Business development often refers to seizing excellent business chances, and your legal practice is no exception. Building new relationships, finding different revenue streams, cross-selling to existing clients, adding in-demand new services to your portfolio, growing your business in new markets, and reaching out to and following up with prospects are just a few examples of the various endeavors involved in law firm business development.
Pursuing strategic prospects for your law firm is law firm business development and marketing for law companies entails. This entails establishing fresh connections and locating fresh sources of income and business prospects. Cross-selling to current clients and expanding your firm’s practice areas are two examples. It could entail branching out geographically or establishing protocols for your client intake staff to follow up with potential customers.
Business Development For Law Firms
Cultivate connections with potential and current clients to spur expansion. Gaining new clients and strengthening current ones are difficult tasks. You need to assure them that you possess the knowledge and abilities necessary to carry out their requests with efficiency.
You might be able to handle anything that comes your way because of your legal knowledge and intellectual curiosity. However, how soon can you prove it? You and your business can benefit from Practical Law’s ability to assist you in promptly attending to customer and prospect requests:
A substantial amount of non-billable time may be required to prepare and update presentations for client training. Use the pre-made, frequently updated PowerPoint presentations from Practical Law by downloading and customizing them rather than beginning from scratch. These resources assist you in providing clear explanations of legal concepts using current, applicable instances.
Fast Response To Complex Queries
You may make sure you can meet important deadlines by using Practical Law’s archived materials and resources to react swiftly if a new issue arises. Your clients will be more likely to submit fresh matters once they witness this pace.
Proficiency Throughout All Tiers Of Your Organization
Associates occasionally commit errors and frequently lack direction. Sometimes, even seasoned lawyers still follow antiquated precedents. Practical Law can guarantee that lawyers at all levels have access to step-by-step instructions that are up to date with the law and industry standards.
Expanded Practice Areas
When consumers turn to you for more assistance, they might require assistance in areas outside of your purview. Use Practical Law’s Practice Notes and Checklists to swiftly catch up and confidently manage new matters, rather than sending that work to other companies.
Undoubtedly, none of these tools can take the place of an attorney with the necessary experience in applying the law. For example, Reed points out that giving a presentation on tax issues is just the beginning; the real strength is in transforming that presentation into a dialogue about the audience’s tax and other business needs.
It’s critical to comprehend the distinction between legal business growth and legal marketing. You’ll be more adept at understanding how the two ideas combine to create something more powerful than the sum of their individual parts after you recognize the similarities between them.