8 Steps to a Prosperous Small Firm Practice
The year is young and possibilities abound to make 2012 your most prosperous year ever. Having worked with many law firms and hundreds of lawyers over two decades, we have witnessed some common threads of what makes a prosperous firm as compared to those who sputter along, often in despair of not reaching their professional (or worse, financial) goals.
There are many effective business development and marketing steps lawyers can take to have a successful practice, regardless of the size of your firm. Considering the fact that lawyers in smaller firms presumably have fewer resources to bring into play, below are a few solid ideas that will help.
The reality is that financing a marketing program does not need to be a deterrent in small law firm marketing provided that laser-focused strategic marketing planning is in place. You can bootstrap a law practice similar to the way an entrepreneur bootstraps any other start-up. The real key is bringing focus and clarity to your marketing goals followed by precision execution over and again.
1. Quality Work is the Cost of Admission, At All Times. With all the competition biting at your heels, delivering the highest quality work product all the times is a non-negotiable requirement to build a formidable reputation and referrals from clients and other attorneys. Don’t shy away from taking CLEs in complimentary areas of law to broaden your knowledge base to serve clients better.
2. Focus on Your Natural Network. Each of us has a network of people we know, like, and trust (to varying degrees). Leverage this network in all ways possible. Get and stay in touch with everyone — your friends, relatives, business associates, and professional contacts –past and present. Let them know that what you are up to, how you provide value to your clients, and effectively articulate that you actively seek referrals.
Ideally, you want to strengthen the network you presently have and focus on aggressively expanding it to include a broad range of individuals who can ultimately refer business to you. It has never been easier (and more economical) than it is today to convert your network to an active sales force for your practice with all the technological tools (e-blasts; social media updates; blogs, etc.) available to maintain contact with a mass email distribution list.
3. Become the “Go-To” Resource for your Clients. Educate clients to send any legal work your way whether or not you ultimately handle it for them. With your growing network, you are more than happy to make a referral but want to condition your contacts to think of you first. Turn your clients into fans by not charging for incidentals, short phone calls or quick emails.
4. Get and Stay in Touch with Target Audiences. It cannot be overstated the value of building “top-of-mind” awareness among your key target audiences – - existing clients, referral sources, and qualified prospects. There are many ways to accomplish this but one very effective way is to create an online e-communications program. Aligning with the axiom that it takes 7-10 “touches” per year to build top-of-mind awareness, sending out a regular, periodic e-blast on topics of interest to your constituents can be a very effective way to stay in front of them. This is an art, not a science and requires a strategic approach which can pay impressive dividends.
5. Seize All Opportunities for Free Media. Every day, there are news items appearing across all media platforms that fall into your area of expertise. Familiarize yourself with those reporters who write on topics about which you have (or are developing) an expertise and reach out to offer expert commentary on these topics. A news story without a quote is not a true news story. To go further, email a press release every month to the local editors and reporters who cover relevant stories. Given the present publishing industry, reporters have fewer resources than ever and are delighted to develop reliable news sources. Become one to them and watch how your reputation grows for no out-of-pocket expenditure.
6. Write, Write, and Write Even More. A very effective way to get in front of your target market is to pitch articles to publications (including blogs) that target your niche. Trade magazines are always looking for good content, and they include a byline with your name and contact information. Publishing has never been easier and opportunities more available given all the venues, particularly online. The key is to find the targeted publications that your clients and targets are reading, and be there consistently.
While this business development initiative may not produce immediate results (although it been known to), it will have a cumulative effect if prospective clients continue to see your name and information. One of the inherent values of publishing is the “re-purposing” value of investing your time once to write the article then placing it in a variety of media venues, using the published article as a marketing tool to send about to clients and other key influencers, and including the published article on your website.
7. Speak Engagements. There are hundreds of trade associations in every market niche. Many have local chapters while others sponsor an annual event. One of the highest impact initiatives you can take is to speak in front of an audience full of qualified prospects, those in need of your services. Compile an impressive press kit and send it along with a letter offering to speak at upcoming meetings and events. Increase the promotional value by including not only your current bio with headshot but article reprints which demonstrate your expertise in the respective area. It doesn’t get much better than this to cultivate contacts with prospects.
