The legal industry is becoming increasingly competitive. Businesses are in-sourcing more legal work. Law firms are consolidating. And hourly rates are increasing. These changes, along with others, have intensified the importance of maintaining and growing a client base. This column offers attorneys business development strategies to help thrive in today’s dynamic legal landscape.
1. Win.
The single best way to generate business is to win for clients. Winning means to achieve your client’s goal(s) in a representation. A “win” varies depending on the representation. For some, a “win” could be getting a client out of jail. For others, a “win” could be closing a transaction in the face of tightening debt markets or a pending antitrust investigation. Regardless of what a “win” is, achieving it creates unparalleled client loyalty and a reputation that you get stuff done. No number of dinners, speeches or networking events can replicate the business that will flow from “winning” for your clients.
2. Take Your Client’s Matters Personally.
Viewing your client’s matters as they are your own will push you to perform your best. Often clients do not contact an attorney until things have gotten bad. These problems are frequently the most significant problems in a client’s life, and they expect their lawyer to fix them. By taking these matters personally, you will communicate with the client in a way that shows that you appreciate the problem’s gravity and your willingness to go to the mat to achieve the client’s goal(s). There is no better way to get referrals than from elite-level client service.
3. Be Authentic.
Just as many roads lead to Rome, there are many ways to develop business. Some attorneys have success with one-on-one client meals. Other lawyers swear by speeches or conferences. Within each of these venues, there are micro-strategies to maximize the success of a particular event. It is most important for each lawyer to objectively examine and determine what works for them. And, in whatever medium, be authentic when pitching clients because, if you aren’t, the client will see it.
4. Execution.
Virtually all lawyers know the actions that can help generate business. What distinguishes lawyers is not knowledge, but execution. Woody Allen said that “80 percent of success is just showing up.” For business development, this statement is largely true. Showing up, whether it be at a networking event or client dinner, creates more opportunities. Great ideas combined with great execution generate great results.
5. Build a Brand.
Customers buy brands. The legal industry is no exception to this rule. As an attorney, you have a brand. Your brand is what your peers would say about you in two sentences when you leave the room. What brand would your desired clients buy? Every action that you take in your professional practice should further this brand.
6. Stay in Front of Your Clients and Prospective Clients.
At least half of business development is keeping your current clients. Don’t focus so much on new clients that you neglect your current clients. As your book grows, your bandwidth and available time correspondingly shrink. This reduction, though, is no excuse for a lack of responsiveness and attention to client matters—all of which are important. Improve your time management, which I outlined in a previous LegalEdge column, to maximize your ability to stay in front of your clients and prospective clients.
7. Identify and Define Your Target Market.
Determine the industries, businesses, or individuals that align with your legal expertise and experience. Understanding your ideal client’s needs, pain points, and challenges allows you to tailor your services and marketing efforts to meet their specific requirements. A clear and well-defined target market enables more focused and efficient business development initiatives.
8. Never Stop Growing.
For various reasons, whether it be leadership changes or business dissolutions, clients are going to come and go. Attrition is a natural result of the practice of law. As such, if you are not growing, then you are dying. If you feel you are at capacity, keep growing. If you have reached your desired book of business size, keep growing. Life is always going to hit you with unknowns, and relentless growth is the best way to blunt the effect of the unknowns.
In the fiercely competitive legal landscape, effective business development is no longer optional for legal professionals—it is essential for career growth and the long-term success of a law practice. Embrace what distinguishes you and never stop growing.
Jake Evans is a shareholder at Greenberg Traurig who practices complex business litigation and is the former Chairman of Georgia’s State Ethics Commission.