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Business Development Strategies for Law Firms

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Secrets to Finding and Retaining Clients

78 percent of lawyers say their greatest challenge is acquiring new clients.

Is your law firm’s business development lacking? Whether too focused on looming deadlines or uncertain of the best development approach for their area of law, many law firms do not focus enough energy on building profitable business relationships. This leaves many law firms scrambling for business when they have no work, and leaving money on the table when they are overwhelmed.

An effective business development strategy can provide a consistent client work pipeline throughout the year.

Join Joshua Lenon, Clio’s lawyer in residence, as he explores the best practices for law firm business development. In this one-hour presentation, you’ll learn:

- Which activities drive client relationships
- How to track your business development efforts
- How to calculate return on investment for paid marketing
- Why focusing solely on new clients may be hurting your law firm’s bottom line


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Business Development Strategies for Law Firms

  1. 1. #ClioWeb Business Development Strategies for Law Firms Seven Steps to Going Solo
  2. 2. #ClioWeb Joshua Lenon • Lawyer in Residence at Clio • Attorney Admitted in New York • @JoshuaLenon
  3. 3. #ClioWeb Agenda • Activities drive client relationships (10 minutes) • Track business development (10 minutes) • Return on investment for paid marketing (10 minutes) • New clients may hurt your law firm (10 minutes) • Questions (10 minutes)
  4. 4. #ClioWeb ACTIVITIES DRIVE CLIENT RELATIONSHIPS
  5. 5. #ClioWeb 78 percent of lawyers say their greatest challenge is acquiring new clients. Source: LawSitesBlog.com 07/25/2016
  6. 6. #ClioWeb We have implemented changes to address the issues. We have a plan in place but have not yet implemented it. We haven’t yet determined how to address these issues. Acquiring new client business 37% 22% 41% Source: LawSitesBlog.com 07/25/2016
  7. 7. #ClioWeb Challenges Faced in Business Development 33% 35% 46% 52% 0% 10% 20% 30% 40% 50% 60% Lawyer Participation Too Many Opportunities Competition Pricing Source: Law Firms in Transition: Marketing, Business Development and the Quest for Growth, 3/2016
  8. 8. #ClioWeb Source: BTI Client A-Team Survey 2017
  9. 9. #ClioWeb Business Magnets • Innovative Approach • Anticipates the Client’s Needs
  10. 10. #ClioWeb Price of Admission • Meets Core Scope • Handles Problems • Deals with Unexpected Changes • Keeps Clients Informed • Quality Products • Legal Skills
  11. 11. #ClioWeb Relationship Builders • Brings Together National Resources • Unprompted Communication • Regional Reputation • Helps Advise on Business Issues • Breadth of Services
  12. 12. #ClioWeb Relationship Bliss • Provides Value for the Dollar • Understands the Client’s Business • Client Focus • Commitment to Help
  13. 13. #ClioWeb
  14. 14. #ClioWeb TRACK BUSINESS DEVELOPMENT
  15. 15. #ClioWeb Tracking Business Development 24% 29% 38% 37% 44% 64% 82% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% EFFECT OF NUTURING ROI OF LEAD SOURCE NUMBER OF LEADS LEAD SOURCE INDIVIDUAL ATTORNEY GOAL GOALS BY PRACTICE WIN/LOSS Source: Law Firms in Transition: Marketing, Business Development and the Quest for Growth, 3/2016
  16. 16. #ClioWeb 2 Types of Business Development Activities 1. Traditional Networking 2. Online promotion How Clients Find Lawyers in 2015 • Relationships - 36.6% • Web - 16.5% • Offline Advertising – 5.6% • Hired Same Lawyer Again - 2.4% Source: How lawyers get found in 2015, Avvo.com, 9/10/2015
  17. 17. #ClioWeb Traditional Networking Activities 1. Be a Referral Source 2. Public Speaking 3. Community Development 4. Build a Marketing Culture Inspiration: The Business Guide to Law, Kerry Lavelle
  18. 18. #ClioWeb Online Promotion Over 80% of buyers of professional services go to your website to evaluate your capabilities, regardless of how they may have heard of you. Source: ICXLegal.com
  19. 19. #ClioWeb 6 Areas of Online Promotion 1. Blogging 2. LinkedIn 3. Effective websites 4. E-alerts 5. Online rankings 6. Ratings directories Source: 2014 Alyn-Weiss National Marketing Effectiveness Survey
  20. 20. #ClioWeb Traditional Tracking • Ask each new client where they found your firm • Delve into responses –Where did you FIRST hear about our firm? –Did you ask anyone about our firm? –Did you visit the firm website before contacting us?
