K238-ind - Law Firms And Applications | Attempts: 99

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| By Damian Mills

Damian Mills

Community Contributor

Quizzes Created: 19 | Total Attempts: 4,294

Questions: 10 | Attempts: 99 | Updated: Mar 20, 2023

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K238-ind - Law Firms And Applications - Quiz

Please complete the following self-assessment quiz - Test your own knowledge but if necessary please refer back to the training materials, manuals and/or other relevant resources to complete the questions

Questions and Answers

1.

The information for the following 4 questions are taken from IBISWorld's Law Firm Industry Report (54111) - Having knowledge of this type of information (your prospect's industry) will give you that credibility when speaking with clients/prospects in the industry. You will probably be able to answer these questions without referring to the report but if you can't then feel free to check.
2.

Write text here
3.

IBISWorld help Law firms gain a better understanding of their clients and prospect's industries - True or False?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
IBISWorld provides assistance to law firms by helping them enhance their knowledge of their clients and potential clients' industries. This enables law firms to have a better understanding of the specific challenges, trends, and opportunities that exist within these industries. With this information, law firms can tailor their services and advice to better meet the needs of their clients and prospects. Therefore, the statement that IBISWorld helps law firms gain a better understanding of their clients and prospects' industries is true.

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4.

If you are talking to the the Head of Marketing in a law firm, for the purpose of attempting to uncover their problems and needs, which of the following questions is least appropriate to ask?
- A.
  
  How is information disseminated throughout the firm?
- B.
  
  What is the process for understanding a client/prospects industry?
- C.
  
  How do your partners prepare for face to face meetings?
- D.
  
  What industry research tools are you currently using?
- E.
  
  How do you monitor your portfolio of investments?
Correct Answer
E. How do you monitor your portfolio of investments?

Explanation
The question "How do you monitor your portfolio of investments?" is least appropriate to ask because it is not directly related to the marketing department's problems and needs. Monitoring investments is typically a responsibility of the finance or investment department, rather than the marketing department. The other questions are more relevant to understanding the marketing department's operations and challenges.

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5.

Which 4 of the following 6 position types do we typically target when prospecting Law firms?
- A.
  
  Head of Business Development
- B.
  
  Library Managers
- C.
  
  Finance Manager
- D.
  
  Training Manager
- E.
  
  Partners
- F.
  
  Chief Marketing Officer
Correct Answer(s)
A. Head of Business Development
B. Library Managers
E. Partners
F. Chief Marketing Officer

Explanation
We typically target the Head of Business Development, Library Managers, Partners, and Chief Marketing Officer when prospecting Law firms. These positions are crucial in decision-making processes and have the authority to engage in business relationships and make purchasing decisions. They are likely to be interested in our services and have the power to influence the firm's decisions.

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6.

Which of the following is the the biggest product/service in terms of revenue for the Law Firm industry?
- A.
  
  Labour & Employment Services
- B.
  
  Real Estate Law Services
- C.
  
  Criminal Law, Civil Negligence and Personal Injury Services
- D.
  
  Commercial Law Services
- E.
  
  Other Services
Correct Answer
D. Commercial Law Services

Explanation
Commercial Law Services is the correct answer because it refers to the practice of law related to businesses and commercial transactions. This area of law typically involves advising and representing clients in matters such as contracts, mergers and acquisitions, intellectual property, and corporate governance. Given the broad scope of commercial law and its relevance to various industries, it is likely to generate significant revenue for law firms.

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7.

Which of the following is not one of the Top 4 players in the US Law Firm industry?
- A.
  
  Latham & Watkins LLP
- B.
  
  Mills & Boon LLP
- C.
  
  Skadden, Arps, Slate, Meagher & Flom LLP
- D.
  
  DLA Piper
- E.
  
  Baker & McKenzie
Correct Answer
B. Mills & Boon LLP

Explanation
Mills & Boon LLP is not one of the Top 4 players in the US Law Firm industry. The other options mentioned, Latham & Watkins LLP, Skadden, Arps, Slate, Meagher & Flom LLP, DLA Piper, and Baker & McKenzie, are all recognized as top players in the industry.

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8.

The top 4 players in the industry each have less than 1% total market share. True or False?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement is true. The top 4 players in the industry each have less than 1% total market share. This implies that no single player in the industry holds a significant portion of the market, as each of the top 4 players individually has less than 1% market share.

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Current Version
Mar 20, 2023

Quiz Edited by
ProProfs Editorial Team
Nov 17, 2015

Quiz Created by
Damian Mills

K238-ind - Law Firms And Applications

Write text here

IBISWorld help Law firms gain a better understanding of their clients and prospect's industries - True or False?

If you are talking to the the Head of Marketing in a law firm, for the purpose of attempting to uncover their problems and needs, which of the following questions is least appropriate to ask?

Which 4 of the following 6 position types do we typically target when prospecting Law firms?

Which of the following is the the biggest product/service in terms of revenue for the Law Firm industry?

Which of the following is not one of the Top 4 players in the US Law Firm industry?

The top 4 players in the industry each have less than 1% total market share. True or False?