denotes premium content | Feb 7 2012 Feature
posted 22 Apr 2010 in Volume 2 Issue 3
BUILDING A book of business takes time and so often it seems as if we, as professional women, barely have enough time to do all the things we are already doing. If last year is any indicator, the chances are that developing business will be an even greater priority in 2010 than it was in 2009. Regardless of whether you are a lawyer in a large firm or a small one, a partner or an associate, a sole practitioner or a lawyer re-entering private practice, your ability to find time to devote to business development will make a difference. So what can you do to get the greatest business development return for the most efficient amount of time investment?
Prioritise and plan
Even a simple business plan or list of 2010 business development action items can help you save time and keep your efforts focused. Invest the time upfront to clarify what you want to accomplish and set out how plan to achieve this. Then stick with this plan. As new, unexpected opportunities present themselves, use your plan as a benchmark to assess whether the additional time and effort required is aligned with your goals or not, then act accordingly.
Nurture your existing relationships
Prioritise your time by investing in the relationships that you already have; including clients, potential clients, referral sources, alumna, existing networking contacts, and community involvement colleagues. Create a follow up system to make certain you stay in touch with each of your contacts on a regular basis. Most new work comes through existing clients or through contacts that stem from those existing relationships. Working a room of people you don’t know in the hope of making new contacts has its place, but it is no substitute for nurturing and growing the relationships you already have.
Tap into internal relationships
Explore whether the other lawyers in your firm have relationships that can be expanded to obtain work in additional areas of practice. This can yield a greater return on investment than seeking new relationships alone. When approaching colleagues about the possibilities, do your homework first. Begin with the lawyers who are most receptive to joint marketing. Approach cross-selling discussions with well thought-out suggestions on how an expanded relationship can provide added value to the lawyer, the firm, and the client.
Refine your referral network
Invest the time upfront to create a comprehensive referral network of your own and it will give you a greater return on investment in the long run. Rather than ask others for a referral source that they would suggest when a need arises, be proactive and identify your own contacts ahead of time. Using other people’s referral contacts typically results in the business being returned to them, not you. Choose your referrals wisely. Be selective, seek quality, and consider those, especially women, who are in the best position to reciprocate when the opportunity presents itself. Then track the flow and refine as needed.
Work together
Co-author, co-present, co-sponsor, and co-panel with clients and contacts. Such endeavours typically save time (less work for greater return) while naturally taking relationships to a new level. Joint responsibility and shared experiences create lasting impressions that are not easily forgotten, so make certain they are your best. Activities done in tandem may also give you access to your contact’s network, mailing list, or industry colleagues.
Likewise, if you are going to a networking event, annual conference, seminar, or continuing legal education programme, consider asking a client, in-house counsel, or contact to attend with you. Here again, plan ahead and keep a list of those relationships that you would like to grow in this way.
Marianne M. Trost is “The Women Lawyers Coach”. She can be reached at www.thewomenlawyerscoach.com
