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Are Your Firm's "Incentives" Lighting A Fire for New Business Development ?

Written by Allan Colman on .

Are Your Firm’s “Incentives” Lighting A Fire For New Business Development ?

We often hear the following reasons from attorneys who do not want to market:

* It’s unprofessional;

* I fear the process;

* I failed once; why try again?

* I won’t cross-sell;

* We have no business development training program;

* I’m not compensated.

The easiest complaint to overcome is offering a performance plan which includes incentives for attorney marketing and business development actions. Excuse my cynicism but cash incentives often overcome inhibitors to performance. And if properly communicated during semi-annual performance evaluations, and supported by training and marketing staff, perhaps 10% of your professionals will get it and get moving.

Are You "Organized" for New Business Development ?

Written by Allan Colman on .

Are You “Organized” for New Business Development ?

In order to bring in new business by combining marketing, business development and business generation skills, is your firm organized with:

* Success metrics?

* Reputation Monitoring?

* Brand audits?

* Tracking the competition and trends?

* Organizing for pursuit?

* Talent Building?

* Training?

* Alliances?

* New offerings?

* Legal project planning?

If your answer is “no” to two or more, get moving before your competitors do! What else would you add to this list

Is Your Firm Really Ready for New Business Development?

Written by Allan Colman on .

Is Your Firm Really Ready for New Business Development?

In order to bring in new business, by combining marketing, business development and business generation skills, your “people” need to understand:

* Perception dynamics;

* Client retention tactics;

* Relationship building;

* Value of speeches and panels;

* Multi-uses of publications;

* Diversity;

* Pro-bono work;

* Community participation.

What other elements would you add?

Is "Rainmaker" an Outdated Title?

Written by Allan Colman on .

“With all of the changes professionals face working to generate new business, from both clients, prospects and suspects, shouldn’t they now be called

DEALMAKERS? With clients reducing the number of “go-to” firms, tougher fee negotiations, firm budget demands, and the requirements for more communication, aren’t “deals” being made, not “rain?”

Does Your Firm Have an "Enduring Competitive Advantage"?

Written by Allan Colman on .

Does Your Firm Have an “Enduring Competitive Advantage”?

This often overlooked strategy needs to be recognized by all professionals. It requires energy, resources and time. But it is the key to long term, productive revenue development.

* Whenever and wherever you are with a client or customer, the brand discussion must be the same.

* Does your group assess client satisfaction on a regular basis?

* Are your professionals being trained to utilize a common approach to the core of your services and the differentiation with competitors?

* Do you require a simple strategic plan for each approach?

* Is there a review of the stage of growth with each relationship?

The answers to these and related questions will make a major contribution to your long term revenue growth.

Is Your Team Treating All Leads Alike?

Written by Allan Colman on .

Is Your Team Treating All Leads Alike?

Simple question — are they marketing to the wrong prospects without discriminating between types and potentials of leads?

Why Do Senior Partners Resist an Exit Strategy?

Written by Allan Colman on .

Why Do Senior Partners Resist an Exit Strategy?
From Thomson Reuters Legal Solutions Blog, August 20, 2015

When asked what major problems they face, we often hear Managing Partners say “senior attorneys. They want to hold on to their clients and not share origination or management credits.” The potential loss of revenue is significant. Failure to deal with this is a common million dollar blind spot for the typical law firm.

Often, these near-retirement lawyers are producing less and taking more.

What has been your experience?

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"Enduring Competitive Advantage" – What Does it Take?

Written by Allan Colman on .

“Enduring Competitive Advantage” – What Does It Take?

What are the criteria you use to build a lasting or “enduring competitive advantage”? How closely do you track competitors and the market place? Do you pre-test strategies?

Strategy requires clarity, focus and execution. Tools to build that enduring competitive advantage can include a strategic plan, follow up system, mastering lead generating, building a business model, etc.

What else does it take?

What is Your Brand's Longevity?

Written by Allan Colman on .

When determining whether or not your brand has lasting power, “longevity”:

1. Do you look at the percentage of repeat and referred clients?

2. Does your firm’s culture match what clients might say about the value you bring to the table?

What other questions need evaluation when looking to the future?