The standard strategies for business development and lawyer strategies for marketing at law firms have changed in the wake of the development of technology advancements however there are some basic strategies you can employ to remain relevant. Here are six ideas to think about in the current times to ensure effective business development for law firms.
Important Takeaways
- Making Changes: Adapt traditional lawyer business development to the ever-changing technology and online interactions. Through innovation legal firms can weather the tough times.
- Building relationships: Building relationships is crucial. Be it cross-selling networking, cross-selling, or quality of service maintaining these relationships is crucial to establishing the development of new business and long-term success.
- Networking and Marketing: Business growth requires proactive networking and marketing. Law firms need to create their personal brand, interact with potential clients via various platforms, and rely on recommendations and the word-of-mouth method to increase their standing and attract new clients.
The majority of lawyers earn business through creating relationships, typically via personal contact. However, there were many contacts such as entertaining to visiting conferences to going to parties — were taken off the agenda during the outbreak or drastically altered.
However, clients still hire lawyers, and they still do. While the advantage could go to the incumbents in times of economic or political tension, there are ways to be in a position that will generate new business. This multifaceted approach involves a range of activities, including marketing and business development, networking, and relationship-building. Here are six ideas to take into consideration during difficult times.
1. Selling both products
Any discussion regarding business development for lawyers within the law firm should begin with existing relationships and clients currently in the practice Do you have the opportunity to work more for your customers or sources of referral that you already have? Begin by creating a “gap analysis” for a specific client that reflects the previous representation (both physical and in terms of substantive) and areas in which you’ve not had the privilege of representing them. Create a client team of people who are able to provide the services and areas that are not listed on the list. For instance, if a client does not use your company for HR-related matters Discuss with a colleague in employment law about ways the person could get introduced to the clients (e.g. for a no-cost Zoom conference on RIFs).
2. Make Yourself Known
According to the old saying “Out of sight, out of mind.” If you’d like to be included on the list for referrals or new files from prospective clients, it is essential to create a powerful personal brand and stay at the forefront of your mind. Communicate relevant information and useful tools to prospective clients regularly. If you are able to do this more than your competitors then you’ll gain an advantage. It is easier for people to talk with people they’ve not had a relationship with before if the current lawyers don’t provide the same helpful content.
3. Present Active Offers
Many businesses and the majority of law firms take advantage of moments of change (economic, political, and societal as a chance to review their legal requirements and relationships (read budgets). This is a good opportunity to determine if you could put your name into the basket. Offer to make a proposal, or create a virtual pitch for the creation of a new business. Nothing gained, nothing lost in the world of effective business development!
4. Develop Institutional ConnectionsÂ
When lawyers traveled more in conferences, going to meetings, or engaging with people generally meant that the focus was on a specific or small amount of people from the company that was targeted which is vital to creating strong relationships with clients. Since the majority of contact is done online today, you’ll be able to engage more individuals. For example, you can offer a webinar to the entire legal department of a company or organize virtual roundtables for all the workout managers at the bank you’d prefer to represent. You can increase your reach even when you work at your home.
5. Answer Inquiries Right Away
If you are approached to submit a proposal or invite to pitch or an inquiry regarding a minor issue, a quick response from a business development executive might be what places your name at first in the rankings for your business. Also, BTW networking can assist you in obtaining more inquiries and is among the most important aspects of business development for law firms and is crucial for any legal practice as it aids in building connections within the legal field.
6. Strike Up Discussions
Also, try the best you can to connect with people engage in discussions, and possibly involve professional business development experts to facilitate these conversations. Set up a virtual meeting with a few contacts from an industry you are familiar with; provide details about what you’re hearing and what you’re seeing within their industry as well as invite them to discuss with each other. Bring some referral sources together for the Zoom happy hour to discuss how their work practices are affected by the current political climate and what opportunities they see. It’s even better as social gatherings in remote locations aren’t all you need to connect, hold certain of these gatherings in person.
Continue to Monitor Law Firm Business Development Initiatives
It’s difficult to envision how you could develop a lawyer-led business development strategy even when your current procedures are limited. There are methods to build relationships and create new businesses in spite of the difficulties and even creative business development strategies. Be persistent, helpful, and be vigilant in your efforts.
