There’s unprecedented competition for legal business, but there’s also unprecedented opportunity. Come out ahead with insight from leading legal business development experts.
According to a survey we recently conducted of legal professionals, 73% say business is growing. But how it’s growing indicates that law firms which embrace business development can set the pace in the marketplace. Here’s why:
- 41.2% of respondents attributed their growth to client referrals.
- 26.5% of respondents said that cross-selling fueled their growth.
- Only 8.8% of respondents attributed their growth to business development.
This points to opportunity.
Those firms that embrace business development can place themselves miles ahead of a legal marketplace that depends mostly on word of mouth and existing clients. One of the reasons business development came in dead last for growing business is because survey respondents admitted that business development simply isn’t up to speed at their firm. So we called in the experts to help with the specific business development opportunities that emerged from survey responses. Read on to be inspired by the insight of our distinguished panel and take their advice to accelerate your firm’s revenues.
Our Panel of Experts
- Heidi K. Gardner, PhD Author, Distinguished Fellow & Lecturer on Law, Harvard Law School
- John Remsen, Jr., President and CEO, The Remsen Group
- Jill S. Weber, Chief Marketing and Business Development Officer Stinson Leonard Street LLP, 2017 President, Legal Marketing Association
- Laura Lee Sparks, Founder and CEO, Legal Marketing Maven
- Jared D. Correia, Esq., Founder and CEO, Red Cave Law Firm Consulting
- David Kuhlman, Partner, Axiom Consulting Partners
- Joshua Lenon, Lawyer in Residence, Clio
- Yolanda Cartusciello, Partner, Bernero & Press LLC
- Terry Isner, CEO/Owner, Marketing & Branding, Jaffe
How to Move Ahead of 85% of the Marketplace
How easily your attorneys share client information indicates the level of collaboration within your firm.
Survey responses indicate that a third of firms are a collection of sole practitioners sharing office space. Only 15% have a culture of sharing and collaboration. Most fall somewhere in between.
Here’s why firms that embrace a culture of sharing will come out ahead:
- They optimize talent and expertise.
- They develop better relationships with big clients.
- They’re less likely to become commoditized.
Comprehensive client relationship data is available via CRM at only 15% of the firms. At 30% of the firms, the relationship-owner is the gatekeeper. For 56%, some data is hidden and some is available.
Ready to seize your firm’s opportunity to finish first in today’s legal marketplace? Download the full eBook today.