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If you think your business development efforts don't work, welcome to the club. Only 49 percent of law firms said their business development is successful, according to new research by LexisNexis InterAction.
So - What is the problem? Many Lawyers unfortunately are pursuing too many new business development opportunities, have a lack of focus, target prospects poorly, and fail to follow through.
Law firms also don't spend enough on business development. On average, firms spend only 2.1 percent of firm revenues on marketing, according to a 2019 Calibrate Legal survey. In contrast, high-growth firms spend 5 percent of annual revenues on their marketing budget, according to Hinge Research.
Furthermore, many lawyers focus on business development only when they have downtime or when a matter concludes. And, when they do have time, they do the same old things, that necessarily work anymore. What is the solution?
Discover more on this powerful session with Larry Bodine.