Law Firm Marketing and Business Development Blog » Business Development

Meeting Legal Business Development Objectives: Start with the Inside First

Allan — Tue, 03 Jan 2012 15:04:48 +0000

In the field of law, there are many things that fall outside of your control—things like the market and your competitors. Thankfully, however, not all is left to fate. By focusing on creating change within your law firm, you can are working toward securing a more solid future for your firm with a pipeline of available opportunities. While this may seem daunting, don’t let it keep you from taking action.

Over the years that we’ve provided legal business development services, we’ve noticed a few common law firm business development objectives that can apply to most firms. By improving your firm’s internal systems, your attorneys and staff will be able to capitalize on the opportunities that present themselves as a result of this change.

Here are few of the most common legal business development objectives we’ve encountered over our years of helping clients improve their legal business development skills, and some guidelines on how to best reach those goals:

Objective: To increase efficiency in pursuing and winning new engagements
Guideline: To increase your efficiency, focus on improving your sales techniques and closing skills to create a well-oiled legal sales machine.

Objective: To stimulate more internal collaboration
Guideline: A common issue seen in many law firms is the lack of communication and collaboration between practice groups. Focus efforts on breaking down communication barriers and you’ll enjoy a variety of benefits including increased productivity, better legal sales pitches, enhanced creativity, and a better work environment for attorneys and staff.

Objective: To advance client/prospect targeting
Guideline: Consider segmenting your clients and prospects into groups that share common elements. Doing so will allow for more tailored sales pitches, meetings, and services.

Objective: To build the firm and practice area profile and recognition
Guideline: One popular way to increase legal sales is to increase brand recognition. This can be achieved through your website, blog, increasing or initiating client contact, or though activities like speaking at conferences or events.

Through business development training, law firms can increase their potential in the marketplace and successfully capitalize on opportunities to sell legal services. While these objectives are challenging, choosing one or two and then focusing efforts on reaching those goals can yield great results internally and externally.

Internal improvements often lead to external results. In the next blog post in this series, we will look at some law firm business development opportunities that, if seized, can help achieve goals and results.

Every Great Legal Sales Strategy Needs Even Greater Tactics, Part V: Think Critically

Allan — Thu, 17 Nov 2011 13:41:35 +0000

“Thinking is the hardest work there is, which is probably the reason why so few engage in it.” – Henry Ford

While being bold and putting your best foot forward can yield great results through your business development strategy, thinking ahead and thinking critically should also be at the foundation of every good plan. There are a number of ways that attorneys can think strategically and close the deal when they’re in the RED ZONE. Here are some ways to bolster your legal business development efforts:

Underscore accountability: When selling law services to prospects, demonstrate the meticulousness with which you execute all business. This should be a reflection of the how you practice law, including itemizing budget reviews on the agenda during a regular meeting. This makes the prospect aware of the way you do daily business, as well as keep them up-to-date of what’s happening and how much it will cost.

Let them talk: When a client is talking, they’re engaged. Encouraging your law clients to get involved will make them more interested, feel more at ease and involved, and promote valuable communication. The 60:40 rule is a great directive; the client talks 60% of the time and you talk 40% of the time. Asking great questions will get useful, insightful answers and will help improve your overall attorney marketing skills.

Identify hidden decision-making: Each company has its own internal decision-making processes and quirks. When selling legal services, identifying these processes will provide key insight into unlocking the way to get things done with your client. Often, this isn’t an easy task, but it’s definitely worth asking questions that can lead you in the right direction: “Who will be using the services?”, “Who’s buying the services?”, and “Who is the key contact?”

Evaluate relationships & retention: Finding out a company’s past and present is important in making a comprehensive business strategy and to tailor legal sales techniques and closing skills. This includes their past law firm choices, problems that occurred during and after the contract, media coverage surrounding the company (good or bad), and market or industry climate. All these factors should determine your legal business development approach, as well as the meeting and business plan.

Throughout this series, we’ve focused on one main point: every legal sales strategy needs even better legal sales tactics, including some that are outside your comfort zone. In order to win more business, your firm must have an arsenal of legal sales tactics that support an overarching, comprehensive business development strategy to bolster attorney marketing and will help you sell legal services to each prospect.

