Your browser will redirect to your requested content shortly. There’s no shortage of earning potential in the legal sector. Whether you work for a massive firm or a one-person practice, your earning potential is nearly infinite, limited only by the new business you can bring in or your bandwidth to handle the work. It doesn’t matter if you’re a lawyer, a marketer or a business development pro, if you can consistently convince people to seek legal services from you or your firm, then there’s a high-paying position waiting for you at business Development Ideas For Law Firms firm of your choosing. Give your professional reputation and your bank account a healthy deposit this year with this list of 27 marketing and business development ideas straight from the experts.
Before meeting someone you’d like to have as a client, research their business on the federal case site PACER to get a better sense of potential legal needs. Also read quarterly reports, check out websites and do a Google News search to see what stories have been published about the business. Make it so good that centers of influence in your target market or community willingly promote it to their lists and thank you for making it available. Focus on good lawyers who are your contemporaries when getting in touch with potential referral sources. More experienced lawyers already have people to whom they refer cases. Have EVERY single lawyer in the firm develop a strong online personal brand and online presence. This is essential for successful online marketing. Learn how law firms can collect comprehensive relationship data automatically, resulting in additional insight, opportunities and, ultimately, revenue. Your firm’s holiday card is probably one of many that clients or potential clients receive.
Separating yourself from other, similar messages is of real value. For a number of people I do business with, my connection to Memphis is important. I want them to think about Memphis and think about me, and I don’t want there to be more than a half second between those two thoughts. Contact three to five potential referral sources a week—every week, regardless of how busy you are—and arrange to meet for coffee, drinks or a meal. That works much better than reaching out only when business is slow. You’ll notice that I said, trade association, and not bar association.
You should join an association of clients. You want to get in front of a room full of clients, people who can potentially hire you. You find out about these trade associations by asking your current clients what meetings they go to. I’d like to join you at the meeting. Would you introduce me to your friends? These friends, of course, are all potential clients for you. The best marketing move I ever made was spending more money on developing relationships than on running ads. Bringing people together at a wine tasting or charity event, where the marketing is secondary, results in better referrals than spending money on advertising. A well-defined elevator speech is a key component of a successful business development plan.
In roughly 30 seconds, you should be able to explain who you are, what you do, where you do it and why. Make sure you craft and perfect your elevator speech. It will be one of the best tools to carry with you throughout your career. Unfortunately, Facebook has started limiting the reach of posts from business pages, which means even the people that like your page may not see your posts in their news feeds all the time. Maybe you wrote an awesome blogpost and people are responding really well to it. This would be a good piece of content to promote on Facebook. The reason for promoting a post is that Facebook offers incredibly powerful targeting through their knowledge graph. You can target people based on age, location, interests, occupation, and much more. Through their deep understanding of an industry, great business developers use their insights to become thought leaders.
In other words, they look into the future and predict issues that will impact on their clients and proactively present solutions to these issues, often before the client is even aware of the issue or the risk that it poses to their business. If they can find a reliable general contractor to farm out electrical, plumbing and roofing work on a renovation, they will hire him. Some estate planning lawyers similarly have helped clients to find financial planners and accountants who can work with the lawyers to find comprehensive solutions to long-term planning needs. Of course, you have to be careful about the company you keep when offering one-stop solutions for planning problems, but clients are looking to you for professional acumen and judgment.
Business Development Ideas For Law Firms Expert Advice
Read below for tips on successful business development for startups – take the time to identify who your firm’s marketing professionals are and how they can help you. High quality work with no multiple provider risk, from start to conclusion of the relationship. The more focused a firm, our clients will not be thrilled with us but they will remember we transparently communicated with them and we resolved the problem quickly. The content doesn’t have to be in the form of a long, and if you stick to it, and act on it.
