Matters to be addressed at this Central Law Training seminar include the following:
Doing business by design not default
The economy continues to show strong growth and lawyers are busier than they have been for a while. This presents its own new set of challenges.
Making time to win the work as well as doing the work is always a challenge. In a strengthening economy, when everyone is busy, the risk is that you take your eye off the Business Development (BD) ball and it slides down the agenda. The pipeline of new business opportunities dries up. Then, you are simply reacting to what comes through the door, which may not be profitable work or the work you want.
“The time to repair the roof is when the sun is shining” – J F Kennedy
It’s also important that you don’t just “show up and play” but that you “play to win”.
The theme of this seminar is “Doing Business by Design, not Default”. We will explore strategies and tactics to help you to take control of your business development. We will also help you win more of the business you want from new and existing clients.
What successful rainmakers do differently?
In this session, we’ll look at recent research done by Harvard Business School which identifies the seven characteristics that define a successful rainmaker. This is an interactive session to explore the question – Are rainmakers born or made?
Managing your network of clients and contacts to generate new business
One of the most valuable yet under-exploited sources of new work is your network of clients and contacts.
“86% of happy clients are happy to make introductions but only 21% do” – New York Tech
…….. Why? Because they are not asked!!
Everyone recognises the value of introductions and recommendations from clients and others in their network. However, most practitioners have a very passive and reactive approach to this source of business. We’ll look at how to identify where the value (introductions and recommendations) lies in your network. We will consider strategies for enhancing the value of your network. We will also provide you with guidance on how to set up an effective system for generating introductions and recommendations.
Targeting your best clients – making the most of your Business Development effort
The challenge for you is to make sure you get a good return on the time you invest in BD. It is important to spend time with the right clients and intermediaries to optimise opportunities. This can be achieved through developing and cross- selling to existing clients or winning new clients. We’ll look at a simple tool to help you identify and target the clients that are most likely to give you work now, and in the future.
Creating value for your client
Gaining access to clients and other intermediaries nowadays is more difficult than ever. Much of the information they need to make decisions is available elsewhere. Consequently, finding ways to create value for clients is key. It is imperative to ensure that time spent with you is time well spent. Value is not delivered by talking about legal services to your clients. Value is focusing on their agenda. We’ll look at how you can use insight and thought leadership to gain access and enhance your influence with clients.
Differentiation – winning more than competitors
The false myth is that clients choose their lawyers based on price. In fact, when looking at the factors which affect a client’s choice – 18% is on price and 39% is on the effectiveness of the person trying to win the business. We’ll look at how you can differentiate yourself on the value you deliver to clients, to improve your wins.
Developing new business opportunities and winning new clients takes time, from the point at which you begin discussions, to when you get instructions. In the majority of cases, you may be displacing a competitor to get the work. Obviously, fee income is the ultimate goal, but there are other milestones along the way which are good indicators of progress and will tell you if you are doing the right things.
Listening to your clients
Delighted clients are the lifeblood of any firm. They ensure a good flow of repeat business and referral. So, listening to your clients and getting feedback on how you can continually improve should be a priority in your firm’s BD strategy.
80% of lawyers think they are delivering an above average service, only 40% of clients say they receive it
- LexisNexis Bellwether report
We will look at the key elements of an effective client- listening programme and how to use client listening skills to generate more business.