Every Great Legal Sales Strategy Needs Even Greater Tactics, Part IV: Be Worth It

Allan — Fri, 11 Nov 2011 13:29:42 +0000

“You prove your worth with your actions, not with your mouth.” – Jean Paul

With the economy throwing every company a curve ball, selling legal services is more difficult than ever. In order to close the deal, your law firm needs to show the prospect what you can offer and why it’s worth it for them to hire you.

In the last post, we discussed the importance of putting your best foot forward to make a great first impression. When you make your making a good impression, you’re also proving your worth. The following tactics will make sure your prospect knows that you’ll be a valuable asset:

Think business value: If the client’s project involves a practice area your law firm would like to gain more experience in, try persuading the client to give your firm a chance—and if they’re still on the fence, make it easier for them to consider your law firm by negotiating a lower introductory fee for a few months, allowing them time to gain confidence in your ability to handle the work.

This technique is also effective at improving client retention as it shows your eagerness to help the client with additional legal work, while proving that your firm is adept in a number of different practice areas.

Deliver value: When the meeting closes, you want your client to leave with a better understanding of their own situation. This means you’ll have to give a little free legal advice. Consider this free advice an investment in your future, as it will likely make the client more confident about hiring your law firm.

Certainly, the tactics described in the last several blog posts aren’t going to completely shake up your legal business development strategy, but the fact remains that they should be in every firm’s toolkit of legal sales closing skills. Make the most of being in the RED ZONE: be bold, think critically, put your best foot forward, and be worth it.

Every Great Legal Sales Strategy Needs Even Greater Tactics, Part III: Best Foot Forward

Allan — Fri, 04 Nov 2011 13:28:44 +0000

“When we put our best foot forward, the other one had better be good enough to stand on.” – Cullen Hightower

If you want to help your team to stand out in the RED ZONE, focus on the quality of your preparation and presentation to close the deal! Making a great first impression when meeting with the prospect will help start the relationship off on the right foot and will set it on a course for success.

In our last post, we discussed the importance of getting out of your comfort zone and taking measured risks. But while you’re taking those risks, don’t forget the tried and true tactics that help you put your best foot forward:

Start with opening arguments: When you make it to the RED ZONE, it’s important not to waste time on facts about your firm. Start with what your attorneys can do for the client, how your legal strategy will help them to be successful, and how it’s going to play out.

Understand needs: General counsel are often the toughest crowd to win over, so you need to understand their needs too. Find out what kind of pressure they’re facing, who is looking over their shoulders, what their competitors are doing. Developing a sense of understanding about the pressures and challenges facing general counsel will give you greater insight into the best way to approach them, ultimately fostering open communication and a better relationship between parties.

Using any or all of these tactics will provide the client with more reasons to hire you while showing your interest and commitment to their company. By combining educated risks with tried and true presentation and meeting tactics, you’ll be better able to diversify and perfect your legal sales techniques making your firm more attractive to prospects. In the next post, we’ll talk about how to show your prospect the value you’ll bring to their company.

Every Great Legal Sales Strategy Needs Even Greater Tactics, Part I: Be Bold

Allan — Mon, 24 Oct 2011 13:31:21 +0000

“Fortune favours the bold” – Virgil

When it comes to preparing the most comprehensive legal business development strategy, it may be tempting to take the easy road and play it safe. While your research and background work will have helped you take the first steps toward success, being in front of the client is no time to rest on your laurels and take a laid-back approach. When you’re in the RED ZONE, closing skills need to be supported by clever, multifaceted tactics informed by not only the homework that you’ve done on the prospect, but also your past performance.

The closer you get to the RED ZONE, the tougher the competition gets. That’s why you must be bold–don’t be afraid to go for it! Not sure what we mean? Here are a few ideas on breaking the legal sales presentation mold and taking a more daring strategic approach:

Dump the resume: When you make it to the RED ZONE, you should refrain from talking too much about your law firm and its accomplishments unless it is extremely relevant to the client’s needs.

