One of my clients asked me how long it should take to build a book of business from scratch. The consultant's answer is 'it depends'. The realists answer is 'longer than you want it to'. The pragmatists' answer is 'anywhere from 18 to 36 months if you are disciplined, consistent and strategic. Longer if its not a priority for you every day.
But her question is a good one and deserves some understanding. In my experience, law firm leaders expect an attorney's book of business to grow quickly. Often, this expectation is held without strong marketing and client development training and support systems in place. It's not unusual to see a year go by and mounting frustration on both the leadership's part and the attorney's part that more business has not been brought in.
But is this a fair expectation?
Let's look at some common metrics and try to answer this question. In most industries, it is understood that there is roughly a 10:1 ratio of attempts to success. In my experience, it's no different in law firms. That is, for every ten 'cold' calls or pitches you make to a prospective client, one will emerge into a serious discussion about retaining your services. And of the ones that do get some degree of traction (IE. a proposal is requested, a meeting agreed to, etc.) only about 30% of these will actually close.
So, if you do the math, the business development activity level required to build a book of business from scratch is monumental. In my experience, attorneys with all the tools in place (and this is rarely the case) will begin to see results from a consistent business development program in between 18 and 36 months.
In my opinion, law firm leaders should align their expectations with the reality of the sophisticated complex sales paradigm of professional service sales. And, then support their attorneys with the guidance and tools in order for them to be successful.
Tuesday, May 7, 2013
Monday, May 6, 2013
Retain Clients by Being Business Friendly
Retaining clients is a function of doing good quality work at a competitive price plus one more thing: being easy to work with.
What can you do to be easier to do business with? Start by looking at your business through your client's eyes. Call your receptionist so you can hear how the receptionist answers the phone. Sit in the lobby of your office. Experience what you clients experience.
Review your marketing materials, client correspondence and engagement letters. Are they easy to read? Is legal jargon kept to a minimum? Is the style of writing appropriate to the audience? Are accounts receivable policies friendly and easy with which to comply? Do you give your clients choices in how to pay your bill? Do you check in frequently with clients to make sure they are satisfied? Do you answer your phone promptly? Are clients given your cell phone number so that they can ask you questions at any time of day?
Many law firms and attorneys structure their policies and operations for their own convenience. But the attorneys who retain long term client relationships do so in part because they have configured their service delivery for the convenience of their clients.
What can you do to make it easier for your clients to do business with you?
If you'd like to become easier to work with, call Eric at 502-693-4731. You'll find that I am an eager resource and that it costs nothing to talk.
What can you do to be easier to do business with? Start by looking at your business through your client's eyes. Call your receptionist so you can hear how the receptionist answers the phone. Sit in the lobby of your office. Experience what you clients experience.
Review your marketing materials, client correspondence and engagement letters. Are they easy to read? Is legal jargon kept to a minimum? Is the style of writing appropriate to the audience? Are accounts receivable policies friendly and easy with which to comply? Do you give your clients choices in how to pay your bill? Do you check in frequently with clients to make sure they are satisfied? Do you answer your phone promptly? Are clients given your cell phone number so that they can ask you questions at any time of day?
Many law firms and attorneys structure their policies and operations for their own convenience. But the attorneys who retain long term client relationships do so in part because they have configured their service delivery for the convenience of their clients.
What can you do to make it easier for your clients to do business with you?
If you'd like to become easier to work with, call Eric at 502-693-4731. You'll find that I am an eager resource and that it costs nothing to talk.
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