I get good results, what else is needed?” is a quote from a client. Her business growth was stagnant so we suggested she answer the following 3 questions:
Who are my core clients?
Rate my relationships with each on a scale from one to ten.
When will I begin contacting each and how many each month?
And we introduced her to the Invisible Marketing concept (last post) to use with “good” clients. Too bad we did not take a performance guarantee for a percent of her new business!”
In order to practice the 4 secrets to accelerating growth, using our one-page-strategic-plan becomes key. As practice areas, offices and cross-specialties groups build this approach into their firm culture, they will open and then close multiple new business development opportunities. And business acceleration becomes a highly recognized and respected key to your firm.
By turning your business growth strategies into action, you have learned to avoid fatal mistakes and garnered more management support. You will build and sustain new revenue by using the 4 secrets;
* Increase the number of clients you serve;
* Get those clients to purchase more services each time they retain you;
* Encourage your clients to purchase more often from you;
* Increase your fees.
Yogi Berra’s famous quote, in it’s modified use, addresses the most important aspect of marketing and accelerating new business development. Ultimately it is the attorneys and paralegals that will drive law firm business development into the “accelerator zone.” For management, understanding how to support and drive their people by using our “one page strategic plan” becomes the road to success. Psychologist Bruce Tuckman observed a 4 phase path that teams need to follow on their way to high performance and accelerating new business — “forming, storming, norming and performing.”
Today’s column deals with the “forming” stage, where team members are positive and polite. Some are anxious as they do not fully understand what work they will be doing. As the leader, you play a dominant role at this stage, because roles and responsibilities are not clear. Be aware that this stage can last for some time, as people begin working together and make an effort to get to know their colleagues. The so-called attorney “silo” operational set is still all to present and prevents early acknowledgement of entering the “accelerator zone.”
Following are 2 more questions asked by Nick Gaffney in the panel discussion for the December 14th issue of the ABA’s LAW PRACTICE TODAY. My responses follow.
HOW CAN LAW FIRM LEADERS TRAIN YOUNGER GENERATIONS TO EFFECTIVELY LEAD TO ENSURE FIRM LONGEVITY AND SUSTAINABILITY? WOULD FIRMS BENEFIT FROM INSTITUTING MENTOR PROGRAMS TO CULTIVATE LEADERSHIP QUALITIES EARLY ON IN YOUNG LAWYERS’ CAREERS?
The most effective training should involve a comprehensive professional development program, in including client management, relationship building, business development, understanding business financing, etc. And it should be set up in increments based upon years of practice by each attorney. The firm should also pay close attention to identifying future leaders and at some point, assign mentors to them. But the mentor role must be clearly defined and a contract made between the mentor and mentee.
IS IT DIFFICULT TO BALANCE THE RESPONSIBILITIES INHERENT IN LAW FIRM LEADERSHIP WITH MAINTAINING A HEAVY WORKLOAD? WHAT ARE THE BENEFITS ASSOCIATED WITH BEING A LAW FIRM LEADER?
The answer to this gets back to the question of firm size. With smaller firms, the administration, personnel and management tasks tent to be less interruptive. As in any organization, the larger it gets the more bureaucratic it becomes. Bringing in a sophisticated administrative officer, designating key leadership responsibilities to members of management or executive committee, and holding them all accountable for results will enable the leader to maintain key client relationships, become a recognized figure-head in the local business community, and set an example as part of their legacy.
Based on an article in ABA’s LAW PRACTICE TODAY, (Dec. 14, 2015) moderated by Nicholas Gaffney, a member of the Law Practice Today editorial board and a veteran public relations practitioner. He asked 6 “legal field veterans” their perspectives on the multi-faceted nature of law firm leaders. My responses to his questions follow.
HOW DO THESE INDIVIDUALS BECOME BETTER LEADERS IN THEIR FIRMS?
A “respected” law firm leader needs three skills: the ability to listen, the readiness to make decisions; and — one that is most often missing — holding people accountable for implementing the decisions. In addition, thinking about what their legacy will be for the firm must be clear, concise and often courageous.
ARE DIFFERENT LEADERSHIP STYLES NECESSARY FOR DIFFERENT-SIZE FIRMS? WHAT ABOUT IN DIFFERENT PRACTICE AREAS?
Heading a practice area is often a non-position. All too many firms designate someone to lead a group, provide no support or direction, and expect results. But for those who actively work to improve the services provided by the practice group, and work at cross marketing with other specialties, the results can be powerful.
As we move closer to 2016, your first quarter action program needs to be in place. By taking the last few “Business Development Gut Check” Posts, and adding the following question to the list, your answers should be incorporated into action:
Are successful performing assets being readied for redeployment?
From Allan Colman, Business Development Accelerator, Speaker and Author – Clients average a 60% increase in new business in 6 months.
Third and last in this series on questions to provoke firm leadership into actively building and closing new business includes the following questions:
Has lack of follow up lost engagements? How many and how often?
Are your attorneys, accountants, etc. trained to overcome objections during the selling process?
Do they understand what are the greatest needs of clients and prospects?
There are too many articles being written about metrics for marketing and business development efforts without focusing on answers staring you in the face. This series will identify numerous questions to ask and answer and find your true business development successes — or improvement needs — in provoking business development.
How many new relationships have your junior partners generated this year?
Do you know what percentage of your firm’s prospects are ready to buy?
If you require individual marketing plans, are they followed? are they a waste of time, effort and money?
Provoking Business Development – More Questions?
What questions do you want to add? I will include them in the upcoming series.
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Does Your Firm Have an “Enduring Competitive Advantage”?
This often overlooked strategy needs to be recognized by all professionals. It requires energy, resources and time. But it is the key to long term, productive revenue development.
* Whenever and wherever you are with a client or customer, the brand discussion must be the same.
* Does your group assess client satisfaction on a regular basis?
* Are your professionals being trained to utilize a common approach to the core of your services and the differentiation with competitors?
* Do you require a simple strategic plan for each approach?
* Is there a review of the stage of growth with each relationship?
The answers to these and related questions will make a major contribution to your long term revenue growth.
