Making It Rain: Law Firm Business Development Strategic Plan

Take control of your practice. Put yourself in a position to attract and retain clients you admire and find challenging and interesting. Become less dependent on others to feed your pipeline.

Create a three-pronged approach [ Purpose, Strategy & Participation ] that leverages your transactional skills and business contacts to grow your client base.

Take control of your practice. Put yourself in a position to attract and retain clients you admire and find challenging and interesting. Become less dependent on others to feed your pipeline. Create a three-pronged approach [ Purpose, Strategy & Participation ] that leverages your transactional skills and business contacts to grow your client base.

Purpose 

Commit to marketing activities and prospects that are consistent with your area of expertise and best fit for bringing in new billings. Take the time to identify what your areas are opportunity markets and how to best acquire clients.

Your plan must establish you as a leader in your area of law. Become a leading authority on the policies and procedures that matter to the future direction of the firms you represent and plan on securing.

Strategy

It’s a known fact that 80% of all business comes from existing clients. Visit your top clients at their places of business each quarter or at least annually. Regularly set up a breakfast, lunch or dinner with clients, prospects or a referral sources. Be actively involved in a well-chosen organization and write articles, join committees of important interest to your client base.  Hold events for your client base; lectures, networking, community-based events etc.

Start networking and continually create authority and trust: 

WHERE TO NETWORK:

  • Focus on trade or industry organizations
  • Community or political alliances
  • Social or alumni groups
  • Client breakfasts, lunches, dinners and functions

CREATE AUTHORITY & TRUST

  • Regularly contribute to legal articles in leading publications.
  • Speaking engagement to industry groups.
  • Client seminars.
  • Teach at local university or college.
  • Sponsor (CLEs, Charity Events, Community Relations, etc.).
  • Publish monthly newsletter and or write a book.
  • Pro bono work.
  • Provide and or acquire ongoing training and professional development.

Participation & Accountability

Evaluate what is working, areas for opportunity and efforts that have not yielded results must be reworked or eliminated from the action plan. Review your progress every three months.

Here are a few guidelines to help you develop your individual marketing plan:

  • Play to Your Strengths and Personality.
  • Be Consistent with Firm Goals and Objectives.
  • Focus Your Attention – strategically in activities that will enhance your credentials and allow you to build relationships with key individuals. A plan helps you be more proactive and eliminates distractions.
  • Be Simple and Realistic And Achievable.
  • Be as Specific as Possible.
  • Motivate Yourself – do the things you need to do in order to achieve long-term success.
  • Change Over Time – Make adjustments as needed. 

Business development takes time, and it’s a necessary, ongoing process to create a continuous, constant flow of new business.

About On Balance Search Consultants

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today.  Call 516.731.4300 or visit our website at https://www.onbalancesearch.com.

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader.  Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.