Driving successful business development and client retention
Winning new clients and growing share of wallet with existing clients is a critical part of your practice. Finding time to meet with prospects or market yourself can be challenging when you’re busy with client work. And associates and more junior partners face the added barrier of not having an established network to connect with.
Clients want to work with lawyers they know, like, and trust. Thought leadership content showcases your firm’s expertise, helping prospects trust you and reminding existing clients of your value.
One of the many benefits of Practical Law is that it can take the extra effort out of many business development activities, clearing the way for more time to do all the work your new clients are demanding of you.
Jump to ↓
Using your expertise to grow your client list
Driving retention and share of wallet with excellent service and results
Using your expertise to grow your client list
Thought leadership is an important tool for building credibility and attracting new business. When you can be seen as a resource for people before they pay you, they’re likely to think of you when they have a substantive matter to tackle.
Provide complimentary training on important issues. Industry and community trainings provide a great way for people to get to know you and understand their need for legal representation. But developing training materials can take up significant non-billable time.
Instead of starting from scratch, quickly download and customize ready-made, regularly updated PowerPoint presentations that explain risk and compliance issues in terms non-lawyers can understand. You can use Practical Law’s Presentation Materials to jumpstart the creation of your training materials with recent, relevant examples.
Stay top of mind with prospects and clients by sending news they can use. Your marketing team may want you to write more blog articles or post on LinkedIn more often. But communicating about legal developments isn’t always the most pressing item on your to do list. Instead of looking for inspiration and writing from scratch, use Practical Law Legal Updates as your first draft. You can add your own perspective as appropriate without spending your own time writing up the basics. This can increase your visibility and help you build trust with prospects.
Spend more time getting to know clients’ businesses. It can be hard to find time to gain deeper insights into your clients’ commercial growth goals and risk mitigation strategies. Impress prospects in your initial meetings by demonstrating you know their industry and business well. You’ll have time for this reconnaissance when you optimize your research and drafting processes by leveraging reliable Practical Law know-how.
 |
Driving retention and share of wallet with excellent service and results
Of course, increasing your share of wallet with existing clients is an important – and efficient – source of revenue. You can increase your chances of earning ongoing business with great client service. Know-how tools from Practical Law can help you achieve this efficiently.
Impress clients with your ability to respond quickly— and stand out from your competitors. Inefficient research processes and unreliable sources of guidance can slow your response time. By using the regularly updated and “Maintained” documents and resources on Practical Law, you can provide reliable answers quickly. Clients who see matters being turned around faster are more inclined to send new matters your way. This can also help you be more profitable on fixed fee arrangements.
Expand your firm’s expertise to provide services outside your current practice areas. Many firms have to say no to potential work because it doesn’t fall within their existing areas of expertise. Even if you have limited previous experience with a matter, task, or practice area, you can get up to speed fast using Practical Law Practice Notes and Checklists. This gives you the confidence to take on the project that you may have referred to someone else in the past.
Competence, at all levels of the firm. Junior attorneys are sometimes just learning the ropes and can make mistakes. Even senior attorneys may sometimes rely on out-of-date or not entirely applicable precedents on first drafts. Equip your team with step-by-step guidance and instantly downloadable model contracts reflecting current law and practice. What’s more, Practical Law Standard Documents include integrated drafting tips, providing the value of a senior colleague even when one is not available.
Know-how leads to growth
Growing law firm revenue is critical for partners and those who want to make partner. The know-how resources in Practical Law can serve as the foundation of great thought leadership and exceptional client service – two major components of law firm business development. They can help you establish yourself as a trusted resource to prospects. Know-how resources can also help extend the capabilities and improve the response time of all the attorneys in your firm.
Support your business development and client service with know-how resources in Practical Law. Request your free demo to learn more.
Practical Law Dynamic Tool Set with CoCounsel
Enhance your daily work with time-saving tools and resources
Browse features ↗
