Business Development Essential to Law Firm Growth
Haddad explains that the development of new business is “an absolutely essential component to a successful law practice”, but also notes that many lawyers say they don’t really understand it or don’t have time to learn it. While referrals and repeat business constitute important revenue streams – they are not sufficient to support sustained growth for your law practice, he adds.
Create the Building Blocks for Success
To implement an effective business development plan, Haddad explains that it’s important to identify your goals then dedicate time and resources to achieve those goals. A first step includes assessing your current business development posture, then focusing on what you’d like to achieve and the steps necessary to move you toward the goals you’ve set. Importantly, he notes that the business development of today for law firms isn’t what it was a few years ago. Noting that a good online presence is important, among other essentials.
Look to “Megatrends”
His most important advice I believe is for lawyers to look to “megatrends” which will “influence the market [your firm serves] years down the road, such as changes in the law or regulatory environment, that can create opportunities for future advice and counsel. Understanding these megatrends can give you an idea of how to position yourself to meet future opportunities.”
I could not agree more with Haddad here – and have previously written about this subject in more detail.
Take an Incremental Approach
Haddad concludes by noting that business development may seem a daunting task to take on – but he encourages lawyers to take an incremental approach and build with small steps, well designed to lead you to your ultimate goals. I wholeheartedly agree with this approach and often counsel my client lawyers to do the same.
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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