Does your firm provide client-centric services while promoting business growth?
We understand that large firms like yours have unique business development challenges. For example, a firm has to manage independent rainmakers, pursue prospective clients, and empower lawyers to establish long-term clients—all while providing top-notch legal services.
Do you have the right tools in place to make business development at your firm a collaborative effort? Let’s discuss ways to organize your firm so that business development initiatives can help you create repeat business, smarter ways to work cross-functionally, and overall firm growth.
Join Emma Raimi-Zlatic, Clio’s Affinity Program Manager, and Joshua Lenon, Clio’s Lawyer in Residence, as they explore:
Why large firm business development differs from typical marketing
How successful law firms make clients the center of their marketing
How to structure your business development efforts for success
4. Agenda
• Why Law Firm Business Development is Different
• Make Clients the Center of Marketing
• Structuring Business Development for Success
• Questions
8. 83% of attorneys cite lack of time
as their greatest
business development challenge.
Source: Joint Legal Marketing Association and Bloomberg Law
research study – April 2018
9. Law firm business development is a
mix of relationship-based, hunting
techniques, and formal process.
10. INDIVIDUAL ATTORNEY MARKETING CHECKLIST
TOP CLIENTS
Name/Company Contact Date Description
TOP REFERRAL SOURCES
Name/Company Contact Date Description
MARKETING ACTIVITIES
Date Advertising
Type
Media Possible
Business
Date Follow-up
Step
Results
Source: The Business Guide to Law, Kerry Lavelle
11. Tracking Business Development
24%
29%
38%
37%
44%
64%
82%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
EFFECT OF NUTURING
ROI OF LEAD SOURCE
NUMBER OF LEADS
LEAD SOURCE
INDIVIDUAL ATTORNEY GOAL
GOALS BY PRACTICE
WIN/LOSS
Source: Law Firms in Transition: Marketing,
Business Development and the Quest for Growth,
3/2016
12. Marketing Metrics
• Email open rates
• Website click-through rates and other analytics
• New matters resulting from client
• Satisfaction interviews
• Proposal efforts and win rates
• Repeat event attendance rates
• New matters resulting from events, seminars, and CLEs
• Article placements with target audiences
Source: ‘Measurement in Firm Marketing’, Strategies,
January/February 2015
13. Clients are Transitory
• 31% of CLOs report shifting law firm work to lower-
priced firms.
• 47% of law departments outsource to vendors
some work that they once gave to law firms.
Source: 2018 Chief Legal Officer Survey, Altman Weil
14. Clients Asking for More Before Hiring
• 48% of law departments require budgets from
outside counsel
• 63% of departments report they negotiate fixed,
capped, or alternative fees.
• 79% of departments provide guidelines for billing,
expenses, matter staffing, and matter
management.
Source: 2018 Chief Legal Officer Survey, Altman Weil
15. Beyond 1:1
Clients are no longer just
about communications
between a lawyer and
their client.
Source: Joint Legal Marketing Association and Bloomberg Law
research study – April 2018
17. Better Client Service = Law Firm Growth
Law firms that excel at client service enjoy:
• 37% higher revenue growth
• 48% higher profits per attorney
• 33.1% higher client retention
Source: BTI Client Service A-Team 2018: Survey of Law Firm Client
Service Performance
18. of consumers ask friends and
family for recommendations
when looking to hire a lawyer
Source: 2018 Legal Trends Report
20. How to generate long-term
clients
• Surveys: NPS Score
• Referring Nurturing Campaigns
• Referral and Revenue Metrics
21. ‘How likely is it that
you would
recommend
[company X] to a
friend or colleague?’
Source: ‘The One Number You Need to Grow,’ Harvard Business
Reivew, December 2003 Issue
NPS
22. Net Promoter Score
On a scale of 0-10, where ten means “extremely
likely” to recommend, five means neutral, and zero
means “not at all likely,” how likely is it you would
recommend this law firm?
0 – 1 – 2 – 3 – 4 – 5 – 6 – 7 – 8 – 9 – 10
24. The Value of Promoters
• Retention rate – Detractors have shorter and less profitable
relationships
• Pricing - Promoters are often less price sensitive than other customers.
• Annual spending - Promoters increase their purchases faster than
detractors.
• Cost efficiencies - Promoters typically cost less to serve.
• Word of mouth - More than 80% of positive referrals come from
promoters.
Source: ‘The Economics of Loyalty,’ Bain and Company, March, 23,
2012
29. Business
development is now
about moving quickly
together.
Source: ‘GlaxoSmithKline: Sourcing Complex Professional
Services,’ Harvard Business Review, February 26, 2016
34. Basic arithmetic shows which
strategies are working and which are
producing minimal, if any, ROI over a
two-year cycle in engaging in a
particular marketing activity.
- Cynthia Kaiser, Chief Marketing Officer, Rutan & Tucker, LLP
35. Measuring Return on Marketing
• Lead Source
• Number of Prospective Clients
• Conversion Rate
• Value Per Case
• Best Performing Matters
• Attorney Revenue Reporting
• Referral Sources & Amount
• Billable Hours
• NPS