law firm business development

Law Firm Business Development

When it comes to taking the business to a new level, some law firms seem to be struggling too much. Law firm business development is not an uphill task. It only needs a commitment by the concerned parties to a business development strategy that works. This article will, therefore, highlight the best practices as far as law firm business development is concerned.

Branding

A brand actually possesses some form of power. It occupies the consciousness of the minds of the constituents of the firm. Branding is essential for business development. The value it adds is immense as it is what differentiates your law firm from others.

Well, many business development experts agree that it is a cumbersome experience to differentiate between law firms especially from the side of the customers. The reason being that many law firms offer the same services. But all in all, how can a law firm stand distinct from other law firms? The secret is viewing things from the perspective of the client. For example, clients may not necessarily be conversant with legal jargon thus, when addressing them, it might be well if you toned down on the legal jargon.

Viewing things from the perspective of the customers indeed builds your brand. If you promise to have soft skills, then, by all means, have them. The delivery of legal services to the client has to match the promise that the law firm makes. If you deliver as promised, then your brand is enhanced, while, if you do not deliver, you tarnish your brand.

Market Positioning for Law Firm Business Development

Legal firms have for some time been left behind in aspects of marketing. For law firms to develop, there is aneed for them to shift from the backward and traditional approaches to marketing. The law firms have to create a niche for themselves. This involves re-enforcing their position in the market. Market positioning involves informing clients and also prospective clients that there is a new way of doing things which is more advanced and progressive.

Embrace Thought Leadership

This is by far the most powerful tool that a law firm can leverage on for business development. It serves to benefit the law firm in the following ways:

  • It builds awareness of the brand
  • Focuses on service
  • Facilitates law firm business development

Improving the Bottom Line

For law firm business development to occur, strategic decisions have to be made in order to improve the firm’s bottom line. This applies to all businesses. One of the most workable ways of improving the bottom line is cost-cutting. Thus, internal assessments should be made to reveal activities that have high expenditures. In addition, cost-cutting initiatives should also be initiated. For example, activities that do not relate to legal affairs can be outsourced. Such activities could include:

  • Accounts
  • Information Technology, and others

In this way, the law firm can be better placed to improve its bottom line which is a prerequisite for business development.

The above-discussed aspects can be applied contextually to foster business development amongst law firms.