Let’s be honest: Being a lawyer is a tough gig.
Competition is fierce, and new client instructions are the holy grail, yet fairly often, lawyers haven’t been taught how to build their own practice until there’s a pressing need to do so.
Understanding the distinction between Business Development (BD) and marketing is a game-changer for your career.
These two disciplines may seem similar on the surface, but they play vastly different roles in the success of a law firm, and to your own personal development.
In this article, we’ll delve into the nuances of BD and marketing and explain why knowing the difference is crucial for your professional growth, and most importantly, why you can’t (or shouldn’t) really have one without the other.
BD: The personal touch
BD in a law firm context is all about the personal touch. It involves one-on-one interactions with clients, prospects, and key contacts. Here’s why BD is so important:
1. Client-centric approach: BD revolves around nurturing existing client relationships and establishing new ones. It’s about understanding your prospects’ and clients’ needs, anticipating their legal requirements, and providing tailored solutions.
Put it into practice: Schedule regular client meetings to discuss their legal needs and concerns, but most importantly, to chat with them on a human level. Listen actively, ask open-ended questions, and demonstrate your commitment to understanding and helping them with the challenges they’re facing.
2. Revenue Growth: BD efforts directly contribute to revenue growth. This means identifying cross-selling opportunities, collaborating with colleagues from different practice areas, spotting potential areas of expansion for your firm and converting prospects into clients.
Put it into practice: The best place to start BD is at home (your own firm). Networking with colleagues from different practice areas is as important as with external contacts. Identify opportunities to cross-sell services to existing clients.
3. Building relationships: BD involves actively expanding your network. Building strong connections within your practice area or industry with potential clients and intermediaries is key to opening doors for new opportunities.
Put it into practice: Attend industry-specific events. Follow up with new contacts promptly and consider organising or inviting them to firm events or for a coffee to showcase both yours and your firm’s expertise.
Marketing: The bigger picture
Marketing, on the other hand, takes a more holistic approach. It’s about creating a brand presence and crafting messaging that resonates with a broader audience. Here’s why marketing matters:
1. Brand visibility: Effective marketing enhances your law firm’s visibility and reputation. It ensures that your firm is recognised and trusted by a wider audience, which can lead to increased referrals and new client enquiries.
Put it into practice: Start building your personal brand on LinkedIn. Share regular content and engage with people in your industry – this is a great way to showcase your expertise (and personality).
2. Thought leadership: Marketing through thought leadership trumps flyers/brochures every time – it’s a way of demonstrating your expertise rather than asserting it, positioning you and your firm as an expert.
Put it into practice: Write articles or blog posts on emerging legal/industry trends and share them on your website and LinkedIn. Note: getting your article placed in an external industry-focused publication will always have more impact than just publishing onto your firm’s website/ LinkedIn company page – it will reach a wider, often more engaged, audience and adds to brand credibility.
Why understanding the difference matters and how to implement it
Marketing sets the scene and gives you credibility, whereas BD helps you to turn it into a conversation, and in time, a relationship (and hopefully revenue).
Understanding the difference matters because it gives you the ability to cover both angles, in an environment where so many do one or the other. This goes some way to giving you a competitive edge.
Example scenario: speaking at a seminar
Marketing aspects:
- You, your firm and the event organiser sharing details on social media before and after the event
- Your speaker bio in the seminar brochure
- Speaking at the seminar
BD aspects:
- Sending personal invitations to 2 – 5 contacts/target clients you know would benefit from hearing the topic you’re speaking about
- Researching attendees beforehand and compiling a shortlist of people you’d like to meet, and seeking them out
- Following up with audience members who had specific questions to continue the conversation
Ideally you would do all of these things – build your brand and your network.