Give something away: When you’re in front of a prospect, provide them with some free legal advice on how to win their case. Specificity is essential, as this will give the prospect some idea of what your overall strategy is and what it’s like to work with you.

Be a formidable competitor: Just because a particular law firm has been retained for a number of years, doesn’t mean you should assume the work is not up for grabs. Make sure the sales prospect knows you’re willing to compete for work by talking strategy. Even if you don’t win the business, you’ll gain yardage by showing your interest and willingness to provide value to the company.

Ask for business: While this may seem to be an unusual concept, asking for new business on a fairly regular basis is a solid client retention tactic that can help you win more business. Avoid getting stuck in particular types of tasks by demonstrating your capabilities beyond the scope of your current engagement through a clearly laid out business plan.

Capitalize on rejection: Not winning the business is a disappointment, but no loss is a complete waste. Maximize rejection by keeping in touch with the prospect: send updates, keep them informed, and invite them to events and panels. Keep your firm in the RED ZONE by creating more possibilities for closing the deal!

While some of these legal sales tactics may seem out of your comfort zone, think of it this way: taking a bold approach is all about taking calculated risks. Using any or all of these tactics will get you closer to closing the deal and winning new business for you law firm. Perfecting and diversifying your legal sales techniques will make you more attractive to a variety prospects and open more doors than were previously available.

Increasing Law Sales through Client Understanding: Becoming the Client’s Ideal Firm Part 2

Allan — Tue, 18 Oct 2011 12:09:53 +0000

In today’s economy, ensuring lasting relationships with clients is key to staying afloat and managing the ups and downs of the market. One way to improve client retention is by conducting periodic client reviews to assess your firm’s performance and reevaluate their needs. In the last post, we suggested starting with inquiring about the structure of the client’s internal counsel, any current legal services they’re receiving, and what their needs might be in the future. Moving forward, there are a few more questions you should ask your client — or your prospect to win new business.

When discussing your client’s preferences, needs, and wishes, there are a few particulars you should touch upon to ensure success:

The most beneficial legal service your law firm is currently providing: Understanding what services your client benefits from or appreciates the most is a great way to gauge your performance. For example, whichever service they credit as being most beneficial provides a great model for how you should be performing all your services. Looking deeper into the lawyers and processes behind the service will help your firm replicate that success.

What improvements or changes they would make in service: Allowing your clients to provide feedback and constructive criticism might be tough to take in, but it will give you keen insight into your performance.

How they would define their ideal lawyer, including characteristics they find important: Identifying a client’s ideal lawyer will help you to better match up your lawyers to the project. For instance, if the client is looking for a particular style of lawyer or one with similar job-related characteristics to theirs, you can match them with an ideal candidate from your firm to create a better working environment.

Any changes in internal structure will likely affect day-to-day operations on either side – within your law firm and at their company – so determining their preferred point of contact and modus operandi is a great place to start. And remember, while client evaluation is a great tool for retaining legal clients, it’s also an excellent way to approach the relationship with new and prospective clients. When you get to the RED ZONE, inquiring as to what the client needs, prefers, and wishes will improve sales techniques and business development skills.

Increasing Law Sales through Client Understanding: Becoming the Client’s Ideal Firm, Part 1

Allan — Tue, 11 Oct 2011 14:04:08 +0000

While you’re always looking out for your client, improving your law firm’s customer service can do wonders for cementing business relationships and securing future work. Throughout your business relationship, reassessing and upgrading your work will improve your customer service and exhibit your dedication to providing tailored legal services. By asking questions periodically and reevaluating the client’s needs, you increase client retention rates and possibly win new law business.

When discussing your client’s preferences, needs, and wishes, there are a few particulars you should touch upon to ensure success:

The current structure of internal counsel, including attorney’s role: For example, if your firm focuses on providing counsel around mergers and acquisitions, identify those members of your client’s internal legal team, and identify potential areas of overlap. Be sure to learn more about the role their current team will play on the project; stressing the way your firm’s attorneys can support them and compliment key skill sets and knowledge areas will build a solid foundation before the work kicks off.

