Although existing clients are a primary source of new business and referrals, you should by no means neglect prospecting for new clients. The key to expanding your client base is to think in terms of specific industries (healthcare or biotech, for example) rather than narrow practice areas.
In other words, market what you want, not what you do, which means establishing industry practice groups within your company.
Identify which industries you want to target
First consider your existing relationships within a particular industry, as well as your firm’s current experience, then research the profitability and sophistication of the legal work required. Look at projected industry growth in your geographic areas and consider what competing companies have done.
Strong and committed group leaders
This is a critical decision that should not be based solely on seniority or your current book of business. Industry Practice Group Chairs must be capable and effective marketers, willing to lead by example, be respected within the company, and above all, passionately committed to the Industry Practice Group model.
Determine group members
It is a good idea to let your attorneys select the group or groups for themselves. Some lawyers may want to participate in more than one group, and that’s okay. But they should declare a primary affiliation with one group, not three or four.
Develop a Practice Group Profile
Get started by having the Group President prepare a written profile setting out basic information about the Group, including current customers, referral sources, key business organizations, etc. The profile serves as a starting point for discussions and as a roadmap for the continued business development of the Group.
Hold the first meeting of the Group
We suggest working lunches that last between 60 and 90 minutes. Have a relevant agenda and handouts, track attendance, and distribute meeting notes a few days after the meeting.
Meet monthly to discuss business development.
For best results, industry practice groups should hold monthly meetings that focus solely on business development. Lunch time seems to work best for many companies.
Develop industry practice group descriptions
Keep them short and easy to read…no more than 500 words. Avoid legalese and convoluted syntax. Include short case studies that demonstrate the company’s experience in the industry. These descriptions can also serve as a springboard for the Group’s marketing materials.
Develop a group marketing plan
Keep it simple and focused. Use the techniques discussed in Chapter 1. To prospect new clients, consider participating in industry trade organizations and seminars, and providing industry-focused legal alerts and related communications.
Develop marketing plans for individual lawyers
This is the opportunity for Group members to showcase their contributions to the Group’s plan, as well as their other marketing and business development activities. The latter includes improving relationships with existing customers and referral sources, and participating in key industry trade groups.
As individual plans drive results, new customer welcome kits start a relationship on the right note. Include a letter from the managing partner, industry practice group contact list, company brochure, practice group description and a customer service commitment.
While you’re at it, ask a new customer what method (phone, email) and frequency of communication they prefer, then deliver updates and progress reports accordingly. Invite new clients to visit your offices. Present them to attorneys, paralegals, support staff, etc., including the Practice Group.
Provide the right resources
As we discussed in the planning section, most law firms spend 2-3% of gross revenue on legal marketing and business development. We encourage you to make it 3-4%. Most of this money should be invested in programs that improve relationships with existing customers and referral sources.
Measure and reward desired behavior (even when it’s not billable!)
Enlightened companies are finding ways to measure and reward non-billable contributions, including business development. Start by measuring non-billable time spent on meaningful activities. Consider establishing a bonus pool to recognize these contributions.
Look for significant results in 12-24 months
Results will not come overnight. It takes time to build relationships and see results from an effective marketing program. Look for a payback in 12-24 months. If your company develops and implements an effective marketing program targeting industry groups, you’ll see great results for years to come.