A growing firm faces growing challenges. Management headaches, marketing issues, office and practice organization problems and opportunities—even IT security concerns—begin to take more time than you have to give. Don't wait. Check out our professionals, their talents, and services now.
What is business development? Many attorneys equate business development with marketing, but that leaves out about half of the revenue growth equation. Also necessary are consultative selling skills and a tailored process. Complicating the issue is that most attorneys are uncomfortable in the role of business developer.
Both marketing and selling are essential, but what's the difference?
Briefly, at its core, marketing is communication that educates and informs the marketplace about a firm's experience, practice areas, and its attorneys and their successes. Marketing builds credibility and visibility. But with some exceptions, marketing alone does not increase revenue. The specific goal of selling, on the other hand, is to bring in new business with new clients or to increase business with current clients. Selling is communication that persuades in specific prospect and client interactions. Keep in mind that, for the most part, selling is the responsibility of attorneys.
To succeed, growth-oriented law firms need both marketing and selling capabilities. And that's where our expert business development professionals can help.
In mid-size firms, day-to-day business and practice functions can struggle to run efficiently and effectively without partner-level attention and involvement. But to focus on the practice of law, which is why clients retain your firm, a key practice management goal must be to reduce such involvement as much as possible in a way that makes the most sense. Why?
The rationale is the same as it would be in any size firm. Law firms are made up of lawyers, not IT or telecommunications professionals, meeting and space planners, interior designers, office or human resources managers, strategic planners, efficiency and productivity experts, or corporate benefits gurus. Even in the practice of law it often makes sense to identify and have ready outside expertise in a variety of vital operations-related tasks, including in information and document management, witness preparation, and jury selection. What individual operations duties would the partners like to modify or reduce while still fulfilling their responsibility for the firm's well being?
Review the experience, skills, and talents of our professional consultants to see what might make sense for the firm. Then contact the Law Firm Consultants Network to discuss.
Cost and Risk Management
Seemingly small financial and risk management issues can easily pile up as a firm's attorneys serve their clients and develop their practices. At some point, however, small annoyances can become big headaches that actually get in the way of successful practice management. Especially in mid-size firms, cost and risk management require specific expertise that attorneys rarely have. They're business functions that don't receive attention in law schools. Yet they can have significant impact on a firm's success or lack of success.
What's the answer? Increased hiring is always a possibility but that clearly increases costs. But there may be a better way. Explore how our professional law practice consultants can support your efforts in these important areas? Our expert resources cover budgeting, cost reduction, profitability analysis, benefits and insurance assessment, internal controls and fraud prevention, collections assistance, and even guidance on narrow and broad ethics issues.