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Business development is a critical part of a law firm’s growth strategy. It balances client success, competitive marketing and new acquisitions in order to sustain the firm’s reputation as a high-quality service provider. It is the bridge between marketing and sales. Here are six steps to building a modern business development plan that is guaranteed to drive growth through client success and thought leadership.
In a previous article, “How to Properly Align Marketing, Business Development and Sales,” (Marketing the Law Firm, July 2022), we provided a high level explanation of the three business functions that must work together to drive and maintain revenue for your law firm. The next articles in this series will dive deep, providing insight and guidance to help you get the most out of the resources you commit to each of them.
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Retirement Succession Can Hedge Against Lateral Partner Acquisition Risks
By David Wood
While growing by acquiring lateral partners and practice groups can be lucrative, it carries many risks. Lateral candidates’ projections of the revenue they will bring to a new firm can prove inaccurate, or a particular candidate may simply be a bad fit culturally.
The Impact of Gen X and Millennial Law Firm Leaders
By Marci Taylor
Generation X lawyers stand poised to wield considerable influence. Often the unsung heroes in discussions about generational dynamics, Gen X professionals bring a wealth of strengths to law firm leadership. Their pragmatic outlook, honed by navigating shifts in technology and societal changes, positions them as adaptable leaders.
It’s Time for Lawyers to Return to the Office 5 Days a Week
By J. Mark Santiago
It’s time for attorneys to return to the office on a five day a week schedule. There is significant evidence that shows remote learning is not as effective as in-person instruction.
Law Firms Eager to Increase Nonequity Tiers
By Andrew Maloney
Last year saw a ”staggering” jump in the number of law firm leaders who said they wanted to increase their nonequity tier going forward. Now it’s clear many of the biggest Big Law players are following through, with several Am Law 100 firms growing their income partner ranks by double-digit percentages in 2023.
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