The best and most cost-effective way of engaging in business development is to have brilliant camaraderie within the firm that promotes collaboration.
In any business, particularly in the service industry, the best source of getting more business is by referral and key to getting more referrals is to service your clients in the best possible manner.
However, referrals are hard to come by and require less marketing and more great client servicing.
Secondly, the best and most cost-effective way of engaging in BD is to have brilliant camaraderie within the firm that promotes collaboration
Collaboration is the foundation of cross-selling within the firm’s clients, that enables it to keep increasing revenues from existing clients rather than having to acquire new clients.
The pandemic has made us more digital than ever and probably this is a silver lining for the legal industry, which has otherwise been lagging in adopting technology.
One of the most interesting things I have seen was RSG Consulting awarding American firms for being the ‘Most Digital’.
Being ‘digital’ means a whole range of technological intervention across everything a firm does, but also in the context of BD and marketing.
A digital approach is essentially creating your presence around your client’s digitally. It allows lawyers to network and engages with clients and prospects across multiple locations.
Another important trend that emerged is video marketing. Today, over 70% of content consumption is in video format.
The pandemic has made everyone camera-friendly and therefore showcasing thought-leadership doing client engagement through video is one of the next level BD strategies that law firms must adapt.
ARTICLE BY AMAN ABBAS
ORIGINALLY PUBLISHED IN NEXL’S 2021 GLOBAL LEGAL BUSINESS DEVELOPMENT REPORT