8. Follow Up, Execute, Repeat. None of the high impact and economical marketing tactics outlined above will “work” to grow your practice if there is not consistent, persistent follow up and execution. As I repeatedly emphasize to clients, it is better to execute consistently on a few strategic initiatives than to over commit and fall short in the execution. Evaluate your time management skills, assess your delegation skills, and schedule “conferences” with yourself to ensure deadlines and commitments are met, just like you do with client work. In the long term, what is more important than investing in your own practice? Keep that in your sights and a prosperous 2012 will be yours.
Train Your Associates and Watch Them Flourish…and Business Grow
It’s a New Day, Relatively Speaking
As a law firm leader, you have read over and over about the value of educating your associates in business development skills to help them develop their own clients quicker, mitigate their overhead and become more valuable to the firm’s bottom line. And, it is no secret that there is a significant gap between associates’ law school education of all things theory-based and engaging in professional training on how to step-by-step develop a book of business and be profitable in a private practice.
In this tough competitive environment, however, how often does your management team seriously consider concrete ways to educate your associates on how to win new clients in the most productive ways possible?
Having worked with hundreds of lawyers over many years, we have encountered so few associates who are unwilling to learn new skill sets, develop professionally and make valuable contributions to secure their futures with their firms. And, those few who are a bit under-motivated, they don’t last long for a host of reasons.
There are a multitude of ways to deliver business development skills training to your associates which will positively affect their productivity and professional development that it is almost irresponsible from a leadership perspective not to provide it.
Why, then, is there so little political will in some firms to provide these useful programs? One explanation we’ve heard repeatedly is that management recalls how they pulled themselves up by the bootstraps back “in the day” to figured out the business development puzzle themselves, and don’t see the need to spend the firm’s money to spoon feed their young lawyers. Think again, we advise.
In this post-recession era, it has never been more important for lawyers to be educated and adequately equipped for new business development — to contribute to the profitable growth of their firm, to become partners, and to have a more fulfilling practice.
Rainmakers Aren’t Born…
As we have often seen, most lawyers are not natural rainmakers though all lawyers can be educated to become effective business developers in accordance with their unique skills, personality and practice focus – - by experienced trainers who know the legal profession well and ethical rules relating to client communications and confidentiality.
Even if a lawyer is primarily an internal service partner, he/she still must communicate and interact effectively with their partners and staff. To that end, every lawyer has a responsibility within the business development process, but the roles may vary. To effectively communicate is mandatory for lawyers and firms would be wise to consistently emphasize this fact as they evaluate their business development needs.
In today’s law firms, more times than not, in-house marketing staffs, as well-intentioned and experienced as they may be, are often not best suited to initiate training programs which will deliver measurable results. Despite their marketing backgrounds, internal marketing staff may not be the most effective trainers or coaches to help guide lawyers in their business development endeavors. They rarely have the resources or time to provide the one-on-one coaching support on an ongoing basis which is imperative to a successful training program. Don’t lose sight of your objective just to save a few dollars. In the end, you’ll get what you pay for when investing in training your lawyers and equipping them for long-term success.
Regardless of whether firms choose to work with outside consultants or keep their training in house, lawyers must recognize that they are the firm’s crucial sales team. All lawyers must have basic client relations and communications skills — whether or not they actually engage in the sales process. That is just part and parcel for being in private practice.
Keep in mind that a miniscule percentage of lawyers, typically 5-7% in a given firm, are natural rainmakers. Of the 93-95% remaining lawyers, usually a healthy percentage (60-70%) are eager to develop new work and have been trying on their own with limited success. That leaves the unfortunate 20 or so percent that are uninterested in developing new work and are not motivated to participate in any training efforts. Identity the second tier of willing players and focus on providing them with the practical tools and on-going support necessary for long-term growth.
