What difference does a decade make? In the legal industry, which has often been voted ‘Most Resistant to Change,’ a lot and not much all at once. Ten years ago – almost to the day – I wrote a blog titled Law Firm Client...more
Only the most experienced skiers traverse trails marked by signs bearing two diamonds. These routes are reserved for the ‘best of the best.’ Double black diamond trails have fewer skiers and therefore provide opportunities to...more
Retaining and growing existing client relationships and building new business. That’s basically the business development strategy on which most firms are, or at least should be, focused. It is a sound strategy indeed, but...more
Driving client engagement is important. With demand for services remaining almost flat, firms are grabbing share of wallet from one another. Not sure what to ask clients? How to build long-lasting trusted advisor...more
Over the last two decades there has been a proliferation of practice groups at most firms. Some are practice-specific, fewer are industry-focused, and some exist to garner budget money. While practice groups are a meaningful...more
Elise, a partner in a Midwest-based global litigation firm, seemed somewhat desperate when I spoke with her. In the past five months she lost two significant clients. Billings for these clients averaged $2 million to $2.5...more
In the complex landscape of modern law firm businesses, certain departments shine brightly while others linger in the shadows of misunderstanding. Among the latter group, the Marketing and Business Development Department...more
Creating a sales forecast (aka pipeline report) is an essential element of business development. With a sales forecast, it will be much easier to keep focused on active pursuits, revenue goals, and where to invest limited...more
Receiving acknowledgement for a job well done, or for helping another business colleague or contact, or for ongoing work received from a client, is rewarding for the recipient. The inherent message is “you matter.”...more
“Commitment to help.” This is, according to BTI Consulting CEO Michael Rynowecer, one of the top attributes that buyers demand from their law firms. That’s old news; here’s the new news: More and more, law firms have awakened...more
We are seeing demand for legal services remains somewhat flat if not a very slight uptick in demand. New entrants into some of the markets outside of the U.S. and the Big Four accounting firms are focused on grabbing as much...more
A number of scholars have studied relationship development and the science/psychology around building relationships. Whether the perspective is from a psychology viewpoint using tools like Myers Briggs and others or from a...more
A number of factors continue to transform the legal industry, including: a more sophisticated legal services buyer as experienced partners switch sides to corporate law departments, rates creeping up without added value being...more
General Counsel today still report that most outside counsel do not know their clients’ businesses at a level the clients expect. Partners will respond by saying they do indeed understand their clients’ businesses. Here is...more
These are words every lawyer planning prospective and existing client visits needs to take under advisement. Busy lawyers tend to run from meeting to meeting, many ‘winging it’ when it comes to building relationships to win...more
We wrote about some of this in a prior year’s newsletter and felt it was worth repeating, particularly in light of the post-COVID leadership world we are living in. There is nothing more rewarding as a leader in a business...more
Recent interviews with several firm leaders (business professionals and lawyers) unveil that when it comes to success metrics, especially for the key client teams (aka strategic accounts), revenue matters most. We don’t argue...more
A better bet than hiring laterals? Research over the past six years is showing a slow-moving (slower than initially forecasted) upward trend with law firms hiring sales professionals. This trend spans all sizes of firms from...more
There is nothing more rewarding for business leaders than helping a business or a team reach its goals, and to inspire others to succeed. Reaching this milestone relies solely on the people in the organization and on the...more
Retaining and expanding existing clients must be, or remain, an essential strategic imperative for the survival of any firm today. Firms for years have talked about “cross-selling” yet it remains an elusive concept that...more
It’s all about the basics. Here are some reminders to add fuel to your sales efforts.
Originally published in PinHawk's Law Firm Marketing Brief - May 2021...more
Building business is about building relationships. Every lawyer knows business development is an important part of being a member of the firm. And most understand relationships matter. But what to do and what to say is often...more
New and seasoned practice group leaders will be wise to expand client relationships and increase firm revenues by leveraging the potential of the lawyers they lead.
Originally published in PinHawk’s Legal Administrator...more
Client Advisory Boards can help your firm stay on top of changing industry trends and clients’ expectations. Advising your strategic account teams on how best to add value is just one of the many benefits the firm will...more
Despite COVID-19’s business interruption, competition continues, and the challenges facing a mature legal industry continue. Challenges historically present new opportunities. One of those opportunities is to examine the...more