When it comes to achieving business goals, there’s no such thing as luck. Success is the result of dedicated years of planning, focusing on specific objectives, and cultivating relationships. By methodically combining insight and targeted measures, attorneys have the capability to form effective business development strategies that convert their goals into reality. Business development is the process of finding and establishing value for your firm via tactical efforts to grow relationships and spot opportunities within existing and potential markets.
Alexander Davis of Mayer Brown and Kathryn McConnell of Littler Mendelson have shared their insights into the creation of actionable business development (BD) plans and underline accountability and a focus on assisting others as the keys to success.
When building active BD plans, be forward-thinking, adaptive, and centered on clients. Allow the plan to evolve over time; and make it a part of your daily routine. Embrace constant improvement and innovation. Utilise firm resources to your advantage, such as professionals who can assist with research, marketing strategies, client feedback, pricing information evaluation and other areas that can fortify your efforts and keep you on the path to success.
Attorneys can adapt various strategies, based on the experience and advice of Davis and McConnell:
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Expand networking horizons. Developing a successful network requires thinking beyond traditional events. Davis suggests engaging with the community and exploring non-traditional avenues for forming connections. Prospective clients can often be found in unexpected places, signaling the need for greater versatility in networking efforts.
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Foster ongoing client relationships. Long-term relationships with clients are vital for successful law firms. Davis recommends focusing on cross-servicing clients within your firm. By identifying complementary legal services your clients may need, you can enhance their experience, while also expanding your business.
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Use data analytics and competitive intelligence. Attorneys need to be well-informed about industry trends. Davis advises continuously updating knowledge about legislative changes, technology advancements, and shifts in the legal landscape. Utilise tools to gather information on market trends, client preferences and competitive strategies.
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Gather client feedback. Regularly collecting input from clients helps understand satisfaction levels, identify improvement areas and uncover new opportunities. McConnell suggests conducting third-party interviews to solicit candid feedback, helping tailor services to address specific client needs and concerns.
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Create a client-focused BD roadmap. Davis suggests establishing clear objectives and strategies such as relationship-building activities, speaking engagements, publishing thought leadership content, and engaging potential clients through social media platforms.
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Track efforts. McConnell employs a chart to monitor client outreach, preferences and follow-ups to maintain and grow relationships. Davis utilises tech tools within his firm to assist in this process.
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Synergize client relationships. McConnell proposes identifying clients who can mutually benefit from contacts, and creating opportunities for them to interact, thus strengthening relationships.
Indeed, a quote from Jamaican runner Usain Bolt sums up the essence of these business development strategies: “I trained four years to run nine seconds.” This reflects the reality that attaining any significant goal requires persistent and dedicated effort that may not yield immediate returns. Therefore, remember to celebrate incremental achievements along the journey to ultimate success.
For more insights by Heather McCullough, co-founder of Society 54 and Society Tech, visit here.
This piece is drawn from the advice provided by McCullough in an article published on Bloomberg Law, which can be accessed here.