Recent research by The Lawyer has revealed that law firm business development efforts are years behind other professional service firms and BD is therefore unsurprisingly high on the agenda for law firms going forward!
The legal profession has gone through a period of unparalleled change and law firms and their partners have to focus increasing efforts on business development as they strive to win market share.
Managing Partner’s new report, Business Development for Law Firms, second edition by industry expert Laurie Young, provides in-depth and practical guidance on concepts such as rainmaking, client relationship management, brand management, and cross-selling from the perspective of revenue generation and client engagement at partner level.
Key subjects covered include:
- The business development and growth strategies that will specifically work for different firms based on firm size and clients.
- The common mistakes and bad practices to avoid in a firm’s BD efforts.
- Evaluating the firm’s client portfolio in terms of profitability and measuring business development efforts.
- The report also clearly outlines the principles of partner-level business development and the guidance provides practical methods by which these can be adopted. These include:
- The development of a strong reputation;
- The significance of trust and increasing it with clients;
- Pipeline management and ensuring the generation of business fits into the working day; and
- Structured approaches to market analysis and techniques by which analysis can be carried out.
- As well as the principles outlined above, the report contains actionable advice on writing and using a business development plan.
The report also contains case studies from renowned firms including Allen & Overy and Freshfields Bruckhaus Deringer and business development experts such as Richard Susskind.
Ensure your firm is implementing the right business development plan that will aid growth and protect its market share in the future.
Chapter 1: Successful business development in the professions
Chapter 2: Approaches to business development in different-sized practices
Chapter 3: Current trends in practice development
Chapter 4: The principles of partner-level business development
Chapter 5: Avoiding pitfalls, distortions, and common mistakes in business development
Chapter 6: Codification and management of partner-level growth strategies
Chapter 7: International perspectives on business development
Chapter 8: Using specialist support staff effectively: Beyond ‘party planners’Check our Executive Summary and full table of contents here