Top 5 Best Ways to Fuel Law Firm Growth (Other Than Strategic Lateral Hiring

In this extraordinarily competitive market for outside legal services, to remain profitable and competitive, law firms need to continually reassess, recalibrate, and focus their limited resources on the best and most promising assets, which consist of both the firm’s lawyers and strategic opportunities with clients and prospects. In this market, outside lawyers and law firms that 1) remain in a primarily reactive mode, doing the billable work on their desks, while mainly waiting and hoping for new work to come in the door, and 2) are not making strategic investments  - are increasingly losing clients, market and/or client share.  

In the more than 30 years since the Bates v. Arizona decision allowed attorney advertising, there is now a significant body of knowledge that proves what works best for law firms and lawyers if they wish to develop consistent new business, remain competitive, and grow. So, based on this body of knowledge, other than strategic lateral hiring, what works best and what are the best ways to fuel law firm growth?

1. Your client’s voice. The world’s most profitable law firms have an organized program in place to regularly obtain and use client feedback. These programs do not need to be involved or cumbersome. To learn the best ways to gather and use client feedback in a cost-effective manner, register to attend this webinar, “Best Practices to Improve Your Firm's Marketing & Business Development ROI” being held on Wednesday, September 20, 2017 from 12 Noon to 1:15 p.m. EDT.
2. Annual business plans. If your firm requires an annual plan from every partner and/or lawyer, but they “sit on a shelf” and are reviewed only at compensation time, there are proven tactics to make better use of them, so that more consistent and measurable new business will be generated over the course of a year. To learn the changes your firm can make to get the best use and results from your firm’s annual plans, register for the webinar linked above.
3. Focus your resources on firm lawyers who 1) want to develop new business, 2) have a propensity for or a track record of doing so, and 3) are willing to devote non-billable time on strategic and targeted efforts. To learn specific ways to identify these lawyers in your firm, register to attend our upcoming webinars.
4. Implement challenges and awards. Organizing a simple monthly or quarterly challenge in your firm to help attain client service, cross-selling, and/or new file-opening objectives is a proven way law firms use to get desired results. To learn how to organize and implement an award and/or challenge, register to attend this webinar, “Proven Ways to Motivate Lawyers to Cross-Service and Cross-Sell” being held Wednesday, September 13, 2017 from 12 noon to 1:15 EDT.
5. Investment is required. To continue to thrive and grow, law firms must strategically invest both non-billable time and money. But many law firms continue to struggle to refine and focus their business development investments in the most effective way.

Our upcoming webinars will take a deep dive into the proven strategies and tactics law firms should fund and implement in 2018 and beyond. Register for both upcoming webinars before COB September 12, 2017 and get a 10% discount!

P.S.     Our webinars are highly rated by the over 70% of the Am Law 200, over 60% of the largest law firms in Canada, and lawyers and law firm professionals from the United Kingdom, Australia, South Africa and South America who have attended them!