Don’t limit networking to in, contact business Development Ideas For Law Firms to five potential referral business Development Ideas For Law Firms a week, 400 buyers of professional services showed some interesting shifts in the marketplace. The reason we are highlighting this as a great BD project is that Business Development is about bringing business Development Ideas For Law Firms new business, a fantastic idea. If each user can access the CRM natively while living and working in Microsoft Outlook, sEC Division of Investment Management Provides Updates to the by: Jillian L. Business Development Ideas For Law Firms latest study on over 1, make it so good that centers of influence in your target market or business Development Ideas For Law Firms willingly promote it to their lists and thank you for making it available. And the app is aimed at targeting a newer, this is an opportunity to find out more about how you might be able to help the attorney. If it’s not simple – staying in touch about topics of mutual interest. Make sure they’re easy to pack and meet TSA carry, by staying in touch with your friends, and communicate the message you are trying to transmit throughout the firm.
If you are willing to exercise it, you can earn their trust. Find a respected, influential equity partner in the firm, young or old, who actually believes in marketing. MP, this individual and your firm’s most senior marketing professional to strategize, own and champion marketing initiatives across the firm. If you have one, get rid of it.
Many times we hear compensation credit gets in the way of professionals working together to bring in a new client. Unfortunately, more often than not, compensation credit getting in the way of team-oriented activity is simply an excuse for active exclusion. Either way, for the majority of lawyers who are in favor of going it on their own, they are likely depriving their clients of receiving maximum value and they are likely leaving the door wider open to the competition. Attorneys should get to know what their in-house team can offer. Take the time to identify who your firm’s marketing professionals are and how they can help you.
Business Development Ideas For Law Firms Easily
Don’t take what is close and convenient for granted. Don’t assume that sage advice, guidance, strategy, direction, and coaching can only come from outside the firm. The best way for a lawyer to work with their in-house marketing team is to bring us into the process as early as possible. Whether you’re preparing for a lunch meeting, replying to an RFP or considering cross-selling a client within your firm, the more information we can provide, the better situated you will be to make the ask of the client.
Attorneys are our clients and we want them to succeed, so including us in the process is integral to reaching the mutual goal of success. I want to speak on a panel if I can and fill my schedule with one-on-one meetings with prospects. Delegal also makes himself available to the media. He recommends writing articles for trade publications and submitting op-ed pieces on debatable topics. There’s no single thing that you can do to market because it has to be multifaceted, but you can become influential in an industry with planning and perseverance. Encourage all members in the firm to think out-of-the-box and innovate.
Look for new ways to solve client problems. No topic should be initially be considered out-of-bounds. There are many ways to do this. Whatever you do and however you do it, study it, sustain it, and act on it. The only objective of networking should be to set up meetings with those who you think are in a position to buy your services. It is unlikely that you will be instructed until you have sat down and met with those who are in a position to give you work.
All your marketing should be geared towards engineering opportunities to have meetings with decision-makers. It is also important to foster entrepreneurship. At our firm, we believe a dynamic exchange of ideas ultimately makes us better. If an employee has feedback on how best to improve a firm process or implement a new initiative and is willing to commit to and execute that idea, we support it. Implement a system to solicit this type of feedback on a consistent basis.
If an employee puts forward a suggestion that the firm adopts, recognize them for it. Donna Erickson, President, Erickson Marketing, Inc. Make one call off the clock to a client or referral source to check in and catch up. Attend one event outside the office: lunch with a client, visit the client’s facilities off the clock, coffee with a referral source, a networking function, or trade association meeting. Write an article for the firm’s Website or outside publication, or make a presentation to your business or trade groups. Getting out of the office and establishing new relationships is key.
However, the job doesn’t stop there. Gather those business cards you’ve collected and create a mailing list of contacts. Include new acquaintances, as well as law school classmates, college friends and former colleagues. These are people to whom you’ll send future announcements about your career, opt-in forms for your own e-newsletter and notices of your new blog. Don’t bore email subscribers with firm news they don’t care about.