Did you know you can brand your law firm with conscious capitalism? As published in the National Law Journal earlier this year, a marketing professor at Bentley University in Massachusetts uncovered a definite correlation between corporations who “do good” and those who are able to retain a customer base.
According to lawyer Adrian Dayton, author of the NLJ piece, as well as of the book “Social Media for Lawyers,” law firms can benefit from these principles, too. The professor at this leading business school, Raj Sisodia (pictured here), based his premise on the amount of marketing spend that each company put forth. After looking at the monies these corporations invested in getting the word out about their products or services, he examined the customer loyalty that ensued. And what he found was surprising.
Those who had massive marketing budgets retained very little customer loyalty. But a few companies were retaining a high level of customer trust and loyalty. Which companies were these? The ones who were seen as doing something worthwhile. “They had a conscious leader who was motivated by purpose and not by power and personal enrichment,” says the piece. What has come to be termed conscious capitalism succeeded here, where extreme marketing spend did not.
And as an added bonus, these very same companies were very profitable.
By contrast, many believe that conscious capitalism could never work within the constraints of a law firm set-up. This could not be further from the truth, argues, Dayton. A law firm, despite its combative nature, can always go back to its roots.
The author interviewed Sisodia, who said: “The role of lawyers used to be more of a counselor, of a trusted advisor. The role now is more of a technician—and is heavily money-driven. Where are the concepts of justice and jurisprudence? We are missing the big picture.” Dayton then breaks down how a law firm can engage in conscious capitalism.
“Ask, would our firm be missed if it disappeared? …We need to be value creators, not value destroyers. How do we create value? We should only, in fact, generate income for ourselves if we are creating value. Are you creating value for your client at the expense of others? That doesn’t work, either. How can you help your client, how can you create more value, as opposed to just getting a larger piece of the pie?”
Professor Raj Sisodia also talks about justly-earned compensation. “Some Chinese doctors only get paid for months when you are healthy….Think about how good they feel about getting paid….We need more of that mentality….Incentives don’t have to be all financial—they can also be emotional. Heart attacks are highest on Monday mornings. It doesn’t have to be that way.” To read more, go to: http://adriandayton.com/2011/04/take-the-high-road-to-success/