What is missing in generating law firm revenue growth is accelerating leadership. It is one of 12 exceptional leadership practices that firms should focus on, including branding, building client value, strategy, team building and so forth.
The key to building recurring, sustainable revenue lies with http://www.lawjournalnewsletters.com/sites/lawjournalnewsletters/2017/09/01/leadership-linking-law-firm-leadership-with-revenue-generation/
Paper, yes paper is the most underutilized social media. Text, Twitter, LinkedIn, Facebook, emails, electronic filings are now consuming 85-90% of communications received by corporate and agency attorneys and executives. Do you really think your social media messages pitching new work get through?
It is simple! If you want something actually placed on a suspect’s or prospect’s desk, put it in an envelope or fax it. Just think of the response rate you will receive.
Fax me your response at 310-618-1122.
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[/vc_column_inner][vc_column_inner width=”1/4″][/vc_column_inner][/vc_row_inner][rs_space height=”16px”]In our recent survey with in-house counsel and law firm attorneys in both the U.S. and Canada, in-House Counsel have terminated 27% of their long term relationships due to poor communication or the absence of communication! This stunning result was actually not a surprise to us.It’s no wonder business executives and legal departments are shaking things up.
If you haven’t already done so, transform your business culture, erase artificial boundaries between sales (yes “sales”) and service. Understand the bottom -line benefit of speaking directly and honestly to client needs. Build internal succession plans for each client. Attend their industry conferences and read their journals.
But most importantly, insure that clients receive top legal skills assistance and then show them where it has helped.
If you are wondering where to start, these 3 questions will help:
At the Closers Group, we help law firms close more new business rapidly using a variety of BUSINESS GENERATING TACTICS, just like these.[rs_space height=”16px”]
Only 3 Sources of New Business
Rainmaking Does Not Start Outside
27% Have Been Terminated by In House Counsel
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[/vc_column_inner][vc_column_inner width=”1/4″][/vc_column_inner][/vc_row_inner][rs_space height=”16px”]Did you know that rainmaking does not start outside? It begins under your own roof.Take advantage of your firm’s business development training and other professional development themes, such as client retention and client management.
Join business development groups in the firm that are actively reviewing attorney marketing successes and failures in formal postmortem meetings. Create your own action program, not a “plan” that will sit on a shelf. Evaluate different ways to build client relationships, select one and work on it. Always have questions ready to ask. Determine what tactics legal assistants, librarians and your marketing staff can do to help with your business development efforts.
Start with these 3 important questions:
At the Closers Group, we help law firms close more new business rapidly using a variety of BUSINESS GENERATING TACTICS, just like these.
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Only 3 Sources of New Business
Rainmaking Does Not Start Outside
27% Have Been Terminated by In House Counsel
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Sincere thanks to the Eastern Canada LMA Chapter for inviting me to present “The New Colors Of Law Firm Marketing” coloring book to its annual meeting on November 21st. I am looking forward to seeing many friends and colleagues. For more information, send me a text at 310-508-8600.
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[/vc_column_inner][vc_column_inner width=”1/4″][/vc_column_inner][/vc_row_inner][rs_space height=”16px”]When it comes to growth in law firms, there are really only 3 sources of new business. They are:A law firm should derive at least 50% of its new business every year coming from clients and referrals. This new business indicates a client’s recognition of high quality work and on-going awareness of relationship building.
It also results in more work from recent and past clients and demonstrates their willingness to refer business and contacts. While many firms focus on generating new clients, we urge our clients to strive for the 50% factor that most tend to overlook: past clients.
If you’re unsure of how to start, consider 3 important questions:
1. Who do I need to reconnect with?
2. How many client retention meetings can I set this month? And with whom?
3. What upcoming events can I attend and invite clients to join?
At the Closers Group, we help law firms close more new business rapidly using a variety of business development tactics just like these.[rs_space height=”16px”]
Only 3 Sources of New Business
Rainmaking Does Not Start Outside
27% Have Been Terminated by In House Counsel
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The Big Bad Wolf has been knocking at law firm doors for several years while lawyers are overlooking the six ways to accelerate new revenue. But let’s remember that Little Red Riding Hood feared the wolf at first. Then she walloped him. Future rainmakers can also kick the wolf of decreasing revenue by following some tried and true strategies.
The complete article appeared in Orange County Lawyer Magazine, July 2017 (Vol. 59 No.7) p.48.
You can download it.
In this ever-changing environment, as more pressure is placed on attorneys at all levels to grow new business, there is a lack of experience in searching for new clients, prospects and suspects. As well, in-house counsel have been forced by their boards and executives to get tougher and more demanding, and rightly so. More than one has stated that law firms have generally assumed that long-term relationships do not require additionally highlighted service levels.
It is here that Little Red Riding Hood can do some serious clawing. New opportunities are being created every day simply because competitors are falling down on the client-retention-job. Now, today, at this very moment are the times to market by overcoming client resistance and offering an innovative carrot or two.[rs_space height=”20px”][rs_buttons btn_icon=”yes” icon=”fa fa-download” btn_size=”btn-medium” btn_link=”url:http%3A%2F%2Fallancolman.com%2Fwp2016%2Fwp-content%2Fuploads%2F2017%2F08%2FOC-Lawyer-July-2017-Little-Red-Riding-Hood-Reprint.pdf|title:Download%20Article|target:%20_blank|” btn_text=”Download Article” border_color=”#dddddd” text_color=”#ffffff” icon_color=”#ffffff” background_color=”#81d742″ border_color_hover=”#81d742″ text_color_hover=”#81d742″ background_color_hover=”#ffffff”][rs_space height=”50px”]
Yesterday, it was a pleasure to participate in the first in-person book review of The New Colors of Law Firm Marketing with the LMA San Diego Roundtable. The discussions were lively and open to suggestions and strategies from all of the members. And presenting the world’s first law firm marketing book in the Pechakucha format proved to be a great way to start the program.
Thank you San Diegans. Look forward to presenting to the Orange County LMA next week.
Before going to a pitch meeting have you practiced lunch, a proposal, the questions to ask, anticipated answers and setting the next step? Picture yourself at the table with a prospect that you have targeted in the right industry and the right organization. Your research has given you a clear sense of how this “buyer of services” thinks, what their business is about, what the company or agency wants and needs and what your opportunities are vis-a-vis your competitors.
Do not talk about your firm! Instead, start with a value proposition, “here is what we can do for you, and here’s a general sense of how we’re going to get there. And then get them talking. Put your research to work by practicing the questions you will ask that show you have actively studies their problems, needs and opportunities. Anticipate answers and plan responses. And pay attention to their answers rather than thinking about your next question.
Practice, practice, practice before you start eating the salad.
Planning for your upcoming partner retreat in the fall is typically now in the “scrambling for speakers” mode. You have been tasked with finding a presentation that is engaging, full of useful ideas, a bit humorous and will contribute to generating new business. That’s where THE NEW COLORS OF LAW FIRM MARKETING will fit in so well.
This world’s first law firm marketing coloring book is focused on helping the firm’s leadership develop the right strategies and cultivate teamwork.
Contact us now for scheduling at www.closersgroup.com/contact/.