PROBLEM: We missed it! [ new filings, new legislation, etc.]
RESPONSE: Don’t dwell on any one matter or even on any whole genus of legal business. Look to the pipeline to deliver a stream of alternative possibilities, some of which may not yet be on your radar screen.
RESULT: you’ll need to start making decisions about which kind of business to go after, and which to let some other law firm go after. That’s a great problem to have..
“OPPORTUNITIES ARE LIKE BUSSES – YOU MISS ONE, ANOTHER WILL COME ALONG.” Sir Richard Branson
PROBLEM: Our practice group has no business development budget.
RESPONSE: Of course it does. You’re already spending money on business development at one or more ends of the spectrum. You simply need to collect that data and find out what you’re already spending. That’s your budget.
RESULT: Getting a hold on your current actual spending will allow you to focus resources where they will clearly do the most good.
PROBLEM: Our firm has great attorneys but our revenue is flat.
RESPONSE: Organize and attack. Indoctrinate the lawyers in a basic Business Development truism: that clients and prospects don’t care about how great the attorneys are. They assume that to be the case. They care about what those great attorneys can do for them.
RESULT: The effect of such and enhanced client service mentality will — not only unearth new prospects — but develop mew business from existing clients.
PROBLEM: “Our firm has no business development pipeline.”
RESPONSE: Don’t let this cause paralysis. Take a tough, hard look at where clients fell by the wayside, what results are speeches and articles bringing, and are your lawyers really cross marketing, and direct marketing?
RESULT: This type of crisis should spell OPPORTUNITY. Take your assessment and ensure that your attorneys and marketing professionals jump into the Business Development fray with a series of specific 3 month action plans.
RESPONSE: Manage your speakers, greeters, authors, communicators, trainers, marketers, etc.
RESULT: Properly assigned with concretely defined roles, the firm’s staff will become a kind of conveyor belt, with all their designated tasks funneling toward the actual sales moment. The pipeline thereby remains engineered to support the one final moment – closing new business – that justifies its existence in the first place. BUILD THAT BUSINESS DEVELOPMENT PIPELINE!
Yes, these best practices for new business really do work.
4. regularly review unsuccessful business development efforts in regularly scheduled “post mortem” meetings. At the same time examine and validate the steps that have led to successful new business acquisition.
5. Fortify the business development program with targeting and pursuit efforts by specific practice groups, niche groups, offices and individuals. Take one step at a time and concentrate on those attorney marketing individuals who really want to develop new business.
6. Assure that your talent/skills building sessions are practical and tactical. Theory rarely motivates your marketers.
Is Your Cup Full of Business Development Best Practices?
We are often asked by firm managing partners and marketing partners if there really are “best practices” for business development. The next few posts will identify those we think have the greatest impact on growing your firm’s new business.
1. Energize partner-leaders for each target that practitioners have stored in the back of their minds. They often identify them as “low hanging fruit.” You need to get them out there picking it.
2. Set and manage timelines for each step toward the final closing. Step by step planning now will often get you to the target faster than hit or miss.
3. Lead strategy debates before investing in rfp responses or initiating new contacts. Go-or-no-go decision making takes a closer look at the opportunity and prevents the waste of time and expense.
Part V. – Did 34 Attorneys Really Say That About Business Development?
Based on the readership of this series, which is not yet finished, we will be developing a keynote and workshop on these topics. Stay tuned.
26. I can never find copies of past proposals or learn what worked or what didn’t work. — If this is true, the firm needs not only a proposal organization series, but a post-mortem on every pitch, whether a dinner meeting or full rfp.
27. My client’s business keeps changing and I don’t keep up. — notice this attorney said “I don’t keep up” and did not say ‘I won’t keep up.” It’s all about building and keeping that relationship active.
28. I’ve been asked to join a pro bono, non-profit Board of Directors; why bother? — First, contributing your community is important. And as a bonus, if there are executives and GC’s also on the board, it is a great place to build your contact base and long-term pipeline.
29. We chase too many leads without a strategic review of the business opportunities. — this is frequently managed by practice group leaders, partners-in-charge of offices, and a firm marketing committee. Bottom line, there should always be a “go/no-go” decision making process in place. Chasing the wind helps no one.
30. We should be more active in industry associations where we do lot’s of client work. But how do I keep up with their meetings, programs, etc.? — remember that old marketing bromide, GO WHERE THEY GO, KNOW WHO THEY KNOW, READ WHAT THEY READ.
And wait until you read the next and final 4 reasons for not marketing.
5 More Quotes on Why Attorneys Won’t Do Business Development
In the last 4 posts, we’ve listed 20 quotes from lawyers on why they won’t, don’t, or can’t develop new business. The next 5 don’t get any better.
21. Honestly, I don’t know how to begin. — this lawyer had been practicing for 10 years; do I need to say more?
22. I failed on one proposal before; why try again. — What a future this one has!
23. I can’t do it but I’ll hire someone. — A few firms have had success adding professional business sales executives.
24. If I can’t figure out what my current client needs, how can I sell her more work? — change professions.
25. There’s no time to send an article to my clients. — One of the major problems we find in our business development coaching and advising programs, is that all-too many attorneys do not have or do not update a contact list. It can become the easiest way in the world to stay in touch 3-4 times a year with clients, prospects, contacts and colleagues. Once in place, it takes literally 5 minutes to send.
We’re getting closer to the 34th excuse for not marketing. Anyone want to guess what it is?
Those 34 Attorneys Are Still Bad-Mouthing Marketing???
If you have been following this series of actual quotes we’ve heard from attorneys on why they don’t market, meaning they don’t bring in new business, have you heard the following excuses before?
16. I won’t cross sell because that other partner might mess up my client.–If you are not building trust with your partners, you are certainly not building trust with your clients.
17. Why don’t we do client service interviews? — Great question to ask firm management.
18. With so many companies cutting back on the number of law firms they use, why bother marketing? — They are still going to use someone, why not you?
19. Our compensation plan does not reward me for bringing in new business. The billing partner get’s all the credit. — Many firms share origination credit with someone who is really out courting new business and will become a future billing partner. So work it!
20. I can’t handle all of the work I now have. — Management experts indicate that each one of us should spend at least 4-5 hours per month working “on” our business, not “in” our business. This person probably has a sign on their desk saying “An empty desk is the sign of an empty mind.”
To see cartoons with many of these quotes, go to www.ownthezonebook.com