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Creating a sales culture: law firm business development and sales

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LMA Los Angeles, February 2011

LMA Los Angeles, February 2011

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Transcript

  • 1. Creating a sales culture: a discussion of law firmbusiness development and sales Hans Haglund Mike Krenn Adam Stock David Freeman
  • 2. BACKGROUND
  • 3. www.venturepipeline.com
  • 4. www.venturepipeline.com
  • 5. AgendaBootstrapping the processDirect salesClient teams, reviews & feedbackTracking successOther thoughts
  • 6. BOOTSTRAPPING THEPROCESSWhat are the challenges?How do I get started?Who are our clients?What are our capabilities?
  • 7. CHALLENGESMarketing vs. business developmentCompensation modelsLimited resources
  • 8. Who are our clients? Client information
  • 9. Who are our clients? Business Trends Competitive Intelligence
  • 10. What services do we provide? Services we provide
  • 11. What services do we provide?
  • 12. What services do we provide?
  • 13. What services do we provide?
  • 14. What services do we provide?
  • 15. DIRECT SALESWhat is the state of the industry?How do I get started?How do I pick targets?What tools do I use?What are the challenges?
  • 16. Getting into the marketplace Private Equity Landscape: Trends and Developments to Follow in 2010 European Restructurings - Distressed Debt and M&A Opportunities An Executive Roundtable Featuring Leading Experts in Finance and Law Registered Direct and At-the- Market Equity Offerings: Trends for Raising Capital in 2010
  • 17. CLIENT TEAMS, REVIEWS &FEEDBACKWhat is the state of the industry?How do I get started?How do I pick targets?What tools do I use?What are the challenges?
  • 18. Top 200 clients account for 60-85% ofrevenue 0 200Typical distribution of revenues for top 200
  • 19. Client reviews v. Client teams Client Review Client Team • 1-2 times/year • 4-10 times/year • A review and • Pursuit process inspection process • Interdisciplinary • May turn into a team client team • High growth • About bringing full potential resources of the • Many contact points firm to the client • Pursuit oriented • Service oriented
  • 20. There is no substitute for asking yourclients Every client has different specific needs: Responsiveness Billing detail and formats Budgets and summaries Bench strength Business referrals Education Etc.  Find out what the needs are and address them
  • 21. TRACKING SUCCESS
  • 22. OTHER THOUGHTS