Bottom line, with the reduced demand for many legal services and brutal economic changes, firms would benefit from a formal annual review and evaluation of their overall business development program regardless of whether they employ salespeople, if their program is facilitated internally or outside support is utilized.
Anatomy of a Strong Business Development Skills Training Program
Tailored Curriculum
Regardless of a law firm size, developing a formal training program can effectively address a broad range of topics imperative to a lawyer’s success. Typical program topics may include:
- Developing personalized, practical business development plans
- Step-by-step marketing plan execution
- Learning the art of effective networking
- Developing and communicating a personal brand
- Harnessing the power of active listening
- Increasing business development success rates
- Expanding existing client relationships
- Identifying potential new clients and referral sources
- Improving client service skills
- Becoming more effective in potential client meetings
The best learning occurs in which there are interactive activities such as role play, video presentations, performance critiques, and use of other learning tools to better engage the attorney participants and to optimize peer-to-peer learning. Attorneys need to process their training in an integrated manner to develop new habits which are imperative to their success.
The most effective training programs are customized to the specific lawyer audience (associates versus partners or specific practice groups, for example) are practical, and are focused on getting tangible results. Tangible is not always measured only by “new client retentions” but also by lawyers developing positive disciplines and habits to integrate into their everyday lives which will pay dividends throughout their careers.
Ideally, each training session is scheduled in digestible modules and around the fact that attorneys’ billable requirements do not allow for large blocks of time away from their offices. During the interactive sessions, lawyers will learn practical skills and useful tools that can be applied immediately to increase the regularity and success rate of their marketing activities. At the same time, they will begin to craft customized plans that identify individual business development opportunities.
Reality-Based Situations and Applications
For a customized training program to be successful and heed long-term results, the curriculum and interactive learning must include reality-based situations – - what business development challenges are attorney participants facing and struggling with today. Because attorneys are trained in procedure and adapting a set of facts to apply them, the best training programs are designed to allow for functional, immediate application of new techniques.
Personal one-on-one coaching
Ongoing follow-up individual coaching reinforces new concepts learned during the training program, establishes solid habits and keeps lawyers focused on accomplishing their goals which lead to long-term success. The coach acts as strategist, advisor, and sounding board to help each lawyer prepare for upcoming opportunities, brainstorm new approaches, course correct and stay on track. This is a win-win investment for every firm.
Program Benefits
Given that your greatest firm asset is found in your people, firms which engage in formal business development skills training will realize many benefits which are not exclusive to the associates who participate. First, investing in your lawyers’ development sends a strong positive message to all personnel that management values the younger lawyers in the firm, their continuing education and the value they bring to the firm, now and in the future.
Second, the goodwill developed between associates and partners cannot be underestimated as associates recognize the investment the partnership is making in their success. Third, because of the above, associates will be more motivated and empowered to want to be successful for the firm and will commit themselves to embracing the training and the supplemental coaching and homework assignments required.
Lastly, because of the firm’s investment in the success of their associates, lawyers will develop new marketing, selling and client service skills and behaviors, learn how to identify the best business development opportunities and generate more revenue for law firm. Savvy law firm leaders understand that this combination is a win-win for their firms, their attorneys, and ultimately, for their clients. Why wouldn’t a firm make this investment especially when the stakes are so high?
Getting and Staying in Front of Existing and Prospective Clients a High Impact Business Development Plan
The year is young, “overwhelm” has yet to set in, and I find my clients eagerly embrace a few practical steps that they may take to yield high impact results in growing and strengthening their client base. Effective execution when combined with consistency and persistency can make the difference between a thriving practice and hanging on by a thread. No one-shot wonders here. Read More.
How Will YOU Make 2012 a Game Changer?
About this time every year, I receive a flurry of calls and emails from clients and contacts who are indecisive and unclear what they can do to make the new year successful for their practice. I hear a variety of comments along the lines of “I’ve tried this marketing tactic and that marketing tactic and it just doesn’t work…” Sound familiar? Read More.
