Achieving your business goals doesn’t happen accidentally—just ask anyone who’s been labeled an overnight success. It takes years of focus, trial and error, relationship building, and planning. By leveraging thoughtful insight and targeted approaches, attorneys can develop effective business development strategies, and turn their goals into successful realities.
Business development is simply discovering and creating value for your firm by implementing strategic efforts to grow relationships and identify opportunities within existing and new markets.
Two of my clients, Alexander Davis of Mayer Brown and Kathryn McConnell of Littler Mendelson shared their key takeaways for creating actionable BD plans. They both agreed that accountability and focusing on helping others are the cornerstones of their success.
Building a Successful Plan
When constructing dynamic BD plans, be proactive, adaptive, and client focused. Allow the plan to grow and change over time; it should be a tool that’s reviewed as a part of your daily routine. Commit to continual improvement and innovation, and be willing to adapt strategies as the market evolves.
Use your firm resources to your advantage, tapping into professionals who can assist with research, marketing strategies, obtaining client feedback, evaluating pricing information, and any other area that will strengthen your efforts and keep you on track to success.
Let’s discuss strategies for constructing effective BD plans, drawing from the expertise of Davis and McConnell:
Expand networking horizons. To develop a successful network of prospective clients and referral sources, think beyond traditional events. “Engage with the community and explore nontraditional avenues for building connections,” Davis suggested. Potential clients can often be found in unexpected places, such as kids’ sporting events, school outings, and community or social gatherings.
Foster ongoing client relationships. Successful law firms thrive on maintaining long-term relationships with clients. Focus on cross-servicing clients within your firm. “By identifying complementary legal services your clients may require, you can provide them with a seamless experience while expanding your business,” Davis said. Make this an active part of your BD plan, and include names and dates for making the introductions. Stay engaged during client conversations and lean in on opportunities that may arise for others in your firm.
Use data analytics and competitive intelligence. Attorneys must stay well-informed about target industries and emerging trends. Thorough market research is essential. “Stay updated on legislative changes, technological advancements, and shifts in the legal landscape that may impact your clients’ businesses,” Davis advised. Leverage tools to gather insights on market trends, client preferences and competitors’ strategies. Many firms have competitive intelligence professionals who can help with this process. This information can guide decision-making and help position the firm—and your practice—effectively within the market.
Gather client feedback. Regularly seek input from clients to understand satisfaction levels, identify areas for improvement, and uncover new opportunities for value. McConnell regularly asks for candid feedback from clients and, if needed, offers a third-party interview to solicit candid feedback. This effort allows her to tailor services to address specific client needs and concerns and troubleshoot any potential issues.
Create a client-focused BD roadmap. Define clear objectives and strategies. “Focus on relationship-building activities, speaking engagements, publishing thought leadership content, and engaging with potential clients through social media platforms,” Davis suggested. Establishing thought leadership and showcasing expertise helps build trust with existing and potential clients.
Track efforts. For each activity you undertake, consider what will happen next and who will need to be involved. McConnell has created a chart to track client outreach, preferences, and next steps. She also included dates and notes to ensure proper follow-up to maintain and grow relationships. Similarly, Davis uses his firm’s tech tools to assist in this effort and keep him on task.
Synergize client relationships. One of the best ways to strengthen your connections with clients is to help them in their personal or professional efforts. McConnell has made it a regular practice to identify clients who can mutually benefit from one another’s personal or professional connections and then create opportunities for them to interact through firm events or seminars.
To achieve your version of overnight success, you will need to put in a lot of thought, hard work, and intentionality. Start by building or revising your BD plan with a focus on helping others, creating accountability, and tracking efforts.
Jamaican runner Usain Bolt has said he “trained four years to run nine seconds.” This same mentality should be applied to any goal requiring consistent and dedicated effort that doesn’t have an immediate return. Patience is key, so remember to stop and celebrate small successes along the way.
This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law and Bloomberg Tax, or its owners.
Author Information
Heather McCullough is co-founder of Society 54, a consultancy for professional service firms, and co-founder of Society Tech, a technology software company for marketing and business development teams.
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