Business development activities by law firms can be made more efficient and effective if these processes, or “BD Pipelines”, are well organized. I was asked to outline how law firms can establish an effective “BD Pipeline” in a recent webinar conducted by New Delhi-based legal public relations firm Commwiser.
As I outlined in the webinar, a “BD Pipeline” is a structure for organizing and optimizing business development activities throughout the entire business development process. These are the key elements of a law firm “BD Pipeline” as I outlined them during the webinar:
1. Identification of ideal potential clients
2. Establishing contact with these potential clients (via introductions, direct contact, or blogging)
Note: Doors open when lawyers focus on how they can help advance the commercial or other objectives of clients
3. Securing agreement to have an initial discussion around representation and remuneration
4. Prequalify the lead (Can they pay? Are they open to paying?) — adding interested prospects to a master lead list.
5. BD team meets once a week to review lead list and review next steps for each prospect
6. Meeting/discussion with prospective client (+ any follow up meetings)
7. Drafting custom proposal + custom engagement letter
8. Receive initial client payment
9. Commence work
This process can and should be custom-tailored to the unique nature of each firm and those working to generate more business for the firm. Further, there are many sub-elements to each point I’ve detailed above. Depending on the nature of your firm and its’ practice focus, these sub-elements will be unique to your firm, also. Further, this process must be an active one, not passive. It is vital to maintain a business development system characterized by action – a system able to generate new revenue and adjust to any changes required to optimize the effort to consistently produce more revenue.
Create and optimize your law firm business development pipeline
I work with law firms to establish effective and efficient business development pipelines which generate more new client engagements.
I’ve established and operated turn-key “BD Pipelines” for several international law firms — which began with new client identification all the way through the entire process to new client engagement. The clients I have developed for law firms include multinational corporations, governments, trade associations and others – where I interfaced with the corporate C-Suite, leaders of governments and trade associations – on behalf of my law firm clients. I now provide outsourced BD coaching and consulting to lawyers and law firms seeking to improve their BD processes to increase firm top-line revenue.
For more information or for a discussion about how I might be able to help you, please complete the form below and I’ll contact you promptly.