How do you track the results you get from your business development efforts? I recently spoke with a potential client and asked that question. Her response? ”I don’t need to track my results. I know what’s working.” She had a $25,000 book of business, and based on our conversation, I suspect she could triple that relatively quickly just by getting clear on what was and wasn’t working in her rainmaking.
When you’re working on legal business development, having some sense of which activities are profitable is extremely important as you determine whether to discontinue or to increase your involvement with that activity. Unfortunately, an informal, memory-based, qualitative system for tracking results is not sufficient. Memories fade and may be inaccurate. Just as mental tracking is unreliable for balancing a checkbook, it is insufficient for making decisions about business development activity.
Every lawyer should have a client intake routine that includes determining how that client became aware of you and your practice. Consider incorporating into your client intake form a question that asks, “How did you find out about me/this firm?”
Warning: Being a fungible billing unit is bad for growing your law practice!
Newsletters offer a way to stay in contact with a large number of contacts easily, consistently, and productively. Newsletters focus on substantive information, and assuming you’ve defined your areas of practice carefully enough, your content will be valuable to recipients and therefore welcome. Better yet, if your topics are timely and if you include an appropriate call to action, you may even receive requests for assistance on matters related to your writing.
This month, I’ve selected quotes from some terrific blog posts about relationship. Read the quotes, and then go check out these posts. They’re too good to miss.
One of the primary objections lawyers have to business development is that business development equals sales, and
My clients often tell me that they don’t need to track rainmaking results, that they just know what’s working and what isn’t. Keeping records may seem inconvenient and unnecessary. In reality, though, simple tracking will help you to get better results in business development.
A few years ago, I had to drive to an important business meeting in an unfamiliar city. Because this was before I had GPS, I printed out directions before leaving my office, so I had a good idea of where I was going. The sun was beaming down and my “pump me up” playlist was blaring, and I was feeling really good.
I recently spent nearly two hours sitting at an airport gate, sitting about 5 feet behind a stand with Delta American Express card representatives. You’ve probably seen these stands: a table to the side of a concourse, with various promotional freebies, application forms neatly stacked, and one or two hawkers, trying desperately to get people to pause and fill out an application.