Get Out of the Office!
I was speaking with a salesperson a few weeks ago who told me their law firm opened a new office in a new jurisdiction in the U.S. and their concern was about whether or not they will be able to attract talent and clients. In six months they now know the answer……a resounding yes! In fact, they have millions of dollars in new business just from going out and meeting with prospective clients. How did this happen? Three key factors contributed significantly to their success:
First, they have a seasoned sales person who knows not only how to get in the door but to get new business. Accompanied by this sales professional, the partners had a much higher chance of success at getting new business from new clients. Sales knowledge is critical to effectively compete today. While for many firms hiring a client-facing sales person is not supported by the partners, firms that have gone this route are reaping the benefits.
Second, despite the number of in-house counsel panels we’ve all heard or articles we’ve all read or consultants advising, many partners in firms could do better to listen and follow their advice. Clients will tell us that most partners do not proactively visit them, do not ask or know about their strategic priorities, and do not anticipate their clients’ legal needs. If the firm is not doing this, it is leaving the door wide open for a competitor to grab the client or a share of the client, regardless of how strong the relationship is. Attention builds relationships and relationships get business. It’s that simple.
Third, follow through is critical. It is not easy to stay in touch with a large group of contacts and clients (we recommend at least 50 quarterly) on an ongoing basis. Yet, follow through and staying connected is what helps firms retain and grow its clients, and build new business. This is particularly true during economic downturns when many individuals forget about contacts and clients who are experiencing a difficult time. Relationships matter and nurturing them on an ongoing basis is the key—in good times and in bad. The firm will always come out on top in the long run. Firms that don’t encourage partners to follow through on a regular basis are helping other firms close new business.
I’m still amazed at the opportunities lost by incumbent firms and the relatively simple solutions to stopping competitors from destroying existing relationships. It’s worth paying attention to the straight-forward factors above to protect the firm’s turf.
Silvia Coulter is a sales and marketing expert and helps firms with driving revenue, leadership and team development, sales training and coaching. She may be reached at scoulter@lawvision.com.