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Archive for the ‘Generating New Business’ Category

Positioning to Compete (II)

Friday, August 15th, 2008

Novices tend to panic. They don’t know where to begin. They see themselves as failing if initial efforts don’t immediately pay off. They need to understand that marketing is a methodical art; that it happens on a step-by-patient-step basis. They need to understand each separate step as part of a larger programmatic initiative.
 
As such, the first important training goal is to help them develop a comfort level with the jprocess as a whole. And, the way to do that is by enumerating individual tasks that are singularly manageable and often enjoyable. Among them:

* Attend Cle and bar events.
* Get involved with sponsoring committees.
* Memorize an elevator speech.
* Enrich your resume.
* Expand your contact list.
* Job performance.
* Help colleagues.
* Write lists and set deadlines.
 
Next column, we’ll discuss details of these tactics. The impact of such curricula is to demystify marketing for associates. It’s a practical agenda with specific steps any committed professional can take – simple enough steps, perhaps, to deprive lawyers of excuses for inaction.

(Almost) Invisible Marketing III.

Wednesday, July 2nd, 2008

(Almost) Invisible Marketing III.
 
This third in a series of Invisible Marketing tactics presents two approaches which are not quite “invisible” but are often overlooked by attorneys. The first is:
 
During speeches, have other firm members in the audience working the crowd.
Make sure you introduce your colleagues from the podium and indicate that they and you are available to answer questions, send featured articles, discuss opportunities, etc. You are there to do more than “educate”, you are also there to “generate.”
 
One of the most frequent mistakes so often observable at dinners, receptions, etc. is that instead of mingling, attorneys from the same firm congregate together.


At parties, dinners, hosted events – do not talk to your own firm’s attorneys.

Recently, I attended a law firm hosted/sponsored workshop at which over 125 clients and potential clients had breakfast and then listened to a 1 hour CLE presentation. Of the 10 firm attorneys present, 9 sat at the same table. By adding their non-billable hours, advertising, promotion, powerpoints, handouts, facility and food cost, etc., $12,500.00 was thrown out the window.
 
Once we reviewed this waste, a new approach has been implemented. Each attorney is now assigned 2 non-clients to meet and greet. Each attorney is assigned to a table. And each attorney is introduced from the podium by their speaker/colleague. And of course, if a client is present, invite them to sit with you. They could become your marketing supporter in talking with non-clients seated at your table.

Parlay Benevolence into Business Generation

Thursday, June 5th, 2008

Parlay Benevolence into Business Generation:
Maximize the use of your organization participation

 
If you or another attorney at the firm is the president-elect of an industry counsel or bar association subdivision, or has been asked to co-chair a conference for an industry association such as the National Bar Association, you have a golden business development opportunity in the making. As the head of such organizations, you are poised to handpick the speakers at affiliated events, and parlay those contacts into future business.
 
You don’t have to know personally the general or senior counsel of any company you call and invite to be a guest speaker. Your position in the organization gives you access you might not ordinarily have. Then, when the opportunity permits, maximize your contacts by engaging them into another aspect of the conversation—namely, your elevator pitch. Throughout the planning stages, keep in frequent contact and send email updates on company developments and solicit suggestions regarding the event. Invite members of the panel to a dinner a night before the meeting, and then stay in touch thereafter.
 
Just think. For six to nine months, you have the opportunity to engage future targets.

Lean Time, Lean Bonuses?

Thursday, May 29th, 2008

Leigh Jones recently wrote an article in American Lawyer about how the current economic uncertainties have forced large law firms to tighten the reigns on bonuses. But does that mean firms should back off of bonuses completely? No. More and more, I am garnering interest from my clients to help make their incentive systems more contemporary, an example of which would be to reward newer partners and associates for bringing in new business.
 
Here is the magic of implementing such a system: associates, and seniors, and newer partners are motivated to further your firm’s business development and business generation efforts and as a result, the pipeline expands. A strong pipeline will help to offset the financial ebbs and flows of the economy in the future.
 
Relationships are the key into the Red Zone. Make training and bonuses in this arena part of your law firm’s culture, rather than an extraneous project. Rewards beget more effort in winning new business, which translates into a bigger bottom line, even in lean times such as these.

Deploy Those Associates

Friday, January 4th, 2008

PROBLEM: What do we do with our up-and-comers?
 
RESPONSE: A true business generating pipeline includes ideas for deploying junior partners and associates. Take them to sales meetings. Encourage them to get their names out there via articles and speeches. With younger lawyers, the key is to encourage business development without undue pressure. Whatever they bring in is gravy, and you’re making a great investment in the future as well.
 
RESULT: Some firms are creating a true sales culture, from top to bottom. You can too.

Terrific Attorneys; Flat Revenue

Wednesday, October 24th, 2007

PROBLEM: Our office has terrific attorneys but our revenue is flat.
 
RESPONSE: Organize and attack. Indoctrinate the lawyers in a basic business development truism: clients and prospects do not 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.
 
RESULTS: The effect of such an enhanced client service mentality will not only unearth new prospects but also develop new business from existing clients.

Lost Clients

Friday, October 12th, 2007

PROBLEM: I just lost my largest client!
 
RESPONSE: Setbacks should catalyze action, not cause paralysis. The firm should monitor and evaluate all such occasions where clients fall by the wayside to ensure that the lawyers responsible jump back into the business development fray with a new three-month action program.
 
RESULT: A crisis should spell opportunity. Losses should pump the collective adrenaline. If that kind of response becomes ingrained in the firm’s culture, odds are that the bottom line will actually improve at a reasonable point in time after every loss.

So You Want To Make Rain

Saturday, September 22nd, 2007

SO YOU WANT TO MAKE RAIN is the title of our new, 50 minute pro bono seminar offered to law firms, LMA chapters, professional associations, etc. It’s focus on business development is that rainmaking is both an art and a science. Not everyone who succeeds as a rainmaker has the innate qualities to do so. Not everyone who develops business even necessarily enjoys the process, at least not at first.
 
But there are systematic steps that can be taken to build and close more business. Let’s begin by taking a look at some of the basics, and then, over the next several weeks, move on to other skills and techniques. Some strategies and tactics seem obvious to anyone who’s already building a book of business. For others, these approaches need to be enumerated.
 
If, for example, you are not tracking and stayng in touch with law school colleagues or past classmates at your law firm, start doing so now.
 
Knowing what your competitors are doing is essential.
 
Looking for possible new areas of action in your professional specialty areas should be a regular part of your workload. Every time a legislature sneezes, you’ve got an excuse to contact clients.
 
Are you asking in-house counsel to introduce you to their colleagues? Are you offering to host a lunch where you can pick their brains to identify their future needs? In-house counsel like it when you do.
 
Join foundations and local boards of directors as a way to contribute to your community. But do give decisive preference to those with which in-house counsel or senior executives are already involved.

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