  21. 21. #ClioWeb Track Client Intake Details CLIENT REFERRAL SOURCES 2016 January February March April TOTALS: Realtor referral 3 1 Accountant referral 4 Walk In Avvo 1 1 1 1 Website / Internet 2 1 1 TOTALS: Inspiration: The Business Guide to Law, Kerry Lavelle
  22. 22. #ClioWeb Track Client Intake Details MARKETING ACTIVITES 2016 January February March April TOTALS: Chamber of Commerce Events Linkedin /Posts E-blasts Google Ads Website / Internet Updates TOTALS: Inspiration: The Business Guide to Law, Kerry Lavelle
  23. 23. #ClioWeb INDIVIDUAL ATTORNEY MARKETING CHECKLIST TOP CLIENTS Name/Company Contact Date Description TOP REFERRAL SOURCES Name/Company Contact Date Description MARKETING ACTIVITIES Date Advertising Type Media Possible Business Date Follow-up Step Results Source: The Business Guide to Law, Kerry Lavelle
  24. 24. #ClioWeb
  25. 25. #ClioWeb Campaigns
  26. 26. #ClioWeb Leads in Clio
  27. 27. #ClioWeb Managing Leads
  28. 28. #ClioWeb
  29. 29. #ClioWeb
  30. 30. #ClioWeb RETURN ON INVESTMENT FOR PAID MARKETING
  31. 31. #ClioWeb The only thing more expensive than hiring a lawyer is advertising as one.
  32. 32. #ClioWeb Legal Advertising is Still Expensive -15% -10% -5% 0% 5% 10% 15% 20% 2008 2009 2010 2011 2012 2013 2014 2015 Year Over Year TV Ad Spend Growth Legal Other Source: Trial Lawyer Marketing: Broadcast, Search, & Social Strategies 10/15
  33. 33. #ClioWeb TV Ad spending go Source: Trial Lawyer Marketing: Broadcast, Search, & Social Strategies 10/15
  34. 34. #ClioWeb Top Ten Google Keywords & Cost Keyword Cost Per Click San Antonio car wreck attorney $670 Accident attorney Riverside CA $626 Personal injury attorney Colorado $553 $553 Motorcycle accident attorney Los Angeles $551 Top personal injury attorneys $551 Structured settlements $539 Car accident Orange County $507 Austin drug rehab $463 Orange County accident lawyer $450 West Palm Beach criminal lawyer $435 Source: Trial Lawyer Marketing: Broadcast, Search, & Social Strategies 10/15
  35. 35. #ClioWeb Source: AdGooroo.com 8/6/15
  36. 36. #ClioWeb Source: AdGooroo.com 8/6/15
  37. 37. #ClioWeb Rule of Thumb Law firms should spend 2-5% of annual revenue on marketing & business development Source: Ed Poll, consultant and owner of LawBiz.com
  38. 38. #ClioWeb Yes, there’s math. Desired Annual Billings X 3.7% = Your Annual Marketing Budget. Source: Dustin Ruge, How Much Should My Law Firm Spend on Marketing? 2/19/15
  39. 39. #ClioWeb My firm can determine ROI on business development 5% 37% 21% 31% 5% 0% 5% 10% 15% 20% 25% 30% 35% 40% STRONGLY DISAGREE DISAGREE UNSURE AGREE STRONGLY AGREE Source: Law Firms in Transition: Marketing, Business Development and the Quest for Growth, 3/2016
  40. 40. #ClioWeb Return on Investment Formula (Yes, there’s math part 2) (Return – Investment) Investment
  41. 41. #ClioWeb Tools to Measure ROI 1. Traditional Tracking via Manual Data Entry 2. Integrated Campaign Tracker
  42. 42. #ClioWeb
  43. 43. #ClioWeb NEW CLIENTS MAY HURT YOUR LAW FIRM
  44. 44. #ClioWeb
  45. 45. #ClioWeb Performing well for your current clients is your best business development strategy.
  46. 46. #ClioWeb Why focus on client service? Firms performing at best-in-class levels of service enjoy: • 30% higher profits • 7% rate premiums across all staffing levels • Double the fees from a single client • 35% higher client retention Source: BTI Consulting
  47. 47. #ClioWeb Client Service Factors • Transparency of price and fees • Ease of communication • Ability to track the status of the onboarding process Source: McKinsey, “Four Pillars of Distinctive Customer Journeys,” 10/10/2016
  48. 48. #ClioWeb Digital First Digital-first journeys led to higher customer- satisfaction scores, generating 10 to 20% more satisfaction than traditional journeys. Source: McKinsey, “Four Pillars of Distinctive Customer Journeys,” 10/10/2016
  49. 49. #ClioWeb Useful Content
  50. 50. #ClioWeb Link Your Clients to You
  51. 51. #ClioWeb Intake Forms
  52. 52. #ClioWeb Client Portals & Notifications
  53. 53. #ClioWeb Signatures
  54. 54. #ClioWeb
  55. 55. #ClioWeb QUESTIONS
  56. 56. #ClioWeb Thank You Joshua Lenon joshua@clio.com @JoshuaLenon Linkedin.com/in/joshualenon 1-888-858-2546 Colin McMahon Linkedin.com/in/colinmcmahonclio Support@clio.com Support.clio.com www.youtube.com/user/ClioVideo

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