Managing Partner » Growth strategies In A Stagnant Legal Market

Growth strategies In A Stagnant Legal Market

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May 11, 2018

Law firms are struggling to find new business and stay profitable, and given a choice between increasing rates and cutting expenses, and investing in smart development strategies, the latter is more likely to succeed. The most successful tactic is sales and business coaching. Client education is number two, and asking clients for referrals is another good strategy. It works best when senior partners do the asking. Because legal services is not a growth industry, law firms would be well-advised to increase the miserly average 2.3 percent of revenue they spend on marketing to something closer to the norm in other industries, which is more than 11 percent. There are other tactics that work, but what all strategies for acquiring new business have in common is the imperative to get out from behind the desk and have meetings with clients. The most effective tactics are personal and targeted, not generalized for mass audiences. Make time to visit clients, take key clients out to dinner, or even attend industry events.

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