicity and malpractice and disciplinary matters hanging over them have little good will — no matter what the firm is called.


 



What's New?

Effective Advertising is Empathetic — and Omnipresent
Managing Relationships Means Reading People
Promise is a Luxury in Economy Demanding Production
Selling a Law Firm: More Than Inconsequential Consequences
The Future of the Legal Profession: Will the Pactice of Law as We Know It Survive?
Tips for Establishing A Virtual Law Practice
Market May Change What Bar Associations Won't
All Partners Are Equal, But...
To Do It Strictly by The Numbers Is to Miss The Mark
 


Practice for Sale

Bishop Law Firm for Sale
Northern California Estate Planning Practice
Plaintiff's Contingency Litigation Practice
 


From The Archives

What's in a name?
When to Say No: 10 Ways to Select and Reject a Client
Due Diligence is More Important Than Retainer
 


Other Resources

LawBiz Blog
LawBiz Store
Ask Ed Poll
In The News
Free Resources
 

Home - For Attorneys - For Law Firms - Resource Center - Store - About Us - Contact Us - Privacy Policy
 

LawBiz® Management, 421 Howland Canal - Venice, California 90291-4619 - edpoll@LawBiz.com

Order Phone (800) 837-5880 Office Phone (310) 827-5415

© Edward Poll & Associates, Inc. All rights reserved.