Something's stirring up business development in the legal industry
Boosting practice revenue with a new data-driven approach to business development
There's a new way of winning business in professional services: it's more scalable, more systematic, and entirely measurable. And it's helping the most innovative law firms run circles around their competitors.
Out with the old
For generations, client acquisition in law firms was seen as part of a fee-earner’s professional capital. Ownership of contacts and knowledge of long-nurtured relationships lodged firmly in the heads and Rolodexes of senior partners.
In with the new
Digital transformation has arrived and it’s bringing with it new ways of looking at law firm growth. Some forward-looking firms have recently established dedicated business development, digital and innovation teams.
Cue the nons
A new generation of non-lawyer sales professionals is entering the industry. They’re tech-confident, digitally savvy and data-empowered. To boost revenue for the law practices they work for, they’re focusing on six areas:
Unearthing data all around the organisation
They use all the data in their organisation including CRM, back-office data from case management, practice management, client onboarding and so on, to build a compete view of prospective clients.
Sharing knowledge with each other
They share contacts, content, insights and best practice. They help colleagues spot opportunities for new business in existing relationships and across sectors and support them in nurturing and closing sales.
Using technology to carry out non-value-adding tasks
Researching prospects is a bread-and-butter task for good salespeople, but it’s time-consuming. Technology that pulls in data from online tools and social feeds takes a lot of the legwork away.
Building a complete view of a prospect
A data-driven approach to sales allows you to cross-sell to different touchpoints within a client across practices. That requires a central knowledge base that’s accessible to everyone who needs it.
Segmenting clients in a meaningful way
Smart business developers pool all their experiences, insights, and data to inform segmentation strategies – for example which approaches work well with which sectors, job titles or business types.
Running analytics and demonstrating ROI
They use performance data to demonstrate the value of their own function and show business they’ve won. They use insight to inform best practice and build a repeatable sales methodology.
Keen to learn more?
Forward-looking practices are nurturing these new sales professionals and equipping them with the solutions they need to get business in. We’ve written an e-book about how to choose the tools they need and smart ways of using data to boost sales in the legal industry. It’s full of good ideas for anyone looking to drive business for their firm, and it’s entirely free.DOWNLOAD THE PLAYBOOK
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