The current legal services the client is receiving and what their future needs might be: Getting a clear picture of the client’s current and upcoming legal needs will enable your firm to better serve them now and in the future. When the time comes, your firm could win new business for additional legal services, so keeping your eyes open for new opportunities can prove. Additionally, aligning your efforts with the other firms will show your willingness to best serve the client.

Keeping up-to-date with your client’s needs and wishes will prove your commitment to the project and continued business relations. While this sales technique is great for client retention, it’s also ideal for blossoming relationships with prospects and new clients. In the next post, we will continue to discuss how to become the ideal firm with a few more questions for your client!

Increasing Law Sales through Client Understanding: Current and Future Challenges

Allan — Tue, 04 Oct 2011 20:06:49 +0000

Creating a successful legal roadmap for clients takes not only a closer look at the past, but also a clear examination of the challenges facing the firm right now and in the immediate future. Whether it’s a new, prospective, or existing legal client, discovering and understanding the company’s challenges is key to developing a successful strategy with all possibilities considered. For law firms, reassessing an existing client’s direction and potential hurdles improves client retention rates and shows dedication and commitment to success and service. A preliminary assessment of challenges for new and prospective legal clients is a great business development technique that helps align your law firm’s sales efforts with the company’s marketing goals.

During the research and discovery process, there are a number of items that you’ll need to address with the client:

The company’s strategic direction now and in five years

The challenges and obstacles the client thinks are the way of their goals

Any uncertainties or recent changes in the company that could impact the future

Any competitor or industry concerns

Any new products or services that will affect business

Gathering this knowledge will help you and your legal client effectively map out the future, aware of the challenges you may face. Assessing all the possibilities will improve your law selling skills, your closing skills, and client retention. While the background research you’ve conducted will help you while you’re in the RED ZONE, engaging with your clients about challenges ahead will ultimately secure your business relationship and future work.

Legal Sales Questions: Part IV, Don’t Forget…

Allan — Tue, 27 Sep 2011 14:46:27 +0000

“By failing to prepare you are preparing to fail.” – Benjamin Franklin

The theme of this series has been preparedness – specifically for questions that might be posed by prospective clients when you meet them in the RED ZONE. Being prepared for any question will allow you to better serve the client and close the deal. Not only are you going the extra mile, but also providing yourself with the best opportunity to successfully close more business.
While questions about the prospect’s business, your firm, and the future are critical to successful business development, there are some things to remember about corporate in-house counsel in this economic climate:

General counsel positions have become more tenuous.
Shareholder pressures on corporate value have increased.
New product or service costs have grown.
Board of directors have refocused in-house counsel’s roles toward preventative law challenges.
Sarbanes-Oxley has created liability for general counsel that many do not want to bear or simply cannot.
CEOs are increasing pressure on in-house counsel.

While the economy isn’t making work any easier for anyone, understanding pressures and challenges is key to developing a highly-targeted pitch for any client – new or long-standing. The right business development training can go a long way in improving your sales techniques and skills. Being prepared is the soundest way to put your best foot forward and close the deal.

Legal Sales Questions: Part III, Questions About the Future

Allan — Thu, 22 Sep 2011 13:40:57 +0000

While the past and present are important to prospects, the future is the key. Through answering the client’s questions about them and your firm, they’ll get a good idea as to your commitment to the engagement and abilities to serve their needs. The next set of questions you should be prepared for are about the future and what will happen next:

Can you describe the risks I’m taking if I hire you and your law firm?
How can I measure your results?
As you think about staffing, who are the attorneys you will assign to the project?
What are your expectations about winning versus settling?
Tell me three reasons why you are the best choice for us?
How can you protect us during e-discovery?

These are the tougher, harder-hitting questions that require more effort in developing succinct answers. While what you do is important, what you will do is more important – especially to the client. Laying out a roadmap will instill a sense of direction while building a foundation for future work. In doing so, you’ll get closer to the closing the sale by leaving a solid impression.

In the next post, we’ll discuss what exactly you need to know about the corporate world and the pressures your legal clients are possibly facing.