Law has always been a lucrative career option for people around the world. However, rewarding as the profession may be, it is highly challenging as well. It is a very competitive field, and with the advent of new technologies, the challenge to survive and get new clients has become all the more difficult.
The infiltration of the internet has led to many online legal service providers coming up which has resulted in dwindling of the client base of lawyers and law firms alike. Also, the lawyer density has increased significantly which means the supply of lawyers is far more than their demand. Retaining clients and getting new ones is a big challenge. The situation is the same all around the world and corporate law firms in India are also affected by this changed scenario.
In light of these changing dynamics, law firms have to adopt new ways to run their business successfully. At the core of any successful business are proper marketing and business development and law firms too need to plan and implement effective business development strategies to survive in the highly competitive market. In this article, we will try to throw light on some basic business development tactics for law firms.
Business Development for Law Firms
Business development refers to the activities undertaken to increase the client base and to improve and strengthen the internal practices within a law firm. For solo practitioners, the basic question is how to get new cases, and for law firms, it is about getting new clients. The approaches may be different for solo practitioners and law firms of different sizes, but the right mix of strategies can surely help you expand your law practice business.
Bigger law firms have dedicated business development teams that work on client acquisition and retention through various sales and marketing strategies and by strengthening client relationship respectively. Some small law firms outsource their business development to third parties who specialize in sales and marketing.
Essentials of Business Development for Lawyers
From training to planning and implementing and developing a network, we will discuss some essential tips for expanding the legal business.
Business Development Training for Lawyers
Business development is a specialized job that is not taught in any law school. The first step, therefore, is to join a workshop or a short course on business development designed especially for lawyers. These courses are designed for the legal profession, are concise and crisp, and teach you how to successfully run a law firm. Such courses are continuing education programmes that cover areas, such as human resource, sales and marketing, networking and branding, etc.
You can keep upgrading yourself with the latest tools. It is also advised that you attend sales training for lawyers that give particular emphasis on lead generation and customer retention. Business development training for lawyers, according to a study conducted by Ackert, is the top revenue-generating strategy. If you keep yourself updated with the latest developments in the industry through training and refresher courses, it is likely to have a positive impact on your clients.
Make a Business Development Plan for your Law Firm
If you are starting your practice or want to grow, then you must have a firm business development plan in place. The plan should clearly outline the objectives of the business taking into account the market conditions and the competitors and position yourself based on the available data. Additionally, you can do a SWOT analysis to better understand the growth path you need to embark upon. The software you use, such as project management and time tracking, can help you meet the deadlines. According to corporate law firms in India, the more minutely you define the details, the easier it will be to implement your strategies for expansion.
Marketing
Effective marketing is an essential part of any business development effort, and this includes online marketing. In today’s digital world online presence is must, and for that, you need to have a great website that is easy to navigate and contains all the relevant information that a prospective client would look for.
The website should be responsive to adapt to any device and any screen size. It is also worthwhile to invest in SEO to get better rankings in search engine results. Further, social media presence is highly desirable. Creating and sharing relevant content on your practice area is a good way to engage potential clients and generate leads. Also, participating in industry events can keep your brand recognition high.
Networking
Developing a wide network of contacts is vital for any business, and the legal industry is no different. You must build a strong and lasting relationship with your peers, business associates and clients. This is the most tried and trusted way of getting new clients as referrals contribute to a major chunk of new clients.
The best way to expand your network is to be part of professional organizations from your field and attend relevant events that are regularly being organized. Further, if your clients are satisfied with your service, it will be the best advertisement for your business.
While all the above-mentioned tactics are acted upon from within the firm, there are various external services that you can engage to augment your marketing efforts, such as law firm business development consultants.
To sum up, it is paramount that you invest your time and money in business development for lawyers. Corporate law firms in India have dedicated business development teams in their ranks to keep themselves ahead of the competition and stay afloat in the business.
