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Business Development: Transforming Action into Real Results

Business Development Transforming Action into Real Results

It is an all too familiar conundrum – busy attorneys meet, whenever possible, to discuss the firm’s new business pipeline and share prospects. Then, before they even have a chance to set follow-up reminders on their calendars, they are bombarded with flurry of urgent client emails.

The new business efforts, naturally, are set aside, to focus on existing clients.

Adding to the challenge of balancing law firm business development against a demanding workload is the pace in which attorneys send and receive information. Unlike decades ago when an attorney would have time meet a new business prospect and take them to lunch, today’s attorneys are not only pressed for time, but the span of business prospects is much greater and less manageable.

Stepping Back to Move Forward

In spite of these hurdles, marketing and business development experts say one of the most important things an attorney can do to effectively build new business is take a step back and analyze whether their actions are actually translating into business leads.

“One of the biggest challenges we face is confusing activity and being connected with real results,” Doug Johnson, managing director of Catapult Growth Partners in a recent webinar on law firm business development. “Some attorneys may be fooling themselves believing because they are active on social media channels that this connectivity will actually translate into business.”

2015 LMA Conference Session
Business Development: Lessons Learned
Applying Sales Models from Other Professional Services Sectors
When: 4/14/15 | 2:45 – 3:45 p.m. PT
Panelists: Nick Araco, Mo Bunnell, Robert Pay and Douglas R. Johnson 

Process, Prospecting and Accountability

A better way to cultivate new business requires a more calculated approach that involves three key success factors:

1. Focus on the right process. This refers to better understanding the steps a general counsel or a corporate buyer takes before making a purchasing decision on a legal matter. Once an attorney has insight about what it takes to get hired, they can chronicle the information in a customer relationship management (CRM) platform. In other words, the technology can remind the attorney what it takes to win the business. These steps can also be applied to winning future matters.

2. Focus on proactive prospecting actions. Attorneys should redirect business meetings to focus less on what they’ve done for their clients in the past and more on what they plan to do to tackle their clients’ upcoming business challenges. Honing in on what is to come rather than highlighting past successes is a good rule of thumb.

Note: Read the third point and the complete article published previously on the LawMarketing.com website 6 Steps to Transform Business Development Action into Real Results.

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This post was written by Matt Thompson.

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Photo credit: Flickr, Mark Hunter (CC BY 2.0)

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