World Practice Roundtable Maggie Watkins Meritas President October 25, 2004
Meritas u Est. 1990; Non profit u 170+ firms; 60+ countries u Firms ranked in top 20 u Purpose: credible, effective client coverage
Our Name: Meritas u Merit: Latin root —“merito’ —‘brought in’ or ‘earned’ u Means “proven ability or accomplishment” u Protected internationally u Firms show Meritas on letterhead, Web site and marketing materials
Typical Meritas Member Firm u One firm per market u HQ in city served u Full service law firms u Non exclusive u No competing formal strategy
Why Meritas is Different # 1: Objective, transparent and rigorous member service monitoring
Quality Control u All referrals tracked as condition of membership u Written evaluations u Established system in place u Client service standards u Periodic member recertification u Involvement in organization u Client service complaints u Practice mix monitoring u Terminate 2% annually
Client Credibility u Clients access evaluation records u Over 3,000 matters evaluated u Database online
Why Meritas is Different #2: Tools to compete with regional, national and global firms
Focus Has Shifted Beyond Referrals Technology support for client coordination Local marketing support Educational & networking meetings Lawyer qualification database
Extensive Lawyer Qualification Database u Provides the ability to directly reach a lawyer whose capabilities meet legal needs All member attorneys’ profiles are included in the LQD Industry expertise Niche legal specialization u Online access
Resource Tools Available (for clients and members) u Lawyer Qualification Database - both resource and promotional tool u Repository for marketing best practices u Meritas Web site: u Member Site
Resource Tools (cont) u Partner sales training u National and international trade show program u Attorney retreat facilitation
Why Meritas is Different # 3: Significant new business for members via direct marketing/sales effort
Strategy u Position Meritas similar to national/international firms u Goal: Substantive, profitable work from Fortune 1000 and increased referrals between members u Process: Use member contacts to leverage collective expertise
Most Important Criteria in Selecting Outside Counsel u Past relationships u Reputation of individual lawyer u Lawyer expertise in a specific area u Firm expertise in a specific area u Reputation of the law firm 1. ACC/Serengeti survey
Corporate Advisory Board Use corporate counsel perspective to maximize HQ business development efforts u Joe Bauer, Lubrizol u Gary Jacobs, MGM Mirage u Kim Myrdahl, SuperValu u Bruce Whitney, Air Products u Paul Marcela, Dow Corning u Doug Kosloski, Crown Investments
Corporate Sales Plan We will be … u Expanding Sections and Industry groups as a business development resource tool u Adding more tradeshows u Stressing relationship development after initial contact
Why Lubrizol Uses Meritas “The network maintains a high level of quality control among its members. We don’t have to do interviews, and we don’t have to go through a reference process. That’s been done for us by an organization we trust.” Joe Bauer, General Counsel Lubrizol, Inc.
Membership Retention is High u Meritas referrals = top 10 client for active, visible firms in big cities u Significant referral income u Value in outbound referring u HQ: Significant leverage to enforce service standards
Meritas’ Commitment to Diversity u Assisting member firms to recruit, retain and promote attorneys of diverse backgrounds u Educating member firms about the business imperatives of diversity initiatives Heightening the awareness and sensitivity of its members to create opportunities that enhance diversity
Commitment to Diversity (continued) u Promoting the involvement of attorneys of diverse backgrounds in the leadership and governance of Meritas Weighing commitment to diversity in firm recruitment and certification
Meritas: A Strong Competitive Advantage u Safe, credible geographic reach u Significant new business u Means to find and demonstrate depth u Reduce operating costs u Associate attraction and retention u Keep local brand relevant