An event hosted Joanna Gaudoin at Inside Out Image – 8 November 2024.
Many firms struggle to maximise their firm’s full revenue potential. These firms are winning work to sustain their current position, often from ‘natural’ business development – doing a good job for clients so they keep coming back. This is extremely important – excellent delivery and client service are vital foundations for this to happen.
However, a more proactive approach to business development is needed if the business is to grow and sustain client relationships, build great relationships with potential referrers and to develop business directly with potential new clients.
Most commonly, proactive business development is focused on a small number of (usually) senior fee earners which leads to several key challenges:
- BD skills amongst junior people don’t get developed. This presents a challenge as they may struggle to get promoted to a seniority where BD is a requirement or where they get promoted based on technical excellence, they struggle to develop new business as it is a different skill.
- The firm is not fulfilling its potential with junior fee earners not playing a valuable and active role in BD.
The result is firms leaving themselves reliant on a small number of individuals.
There are many issues that get in the way of having a strong business development culture to propel growth, and this event will explore those in greater detail, including:
- Finding the time for business development and client work.
- Knowing what to focus time, resource and financial investment on.
- Motivating a broader range of individuals to get involved in developing existing clients and new business. Business development is not a natural inclination for many.
This event is focused on mid-sized law firm, offering a chance to ask questions and engage in discussion.
To register your interest and join Mastering Law Firm Growth: Key Foundations for Business Development Success on 8th November at 12.30 click here.