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Growing the top line requires a systematic approach that maximizes your available time and focuses you on the best opportunities.
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<b><i>Law Firms Should Double Down on Their Existing Clients By Focusing on Client Satisfaction and Retention Rates Rather Than Billable Hours and Origination Credits</b></i><p>New client acquisition can cost 15 times more than retaining an existing client, and yet most lawyers spend their limited and valuable time chasing new clients.
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Most of the time, delayed payments are a result of actions by the law firms themselves. Let's take a look at 11 factors impacting the collection of attorney fees on a timely basis and how to avoid these mistakes.
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The increasing competition in the legal industry highlights the importance of differentiation and adding value beyond the work product. Face-to-face interactions with clients are a critical component in differentiation because they provide the opportunity to understand better the nuances of clients' businesses, develop deeper relationships, and drive productive collaboration.
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At its core, business development is about making authentic connections that grow into meaningful relationships. Rainmakers recognize that principle and apply an array of techniques to fuel their careers.
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<i><b>How the Recent </i> Heller Ehrman <i>Case Impacts Lawyer Mobility and Clients Choice of Counsel</i></b><p>The law of unfinished business, as applied to cases billed on an hourly basis, has been the subject of much commentary and case law. In <i>Heller Ehrman</i>, the high California court, like the New York Court of Appeals, found that a dissolved law firm did not have a property interest in hourly matters for work performed after dissolution. The case is worth exploring as it impacts, among other things, lawyer mobility and clients choice of counsel.
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Many attorneys already share intellectual capital by writing articles or delivering presentations with the hope of attracting additional business. However, most individuals, and even firms, have not developed a cohesive plan to ensure maximum exposure.
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The increasing competition in the legal industry highlights the importance of differentiation and adding value beyond the work product. Face-to-face interactions with clients are a critical component in differentiation because they provide the opportunity to understand better the nuances of clients' businesses, develop deeper relationships, and drive productive collaboration.
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Years ago, when trying to improve some of my snacking habits, I stopped buying cookies, candy and savory chips. Magically (and perhaps obviously), I quickly found that I ate less junk food. In effort to find a few more minutes a day for marketing, I recently applied this same basic, but effective, technique to my time management and the results have been just as immediate.
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Anyone who has so much as dabbled in marketing or consulted a PR firm has been told they “need to get their name out there.” But it's not that simple. It's not just getting your name out there that will reap results — it's getting your name out there in the right places.