business development

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06 Jul: A Proven Way Law Firms Can Overcome their Biggest Business Development Challenges

Gerry Riskin, founder of Edge International, is a Canadian lawyer with a global reputation as an author and pioneer in legal firm economics and marketing. He reveals the most critical business-development mistakes law firms are making today, the most important trends that are shaping the legal marketplace, and how the smartest law firms are responding.

Why business development is a must
Law firms are being forced to reimagine their approach to business development. “The equation has shifted. Until recently, law firms had more power than clients. Now clients hold the power. Simply put, law firms are competing in a…

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22 Jun: Law Firm Professional Development Advice from Dr. Sharon Meit Abrahams: 5 Secrets to Engage Partners in Business Development

When sales cycles in the legal profession can be as long as five years, it can be challenging to convince partners to participate in business development. But that’s no excuse to let this important activity slide, says Dr. Sharon Meit Abrahams, PhD, Director of Professional Development/Diversity & Inclusion, Foley & Lardner, and author of 100 Plus Pointers for the New Partner. Any law firm that wants to prosper in the midst of unprecedented challenges in today’s legal environment must make sure their partners take an active role in business development.

Here are Dr. Abrahams thoughts on these issues and her…

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16 Jun: Business Development Wisdom from Ramon Ray: How Accounting Firms Can Deliver a Differentiating Brand Experience

For more than two decades, best-selling author Ramon Ray has been helping accounting firms stand out and drive revenue. Now, more than ever before, he says it’s critical that firms develop a brand personality that they bring to each interaction with a prospect and client. He insists it’s the only way to stand out in an ultra-competitive marketplace and minimize client attrition. He provides four tips on to achieve this.

1. Build a Brand
With nearly 1.25 million accountants and auditors in the United States, one could say the market is saturated. And that makes it difficult to stand…

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09 May: The Physics of CRM Adoption: CRM Thought Leader Reveals How It Quickly Increased Revenue by 20%

What do CRM adoption and phy cs have in common?

Danny Estrada, Founder of E Squared, a CRM strategy and management consulting firm, would say it’s the principle of inelastic collision: In essence, when balls, which are bouncing in a vacuum, collide they’ll share their energy. The more energy that’s produced, the more energy that’s shared.

“For CRM to be effective, everyone must be working at the same level, cadence, pace and direction, they must expend the same amount of energy, just like in inelastic collision. Of course, I never thought I would use the concepts of physics in relation…

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27 Mar: 4 Introhive Benefits that Help Fenwick & West Clear Major CRM Hurdles

In the race to win more business, many law firms have embraced CRM. But for too many, the investment isn’t advancing them fast enough.

Consider a study by the Legal Marketing Association and Bloomberg Law. They surveyed 172 business development and marketing professionals, and more than 100 partners. While 96% said they had or desired CRM, only 48% of marketers and 61% of business development professionals report using it. Cost, complexity, lack of effective integration and proper training were the most common reasons cited for not being able to use CRMs to their potential. Therefore, the study states that the…

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25 Jan: How to Empower Law Firm Marketing and Business Development: 6 Strategies from John Remsen, Jr.

There’s little question that today’s law firms need to build successful marketing and business development teams to drive revenue. But it doesn’t stop there. Law firm leaders must also create an environment that empowers them to excel.

We recently spoke with John Remsen, Jr., President and CEO of The Remsen Group, about how law firms build successful marketing departments. John’s insight is based on decades of helping law firms develop and implement long-term strategic marketing and business development objectives. In this post, John deliveries six strategies for empowering your business development and marketing teams.

1. Educate your firm.
Make…

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06 Jan: 9 Strategies to Build Successful Law Firm Marketing and Business Development Departments by Timothy Corcoran

Timothy Corcoran has a message for law firm marketing and biz dev professionals who have multimillion-dollar practices after decades in the business: Your timing to enter the profession was impeccable, but the gravy train has left the station.

“We’ve just exited a world in which there was near unlimited demand for legal services for over a generation,” he explains. “You became a multimillionaire during a time when the phone always rang all the time. You’re still a good person and a good lawyer. But the world’s changed; you’ve got to compete differently.”

As principal of the Corcoran Consulting Group,…

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13 Dec: Build Your Legal Practice with These 27 Marketing Ideas Straight from the Experts

There’s no shortage of earning potential in the legal sector. Whether you work for a massive firm or a one-person practice, your earning potential is nearly infinite, limited only by the new business you can bring in or your bandwidth to handle the work.

It doesn’t matter if you’re a lawyer, a marketer or a business development pro, if you can consistently convince people to seek legal services from you or your firm, then there’s a high-paying position waiting for you at the firm of your choosing.

Give your professional reputation and your bank account a healthy deposit this…

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15 Nov: Yes, It Is Possible for Law Firms to Succeed with Cross-Selling

Most lawyers view cross-selling the same way millennials view social security. They realize it’s intended for the greater good, but the personal benefits are unclear, and they sure aren’t going to contribute more than what’s required.

Let’s suppose for a second that lawyer pay was determined purely by profit sharing. Now the personal benefits of cross-selling become clearer because the data overwhelmingly supports it.

Cross-selling proven to increase revenue, service efficiency and loyalty

BTI Consulting Group found that the typical law firm has about 23% of the potential business it could be receiving from a top client, and that…