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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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<b><i>Part One of a Two-Part Article</b></i><p>Attorneys are generally not great salespeople (caveat: some are <i>great</i> salespeople, aka rainmakers) and they are often introverts. While lawyers may like to speak about themselves, many are not effective in <i>how</i> to speak about themselves and their work in a way that is appealing to clients.
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It's the budgeting and planning time of year. And, if the legal industry literature is anything to go by, strategies are in for law firms. A well-defined and well-communicated strategy provides a tangible way for law firms to identify their strengths and differentiators.
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To achieve your highest potential, to be more “actualized,” you must embrace your leadership style. What is your style? Are you an Achiever, Affirmer, or Asserter? Which of the Nine Attributes of Actualized Leaders do you need to focus on to improve your leadership?
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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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Develop content with a purpose in mind versus simply creating content for its own sake. Retweets and shares are fine, but they shouldn't be the end goal of a lawyer's effort. Instead, creating content should be about enabling the lawyer to feel comfortable and easily engage with clients.
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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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30 security professionals are interviewed in a collective conversation about the cross-functional solutions they are applying to today's most complex challenges and the creative ways they are adapting to a perilous threat landscape.
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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.
Features
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.