Converting clients in the legal industry can often feel like a game of hit or miss.
Competition is fierce, and new client instructions are the holy grail, yet too often, lawyers haven’t been taught how to build their own practice until there’s a pressing need to do so (i.e. bring in clients).
One way to make sure you land more hits than misses is to not fall into the trap of spending too much time effort on marketing at the expense of your business development (BD).
Being a successful lawyer requires so much more than a strong grasp of the law – you need to be able to bring in work and do it consistently.
It’s so easy to just focus on marketing 𝘰𝘳 BD, but if you do, you can find yourself with:
a) an engaged audience who aren’t warm enough to become clients, or
b) immediate clients without a pipeline for the future.
The two activities are definitely interlinked but play different roles in building a pipeline and client base.
Here’s a breakdown of the differences, and why you shouldn’t be doing 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 it’s 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 it 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.
Interested in finding out more about how to do better BD? Read our article: Unlocking the secrets of rainmaker partners: the Activator approach or if you’re more visual check out Gemma’s recent LinkedIn post here.
