business development strategies for law firms

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Business Development Strategies for Law Firms

Seven Steps to Going Solo

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Joshua Lenon• Lawyer in Residence at Clio• Attorney Admitted in New

York• @JoshuaLenon

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Agenda

• Activities drive client relationships (10 minutes)• Track business development (10 minutes)• Return on investment for paid marketing (10

minutes)• New clients may hurt your law firm (10 minutes)• Questions (10 minutes)

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ACTIVITIES DRIVE CLIENT RELATIONSHIPS

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78 percent of lawyers say their greatest challenge is acquiring new clients.

Source:LawSitesBlog.com07/25/2016

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Wehaveimplementedchangestoaddresstheissues.

Wehaveaplaninplacebuthavenotyetimplementedit.

Wehaven’tyetdeterminedhowtoaddresstheseissues.

Acquiringnewclientbusiness 37% 22% 41%

Source:LawSitesBlog.com07/25/2016

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Challenges Faced in Business Development

33%

35%

46%

52%

0% 10% 20% 30% 40% 50% 60%

LawyerParticipation

TooManyOpportunities

Competition

Pricing

Source:LawFirmsinTransition:Marketing,BusinessDevelopmentandtheQuestforGrowth,3/2016

#ClioWeb Source:BTIClientA-TeamSurvey2017

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Business Magnets

• Innovative Approach• Anticipates the Client’s Needs

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Price of Admission

• Meets Core Scope • Handles Problems• Deals with Unexpected Changes• Keeps Clients Informed• Quality Products• Legal Skills

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Relationship Builders

• Brings Together National Resources • Unprompted Communication• Regional Reputation • Helps Advise on Business Issues • Breadth of Services

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Relationship Bliss

• Provides Value for the Dollar • Understands the Client’s Business • Client Focus • Commitment to Help

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TRACK BUSINESS DEVELOPMENT

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Tracking Business Development

24%

29%

38%

37%

44%

64%

82%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

EFFECTOFNUTURING

ROIOFLEADSOURCE

NUMBEROFLEADS

LEADSOURCE

INDIVIDUALATTORNEYGOAL

GOALSBYPRACTICE

WIN/LOSS


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2 Types of Business Development Activities

1. Traditional Networking

2. Online promotion

How Clients Find Lawyers in 2015

• Relationships - 36.6% • Web - 16.5% • Offline Advertising – 5.6%• Hired Same Lawyer Again -

2.4%

Source:Howlawyersgetfoundin2015,Avvo.com,9/10/2015

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Traditional Networking Activities

1. Be a Referral Source2. Public Speaking3. Community Development4. Build a Marketing Culture

Inspiration:TheBusinessGuidetoLaw,KerryLavelle

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Online Promotion

Over 80% of buyers of professional services go to your website to evaluate your capabilities,

regardless of how they may have heard of you.

Source: ICXLegal.com

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6 Areas of Online Promotion

1. Blogging2. LinkedIn3. Effective websites4. E-alerts5. Online rankings6. Ratings directories

Source:2014Alyn-WeissNationalMarketingEffectivenessSurvey

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Traditional Tracking

•Ask each new client where they found your firm•Delve into responses–Where did you FIRST hear about our firm?–Did you ask anyone about our firm?–Did you visit the firm website before contacting us?

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Track Client Intake Details

CLIENTREFERRALSOURCES

2016 January February March April TOTALS:

Realtorreferral 3 1

Accountantreferral

4

WalkIn

Avvo 1 1 1 1

Website /Internet

2 1 1

TOTALS:


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Track Client Intake Details

MARKETINGACTIVITES

2016 January February March April TOTALS:

ChamberofCommerceEvents

Linkedin /Posts

E-blasts

GoogleAds

Website /InternetUpdates

TOTALS:


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INDIVIDUAL ATTORNEYMARKETINGCHECKLIST

TOP CLIENTS

Name/Company ContactDate Description

TOP REFERRALSOURCES

Name/Company ContactDate Description

MARKETINGACTIVITIES

Date AdvertisingType

Media PossibleBusiness

Date Follow-upStep

Results

Source:TheBusinessGuidetoLaw,KerryLavelle

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Campaigns

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Leads in Clio

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Managing Leads

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RETURN ON INVESTMENT FOR PAID MARKETING

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The only thing more expensive than hiring a lawyer is advertising as one.

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Legal Advertising is Still Expensive

-15%

-10%

-5%

0%

5%

10%

15%

20%

2008 2009 2010 2011 2012 2013 2014 2015

YearOverYearT

VAd

Spe

ndGrowth

Legal

Other

Source:TrialLawyerMarketing:Broadcast,Search,&SocialStrategies10/15

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TV Ad spending go


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Top Ten Google Keywords & CostKeyword CostPerClick

SanAntoniocarwreckattorney $670

AccidentattorneyRiversideCA $626

PersonalinjuryattorneyColorado$553 $553

MotorcycleaccidentattorneyLosAngeles $551

Toppersonalinjuryattorneys $551

Structuredsettlements $539

CaraccidentOrangeCounty $507

Austindrugrehab $463

OrangeCountyaccidentlawyer $450

WestPalmBeachcriminallawyer $435


#ClioWeb Source:AdGooroo.com 8/6/15

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Rule of Thumb

Law firms should spend 2-5% of annual revenue on

marketing & business development

Source: EdPoll,consultantandownerofLawBiz.com

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Yes, there’s math.

Desired Annual Billings X 3.7% = Your Annual Marketing Budget.

Source: DustinRuge,HowMuchShouldMyLawFirmSpendonMarketing?2/19/15

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My firm can determine ROI on business development

5%

37%

21%

31%

5%

0% 5% 10% 15% 20% 25% 30% 35% 40%

STRONGLYDISAGREE

DISAGREE

UNSURE

AGREE

STRONGLYAGREE


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Return on Investment Formula (Yes, there’s math part 2)

(Return – Investment)Investment

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Tools to Measure ROI

1. Traditional Tracking via Manual Data Entry2. Integrated Campaign Tracker

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NEW CLIENTS MAY HURT YOUR LAW FIRM

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Performing well for your current clients is your best business development strategy.

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Why focus on client service?

Firms performing at best-in-class levels of service enjoy:• 30% higher profits• 7% rate premiums across all staffing levels• Double the fees from a single client• 35% higher client retention

Source:BTIConsulting

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Client Service Factors

• Transparency of price and fees• Ease of communication • Ability to track the status of the onboarding process

Source:McKinsey,“FourPillarsofDistinctiveCustomerJourneys,”10/10/2016

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Digital First

Digital-first journeys led to higher customer-satisfaction scores, generating 10 to 20% more

satisfaction than traditional journeys.

Source:McKinsey,“FourPillarsofDistinctiveCustomerJourneys,”10/10/2016

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Useful Content

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Link Your Clients to You

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Intake Forms

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Client Portals & Notifications

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Signatures

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QUESTIONS

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Thank You

Joshua Lenon

[email protected]

@JoshuaLenon

Linkedin.com/in/joshualenon

1-888-858-2546

Colin McMahon

Linkedin.com/in/colinmcmahonclio

[email protected]

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