A Law Firm Business Development System combines Business Strategy, Integrated Marketing Communications and Sales into an organized process that an attorney can use to grow his/her firm’s revenue.
While many attorneys rely on sales gimmicks, a true Business Development System has many integrated processes and activities. These activities are combined with speaking events, educational materials, seminars, direct marketing systems and a sound Internet marketing strategy help to ensure that the firm has a steady flow of new business while its attorneys deepen existing client relationships.
Large law firms, small law firms and solo attorney practices should all have some form of business development system.
A law firm is a business.
Most businesses fail. Studies done by educational institutions such as the Wharton School of Business at the University of Pennsylvania and Harvard University have the business failure rate as high as 90%-95%. The NUMBER ONE reason for this failure is a lack of focus on business development.
Many attorneys think a law firm is different. They believe that if they get just a handful of clients, they are such great lawyers that they will be able to live off the referrals they receive.
Nothing could be farther from the truth. A law firm – even a small firm or solo practice – must constantly work to originate new relationships and deepen existing client relationships. This is the essence of business development. If your firm is not growing is it dying.
Attorneys must worry about business development for thier law firm.
This is a question the many attorneys can’t answer.
They associate both sales and marketing with a pushy, fast talking guy in a suit going door-to-door trying to get people to buy his product. While some salespeople may behave that way, both sales and marketing are not intended to be processes that force, bully or intimidate people into purchasing things that they do not want or need.
Marketing is a business function that identifies the needs of a specific group of people (the market) and helps them express a desire to fill those needs. In other words, marketing helps convince people to WANT the products or services that they already NEED.
Sales is the business function that converts people who have an interest in a product or service into consumers of YOUR product or service.
Marketing drives traffic to your business and sales converts that traffic into clients. Marketing creates interest and sales converts people with interest into clients.
Both sales and marketing are critical disciplines for a law firm and they must be given a priority in all law practices large and small.