It is a safe claim that you, like many lawyers, get eighty percent of your work from twenty percent of your clients, aka whales. As the image depicts, having one or two whale clients who anchor your practice and consistently refer meaty or voluminous work will effectively provide your legal practice with value, industry and knowledge expertise, stability and economic success.
Practising law is a business and time should be your biggest ally as it is one of your dearest assets. Regardless of which billing structure you use per client matter, one of your mainstay responsibilities and motivations in your practice management should revolve around spending and tracking your time and efforts effectively and precisely.
It is fair to say that you do not originate work by simply asking for it. Instead, having a business plan that includes a section on new business is an effective platform from which to build your business and keep track of your originations. It is no small feat to land a new client. To underline your efforts in business development undertakings, you want to ensure that you share and highlight appropriate information when listing your current origination status, enabling you to exhibit your expertise and experience when forecasting your future wins.
This first video in the new After It Rains blog will focus your efforts on how to act like a rainmaker, regardless of where you currently sit in the making rain cycle. Business development is no longer the special domain of a few skilled partners. The economic downturn effectively exposed law firms to the reality that all lawyers need to actively take responsibility for their role in their business and client development initiatives.