Archives - January 2015
New Year’s Resolutions to Grow Your Practice in 2015
“Every calling is great, when greatly pursued.” Oliver Wendell Holmes, Jr.
10. Reflect on your success in 2014 and plan to build on it in 2015.
Take some time to recall your greatest work-related successes in 2014. What cases or matters were most rewarding for you? Which was least rewarding? How did you get the work that you most enjoyed? In 2015, resolve to get more of the work you consider to be rewarding by 1) defining what it is as specifically as possible, 2) figuring out how you’ve obtained those matters in the past, and 3) considering how you can position yourself to get more of the same type of work in the future. At the same time, give thought to those cases you handled in the past year that were unrewarding for whatever reason (ungrateful or unreasonable clients, low profitability, boring work, etc.), and vow to avoid those matters in 2015. This may sound simplistic and unrelated to business development success, but “beginning with the end in mind,” is the first key to building the practice you want in 2015.
9. Start with goals then determine tactics to achieve them.
In 2015 resolve to forgo “random acts of business development,” i.e., tactics that are unrelated to the achievement of key business building goals. While it may feel good to do something (anything!) that seems related to marketing or business growth, “one off” activities that are unrelated to goal achievement are typically a waste of time and money. Consider a better way. By researching the type of work you want in 2015 (see key 10), you take the first step in determining your marketing goals for the New Year. For example, if on reflection you determine that a good bit of your rewarding work in 2014 came from one particular client relationship, then a 2015 goal may start to take shape as follows: “Expand the relationship with Acme Corporation in 2015 and increase revenue from this client by 15%.” Once you have this aspiration in mind, consider the tactics that will aid in its achievement such as 1) conducting a satisfaction feedback survey to determine the client’s current level of satisfaction with various aspects of your work, 2) scheduling regular entertainment/interaction with the client “off the meter” to enhance the relationship, 3) creating educational training specific to the client’s needs, 4) making a “reverse proposal” to the client to expand the firm’s services, and so on.
8. Plan to invest non-billable time in the achievement of your goals.
In busy times and in slack times, lawyers need to invest a certain amount of non-billable time each week in the pursuit of business growth. In fact, it’s probably more important to invest time in marketing your practice when you are the busiest with client work. There are two good reasons: 1) when you’ve got a full plate of client work, you have great stories to tell to prospective clients; lawyers who are excited about having lots of great work to do radiate a sense of satisfaction that is contagious to prospective clients, and 2) eventually the busy times will wane and you’ll need a new pipeline of work. On average, lawyers should devote at least 20 hours each month to business development activities including “off the meter” conversations with existing clients, meeting with prospective clients, and engaging in reputation-building activities, among others.
7. Develop a short list of referral sources and nurture them well.
Having a short list (no more than four or five) referral sources for your practice can greatly reduce the amount of time spent networking and meeting with prospects to determine whether you can or wish to serve their legal needs. Here’s how it works: 1) cultivate a short list of referral sources for your practice (they may include colleagues in other offices of the firm, consultants, actuaries, other attorneys who do not provide the same services, etc.); 2) over time, advise them regarding the type of client/business you’re seeking; 3) determine whether they would be comfortable making referrals to you; 4) find out how you can be helpful to your key referral sources in terms of sending opportunities to them as appropriate; and 5) keep track of the referrals you receive and show gratitude for each. Keep in mind that it takes time to develop a good referral network, and you need to “touch” each source on a regular basis to keep the connection going.
6. Continue to build your good name. Have you googled yourself lately? This is one way to get an idea of what clients, prospects and referral sources may know about your professional capabilities and reputation. If the information from your web search or on your professional biography is skimpy or outdated, consider beefing it up in 2015. If you’re not sure what types of credentials and qualifications may make a difference to your target client, ask a few key clients for their views.
5. Plan ahead when attending a networking event. Before attending an event, research who else will be attending (ask the host to provide a registration list) and determine who are the key people on the list that you need to connect with. The event provides the perfect opportunity to introduce yourself and possibly schedule a follow-up lunch or meeting. At a minimum, find a reason to “touch” the new contact by mailing an article or inviting to a firm event. Your goal for the event may be as simple as “meet three new people.”
4. Ensure that clients and prospects can find you.
At the start of the New Year, audit your accessibility. Unless you are in such high demand that you don’t need new business, you should make it as easy as possible for existing clients, prospects and referral sources to reach you with questions, new business and other opportunities. Expand your use of social networking media —in particular LinkedIn—to reach out to prospects and form client communication groups. The more difficult it is to reach you (and the less responsive you are), the greater the likelihood that the work will go elsewhere.
3. Create a personal “commercial.”
This is a much-overlooked, but critical business development basic: A helpful and distinctive response to the question “What do you do as a lawyer?” The question comes from all sorts of people, in lots of different settings, and if we answer it in a way that is simple but illustrative of the value of our services we promote new opportunities for business. Craft a short response and then practice it a few times with trusted advisors who can provide feedback for fine-tuning.
2. Learn to ask for business.
Be honest: Have you ever approached a prospective client and actually asked directly for his or her business? While there are some ethical restrictions on “cold asking,” there are still many situations in which it is both ethical and appropriate to ask for the opportunity to be of service. If you haven’t done so before, resolve to learn this key business development skill in 2015.
1. Put it in writing.
As part of a lawyer’s work he or she encourages clients, friends and family to “get it in writing,” and the same admonition applies to your 2015 business growth plan. Surveys indicate that success depends on having a written statement of goals and action steps to achieve them. Keep in mind that a plan doesn’t need to be a legal treatise in order to be a springboard for success, but it should contain 12-month goals (two or three) with related objectives and action steps and dates by which each will be implemented. Calendar a monthly review of the plan to check progress and note achievements.