What Makes or Breaks Business Development
Each week, the Legal Marketing Association pulls the most buzzworthy trends in marketing to help inspire its members. This week, discover how to show that clients that your firm will go above and beyond their expectations, starting with "Relationship vs. Engagement" from Business of Law Blog.
1. Relationship vs. Engagement
In the world of Professional Services, relationships make or break your Business Development efforts. I was in a Business Development seminar last year and my friend Jim said something that really resonated: “Most of us in this room work for law firms that are really good at what they do, have offices in the same cities, and charge similar rates. How is the prospect going to choose? Well, they are going to choose the firm that they want to work with.” Wait, how would I know that they want to work with us? Is this something that I can gauge or measure? Read more from Business of Law Blog.
2. Technology as Opportunity for Law Firms
Technology is both a threat and an opportunity for law firms. On one end, technology has opened the door for market disruptors like LegalZoom and Rocketlawyer who provide some legal services faster and cheaper than law firms. Read more on National Law Review.
3. 4 Reasons Clients Leave & What You Can Do About It
Research has shown that there are four primary reasons clients leave law firms: 9% are poached by competitors; 10% leave for personal reasons — the case is over, they decide not to pursue the matter, etc.; 14% leave because they are dissatisfied with the service; 67% leave because of an attitude of indifference from the attorney or law firm staff. Read more from The Rainmaker Blog.
4. Marketing with a Purpose: Set Objectives
I recall a lawyer friend of mine telling me with excitement that he had been successful in setting up lunch with an assistant general counsel of a target company. Afterward, when I asked what he had accomplished, he said, “We had lunch.” My next question was, “What did you hope to accomplish?” Read more on Attorney at Work.
5. How to Calculate Client Acquisition Cost
Measurements and metrics are important at every step of the firm workflow, even during client development. Other than the unique ethical advertising considerations applicable to lawyers, we can borrow from small business development practices and technology. Read more from Jaffe.
Check back weekly for more industry trends from around the Web!