Why should attorneys worry about Business Development in their Law Firm?

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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.