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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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By Eric Dewey
The “best choice” provider pitch may not be the optimal sales strategy. It's better to adjust to where the prospect is in their buying decision process — whether that means they are looking for providers, they are studying the situation, they already have counsel, or they have decided not to address the issue.
Midlevel Survey Shows What Law Firms Are Getting Right — and Wrong
By Dan Roe
Midlevel associates aren’t less willing than their predecessors to do the brain-bending amount of work. It’s that after two years of billing massive hours through an isolating global pandemic, they’re completely disloyal to the status quo. They kept firms going, they made partners rich, and now they plan to reshape the profession in their image.
Law Firms May Make ‘Course Corrections’ to Battle Inflation
By Andrew Maloney
If inflation remains at current levels, law firm billing rate increases won’t be able to keep pace. But firm leaders may make other “course corrections” to capture profits through the end of 2022, analysts say, by utilizing leverage and alternative pricing models and making additional investments in technology.
Tips to Minimize Malpractice Claims
By Michael R. McAndrew
So long as humans are practicing law, mistakes will happen; but well prepared attorneys are proactive and take the affirmative steps to put themselves in a position to minimize the danger to the client and the case.
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