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Business Development

3 ways B2B law firms and corporate counsel can start 2020 on a high note

Your pumpkin spice latte might still be hot, but rest assured, the days of peppermint mocha and year-end checklists are at hand. For professionals facing the tail end of 2019, there is no shortage of task lists and advice on how to take care of business. But for law firms, one of the best business moves you can make is preparing your clients for next year – possibly in ways they haven’t even considered.

Every sales professional knows, a little proactive attention can go a long way towards securing goodwill and future business. Fortunately, there’s still time to kick off some valuable conversations and set both you and your clients up for a strong 2020. So order up another espresso and let’s see three examples of what you can do for your clients in the next few weeks. (NOTE: A paid Practical Law subscription or free trial is required for the assets linked within this post.)

Deliver a tactical service

For starters, consider large law firms and corporate counsel. These lawyers, and their clients, are traditionally focused on the future. But even a sales-driven organization still has some year-end bookkeeping to attend. It makes sense, then, that one of October’s most popular assets on Practical Law was the 2019 End of Year Executive Compensation Checklist.

Attorneys use this document to understand what actions employers should take before the end of the 2019 calendar year. Businesses need to ensure their executive compensation programs reflect best practices and comply with federal law, and a guideline like this clarifies that process. The resource also discusses steps that public company employers should take before the end of the year to ensure that their executive compensation practices comply with stock exchange listing standards and to prepare for the upcoming proxy disclosure season.

Provide an educational opportunity

Looking for something less tactical? Consider educating your clients for next year. Despite the idea of knowing enough to be dangerous, it’s important that your clients understand the basic terms and concepts that are relevant to their businesses. It helps them better understand how to apply your services, and it removes some of the mystery surrounding why you do what you do. When clients understand your motivations and the complexities of your work, they gain a better sense of the true value you provide.

Another trending asset in Practical Law this season has been a PowerPoint presentation on Contract Basics. This is a customizable document that can be used by counsel to train employees of a US company who routinely negotiate commercial contracts. It gives a high-level overview of the meaning of key contractual provisions and explains how they function to achieve the intended goals of the contracting parties. For businesses looking to expand in 2020, there’s critical value in having an educated and informed contract negotiation team. Bring this information to the table, and you’re setting your clients up for success next year.

Offer a view of what’s next

The trend towards legalized marijuana continues to dominate news cycles and state legislatures alike. Depending on your state’s particular position on the topic, providing some perspective on the issues surrounding cannabis has the potential to be relevant to your clients.

Those businesses involved in the cultivation, distribution, sale, and use of cannabis and its derivatives are obviously in need of ongoing information. But employers and businesses in seemingly unrelated industries should also be aware of major changes to the law, including gray areas around what is now acceptable after decades of relative clarity on the issue.

Once again, the activity of Practical Law users points the way. The recently released Cannabis Toolkit collects all manner of resources on this hot topic so that law firms can equip themselves with the necessary knowledge and resources to participate in this space as it develops.

Not seeing anything that applies to your clients? These are just three trending examples of popular content within Practical Law. If your firm and clients have other needs, consider which tactical, educational, or strategic services might apply, then turn to Practical Law to set you on your path.

Not a Practical Law user? Your free trial is just a click away.

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