This document provides an overview of business development basics for law firms. It discusses why business development is important, common challenges and mistakes, and key principles for success. Research shows that spending just one hour per week on business development can yield $23,400 in additional annual revenue per attorney. The document recommends prioritizing current clients and referral sources, planning business development activities, preparing thoroughly for meetings, providing value to clients, persistence, and measuring results.

1. Basics of
Business Development
Committed to the growth of your law firm
Christina R. Fritsch, JD
ClientsFirst Consulting
CF@ClientsFirstConsulting.com
404-249-9914

2. © 2008 ClientsFirst Consulting, LLC
Overview
 Why Business Development
 Business Development Challenges
 Common Business Development Mistakes
 Business Development Myths vs. Truths
 Marketing vs. Business Development
 What Not To Do
 What To Do: 6 Key Principles Of Business
Development

3. © 2008 ClientsFirst Consulting, LLC
 Research by the BTI Consulting Group asserts
that each hour per week devoted to business
development can yield up to $23,400 in
additional fee revenue per year
 The number of business development hours is
one of the key factors in attorney success
 More than 80% of attorneys don’t spend
enough time on business development
 Spending the time can be a tremendous
competitive advantage
Why Business Development

4. © 2008 ClientsFirst Consulting, LLC
Business Development Challenges
 Lack of time
 Lack of focus
 Maintaining motivation
 Billable hours
 Fear of rejection
 Inertia / the cost of doing nothing
 Competition
 The least significant challenge

5. © 2008 ClientsFirst Consulting, LLC
 Confusing sales with business development
 Confusing marketing with business
development
 Lack of preparation
 Talking instead of listening
 Failing to understand the Client’s needs
 Not spending enough time with Clients
Common Business Development Mistakes

6. © 2008 ClientsFirst Consulting, LLC
 Marketing - helping to identify, create or
define Client needs which provides essential
support for effective business development
efforts.
 Business development - personally
connecting with Clients or prospects in order
to understand their needs and facilitate an
agreement or solution to address those
needs.
Marketing vs. Business Development

7. © 2008 ClientsFirst Consulting, LLC
Business
Development
 Relationship building
 Face-to-face meetings
 Targeting
 Needs analysis
 Questioning
 Listening
 Proposing solutions
 Networking
 Client service
 Opportunity tracking
Marketing vs.
 Strategy
 Communications
 Events
 Client surveys
 Branding
 PR
 Advertising
 Websites
 Articles
 Presentations

8. © 2008 ClientsFirst Consulting, LLC
Business Development Myths
 Rainmaking is a divine gift
 Client development is an art
 Clients hire the smartest lawyers
 You have to ‘sell’ to develop business

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 Rainmaking can be taught
 Business development is a learnable,
repeatable technique
 Service is a form of sales
 Buyers of legal services often can’t differentiate
the skills of two comparable lawyers
 People hire lawyers they like, trust and connect
with
 It’s all about relationships
Business Development Truths

10. © 2008 ClientsFirst Consulting, LLC
 Service = sales
 A sale is just the pleasant result of
helping your Clients succeed
 To succeed at business development,
just be in the Client success business!
The Ultimate
Business Development Truths

11. © 2008 ClientsFirst Consulting, LLC
 No ‘selling’
 No pressure
 No ‘closing’
What Not To Do

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 Prioritization
 Planning
 Preparation
 Providing value
 Persistence
 Predicting and measuring results
6 P’s of Business Development Success

13. © 2008 ClientsFirst Consulting, LLC
Prioritization
 Make the most of your limited BD time
 Look for low-hanging fruit
 Leverage relationships first
 Current Clients
 They often provide up to 80% of your business
 It can take 5 to 7 times more time, effort and resources to get work
from new Client
 Referral sources
 Members of organizations
 Then look for opportunities where you can help
 With similar issues and / or challenges
 In the same or similar industries as current Clients

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Planning
 Make time to plan
 Plan for calls and meetings in advance
 Know what you want to accomplish
 Lean all you can about Clients and propects
 Read what they read
 Business and news about the Client’s company
 Industry publications
 Read how they read
 Identify business and legal consequences or challenges
 Have a written business development plan
 Don’t just write it, execute it

15. © 2008 ClientsFirst Consulting, LLC
Preparation
 Prepare for all meetings and pitches
 Questions
 Goals
 Do your homework and research
 Read business and industry news and publications
 Set up company and industry alerts
 Read what your Clients read
 Think like the Client
 Consider business and legal consequences
 Rehearse for meetings and pitches

16. © 2008 ClientsFirst Consulting, LLC
Providing Value
 As determined by the Client
 In every exchange
 Give first, receive second
 Find ways to be of assistance
 Ask how you can help
 Be ‘at your service’
 Bring / send relevant information
 Save them money
 Enhance their bottom line
 Introductions, referrals, financing

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Persistence
 Hiring doesn’t happen on the first attempt
 Or the second
 Or third
 Only 19% of sales close by the 4th call
 On average, it takes 7 contacts to get to a ‘yes’
 81% of all sales close after the 4th call
 90% of salespeople have given up after the 3rd
 Be in the 10%

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Predicting and Measuring Results
 Set goals
 Calendar appointments
 Track meetings
 Build a pipeline
 Rank targets and prospects
 Determine potential revenue and likelihood of
success

19. © 2008 ClientsFirst Consulting, LLC
Best Practices – What To Do Now
 Put 3 things into action now
 Create a personal business development plan
 Commit to spend the necessary time on business
development
 Make business development habitual
 Learn the Client’s business and industry
 Target effectively
 Use technology to track and enhance results
 Get out from behind that desk and go see the
Clients!

20. © 2008 ClientsFirst Consulting, LLC
CLIENTSFirst
Contact Information
Christina R. Fritsch, JD
CF@ClientsFirstConsulting.com
404-249-9914
www.ClientsFirstConsulting.com