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9 GROWTH STRATEGIES AND TACTICS from Industry Insiders

Prior to 2008, the legal market was experiencing a 4-6% annual growth in demand. Today, the demand for legal services has stalled at 0%, according to the Thomson Reuters' 2018 Report on the State of the Legal Market. Combine this with the fact that an HBR Consulting survey found that corporate clients have increased their internal legal spend by 4% to cut outside counsel costs, and it appears as though independent law firms are losing their share of the market.

But the good news is, with the right strategic focus and insight, your law firm can stem the tide, raise awareness for your firm, and lock down new business.

And thanks to the insights of nine law firm marketing experts, below you'll see their top strategies and ideas to help you grow your firm in today's contentious legal market.

1 JOHN REMSEN JR.
Remember: Clients Hire Lawyers, Not Firms

John Remsen Jr., the President and CEO of Managing Partner Forum, suggests that the best way to secure your firm's future is through relationships.

"Generally, clients hire lawyers, not law firms. And they hire lawyers they know, like and trust," he explained. "Looking ahead to 2020, building and maintaining trusted relationships—especially with current clients and referral sources—will become more important than ever. It starts with demonstrating that you care by delivering great service, by knowing your client, her business and her industry. Beyond that, visit your clients on a regular basis. Break bread with your key contacts from time to time. Invest in relationships. You can't buy them. They must be earned over time."

2 FRANK STRONG
Increase Relationship ROI Through Technology

Founder and President of Sword and the Script Media, LLC, Frank Strong, believes technology needs to play a bigger role in relationship development and management, helping firms get a greater ROI from their contacts. He predicts that "by 2020, most large law firms will reaffirm that relationships still matter in law firm business development, but how they manage those relationships will be heavily augmented with technology."

For example, relationship analytics tools automatically track and measure the activity and connections of all of your firm's relationships to determine whether your firm's relationships are growing stronger or declining. Based on the health of your relationships, your team can then proactively manage important accounts or protect at-risk contacts from going with your competition.

3 JILL S. WEBER
Automate Processes Through Artificial Intelligence (AI)

Another proponent of technology is Jill S. Weber, the Chief Marketing and Business Development Officer for Stinson Leonard Street, and the Past President of the Legal Marketing Association. She believes law firms need to utilize AI technology to increase lawyer productivity and provide superior service.

"We're starting to see some law firms implement what I call AI platforms. This is where processes that might have been handled manually by a team of lawyers can now be automated," Jill says. "They can do things via technology that reduces the time it takes to get clients an answer, significantly reduces client cost, and enables access to information 24/7. Clients will no longer have to wait for a lawyer to call them back. This technology is just beginning to develop and emerge for law firms."

For example, the average CRM user spends 5.5 hours each week on manual data entry tasks. But through CRM automation tools like Introhive, those mundane data entry and management tasks are eliminated, increasing both lawyer and partner productivity in the process.

Introhive's customer Fenwick & West, LLP, a California-based law firm with over 350 attorneys, is leveraging Introhive's relationship intelligence and AI powered automation to increase efficiency across their marketing and business development functions. Specifically, the firm is integrating Introhive data with their CRM and financial system and using tools like Tableau business intelligence (BI) platform and Excel to analyze the firm's widespread data to improve data integrity, contact management and relationship intelligence. Click here to download their story.

4 DAVID ACKERT
Adopt a One-to-One Approach

David Ackert, the President of Ackert Inc., suggests that law firms need to bring it back to basics with more one-to-one marketing efforts instead of mass marketing strategies.

"The most effective revenue generation strategies across lawyer and firm demographics involve a one-to-one rather than a one-to-many approach," David starts. "Individual business development conversations with clients and referral sources generate better results than one-to-many marketing activities like advertising and PR, with the noteworthy exception of thought leadership, which is often used to initiate one-to-one conversations on topical issues."

5 VANESSA HILL
Take Advantage of Social Selling

As the marketing coordinator for McManis Faulkner, a major law firm in Silicon Valley, Vanessa Hill credits social media and social selling for their marketing success.

"An active social media presence is just as important as your firm's website," she says.

Vanessa encourages lawyers to pick a social media platform that will benefit the firm and their connections—and to stick to it. In addition, firms should help lawyers share valuable content with their connections by making content easily accessible and shareable through employee advocacy platforms.

6 MICHELE RUIZ
Create a Content Marketing Strategy

Award-winning broadcast journalist and author of "Content Marketing for Lawyers," Michele Ruiz believes becoming a thought leader will help firms grow.

"The firms that have quality content online, and an effective social media strategy to distribute that content, are building their firm brand and their personal brand—and a strong book of business—effectively and cost-efficiently," Michele says.

"They are also winning clients over their competition," she adds. "Here's the big takeaway: A content marketing strategy that is client-centric helps not only attract clients but helps retain clients."

7 HEIDI K. GARDNER
Enable Better Collaboration

Heidi K. Gardner, a Distinguished Fellow and Lecturer on Law at Harvard Law School, sees the need for firms to bring lawyers together.

"Lawyers who collaborate earn higher margins, build trust with their colleagues, gain access to more lucrative clients, and attract more cutting-edge work," Heidi states. "Lawyers who want to operate in this way need to share marketing and business development information with each other. Those who don't collaborate are missing out on significant growth, revenues, and profits—and risk that their siloed work becomes commoditized."

8 YOLANDA CARTUSCIELLO
Share Your Hero Moments

According to Yolanda Cartusciello, Partner at PP&C Consulting, sharing stories of past success is the key to motivating prospects and partners.

"Tell the 'hero stories' about the success that sharing has brought to the firm," she says. "Demonstrate that it has brought more money, work, and prestige to the firm. That may motivate partners, as well."

9 JOSHUA LENON
Actively Seek Client Feedback

Joshua Lenon, the Lawyer in Residence and Data Protection Officer at Clio, knows that firm growth isn't all about sales, it's also about retention.

"Begin soliciting feedback formally from clients," he suggests. "Firms that listen to client feedback have a 30% higher client retention rate."

And considering the fact that improving your retention rate by just 5% has been known to increase profits by 25% to 95%, listening and acting on client feedback isn't something law firms can ignore.

WHAT'S NEXT?

Today's legal market is undergoing a significant shift. But the advice and tactics above can help your firm reach success in a struggling marketplace. So, if you're in the process of creating your law firm's marketing plan, consider incorporating the strategies above such as asking for client feedback, demonstrating case studies, encouraging collaboration, automating mundane processes, and more.

Joe Przybyla

Joe Przybyla is the Sales Director at Introhive. Introhive syncs with your existing CRM system to automatically update client and contact records. Learn more at Introhive.com.

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Filed Under: Featured StoriesPractice Management

About the Author: Joe Przybyla is the Sales Director at Introhive. Introhive syncs with your existing CRM system to automatically update client and contact records. Learn more at Introhive.com.

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