Business development training is an essential component for lawyers and law firms in their efforts to achieve success, as an article by Ralitsa Golemanova details, citing a 2018 Business Development Trends Across Law Firm Demographics study by Ackert, Inc.
Golemanova, citing the study, explains that: “While knowing the intricacies of the law is at the heart of the legal profession, knowing how to successfully handle law firm business development is, respectively, at the heart of running a winning business. Whether you want to expand the client base of your solo practice or grow a larger firm, you need to nail down the foundations of business development. This includes gaining the essential knowhow, crafting a plan, and working with a laser focus to achieve the goals you’ve set…”
Business development training is the top revenue generating tactic for law firms
According to the Ackert study, business development coaching is the top revenue-generating tactic law firms can adopt to build their client base and revenue stream. Additionally, firms can find business development advisors who fit well with their practice niche and goals. Law firm business development coaches, as Golemanova outlines: “can directly contribute to your efforts with rich insights and practical guidance.” Too, when making a decision about which business development coach to work with, consider who they’ve worked with previously and what those clients have to say.
In a competitive legal market, being a good lawyer isn’t enough
Golemanova concludes by explaining that: “In the current market, it is (unfortunately) not enough to be an outstanding legal professional. You also have to acquire the necessary skills to lead your business, just like any business owner, with growth and success in mind. That’s why it’s worth investing time and effort in your law firm business development tactics. The more developed your approach is, the more abundant results you can expect.”
Lawyer Business Development Coaching
I help lawyers develop personal business development plans custom-tailored to their unique practices — via one-on-one video or audio coaching sessions. My experience includes hundreds of face-to-face meetings with prospective clients on behalf of law firms – where I helped clients realize how lawyers can help them achieve their commercial objectives. These meetings first required me to identify client needs – reaching out to those prospective clients and securing meetings with them on behalf of my clients and succeeding in securing those meetings. And shepherding those relationships to becoming new client engagements. For more information about how I might be able to help you build your law practice, please complete the form below and I’ll contact you promptly.
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