Many lawyers like to think that the practice of law is truly an art
form, which is it - to a degree. Not all legal services are bespoke. In fact,
representing clients in transactions, deals and disputes is a somewhat
predictable process in which many matters and cases follow some common and
predictable steps from start to finish.
Leading, sophisticated law firms recognize this fact and faced
with unrelenting client pressure on billable hours and total fees, some have
made significant commitments to and investments in Six Sigma. They have also
hired in-house, experienced knowledge-, process- and project-management
professionals to help streamline work and reduce time and costs associated with
the delivery of legal services. For those firms who have not initiated project
management, some tips can be found here.
But, many lawyers and firms fail to recognize that developing new
legal work is also a process, in which the vast majority of new business
opportunities follow some common and predictable steps from start to finish. For
firms that have not yet identified the most common and most important steps in
their new-business process, doing so can dramatically increase their return on
investment (ROI) from marketing and business development expenses and time.
Below are some of the most common steps or touchpoints that many
new business development opportunities follow, in the order in which they most
commonly occur. Consider taking the time to review them and decide which are
most critical to you or your firm in keeping a pipeline of qualified new work
coming into the firm. Then, consider whether any changes or upgrades can improve
results and ROI.
- Identify need or opportunity
- Run, review and clear conflicts
o If conflicted, send thank you letter - Due diligence: gather and analyze research, facts and information
- Strategize possible solutions, options or approaches
o Scope, plan and price - Make a proposal and/or respond to RFP or RFI
o Overcome hurdles - Follow up
o Close, bring in new work - Welcome new client
o End of matter, mid-way, quarterly, annual or periodic client reviews - Enhance the relationship, cross-service communications
o Keep in touch using plans and scheduling systems
ABOUT
THE AUTHOR: In addition to being a #1 Best-Selling Author
on Amazon, for over 30 years Julie Savarino has worked with leading lawyers, law firms, and
other professional services firms helping develop client relationships and new
business in a focused, authentic, and effective manner. She has held in-house
business development positions at Grant Thornton, Dickinson Wright and Butzel
Long. For more information, visit her website.
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