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For a variety of reasons, many law firms and lawyers struggle to effectively cross-sell or cross-service. This article defines the specific and best actions lawyers and law firms can take to expand client relationships.
It is well-established that it takes much more time, money and effort to get a brand-new client in the door than it does to get more work from an existing client, where a relationship of trust is already established. See, “Don’t Spend 5 Times More Attracting New Customers, Nurture the Existing Ones,” Forbes.com. Yet, for a variety of reasons, many law firms and lawyers struggle to effectively cross-sell or cross-service (defined as expanding the type or amount of work done for any individual client). See, ““Cross-Selling Sucks.” Here Are 18 Reasons Why. (Part 2),” Fishman Marketing. In fact, Michael Rynowecer says “BTI research reveals the typical law firm has only 23% of a client’s work available to them” and “clients often wonder why law firms and lawyers don’t spend more time and effort trying to get more of their business.”
Increasing Client Requirements: Securing Law Firms for the 21st Century
By Debra Gray
Clients expect sophisticated and secure systems to keep their information safe. This obviously makes your IT professional’s job much harder. Additionally, attorneys expect instant performance and near 100% up time. Achieving the delicate balance between accessibility and security is a challenge.
Law Firm Debt Levels Shrink as Partners Put More Skin in the Game
By Lizzy McLellan
What Does Widespread ‘Deleveraging’ Mean for Law Firm Health?
Industry watchers say law firms have become less reliant on bank debt over the past decade, as they explore other funding options. Often, that means raising capital from partners, or turning to other, less common sources.
Exit Strategies: Aging Partners Are Forcing Firms to Reconsider Retirement
By Dylan Jackson
Baby boomers control an outsize portion of law firm business. As they inch toward retirement, how are firms preparing for the transition process?
Reimagining Business Development Training and Coaching
By Debra Baker
Six Pillars of a Successful Bus-Dev Program
For firms wanting to thrive through the next economic downturn and beyond, mastery of business development fundamentals is as essential as mastering legal skills. Yet training and coaching — whether done internally or through outside consultants — requires an investment in time and resources.
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