When it comes to business development in a contracting market, there are several strategies that partners in law firms can employ.
Junior Partners today don’t have the benefit of having slogged their way through the Global Financial Crisis of 2009/2010 – at best, they were baby lawyers then, trying to decide where to settle after their grad year.
A Construction Partner we work closely with has been experiencing the unnerving situation of a raft of projects being put on hold or pulled. Her dilemma is what she should do in the face of such uncertainty and change?
The way forward requires a tool kit of strategies which will see her not only adapt in this evolving landscape, but more importantly, thrive.
Here are my top 7 business development strategies to help your practice flourish in a changing market:
1 | Identify emerging opportunities:
In a contracting market, certain practice areas may experience growth or increased demand. Stay updated on industry trends, economic shifts, and evolving legal needs to identify emerging opportunities. This will help you focus your business development strategy efforts on areas that have the potential for growth.
2 | Deepen client relationships:
Building strong relationships with existing clients becomes even more critical during a contracting market. Invest time in understanding their evolving needs and challenges. Provide proactive and strategic advice to demonstrate your value as a trusted advisor. This can lead to increased client loyalty, referrals, and additional business.
3 | Specialise and differentiate:
Develop expertise in niche practice areas or industry sectors that may be less affected by the contracting market. Specialisation can make you stand out from competitors and position you as a go-to expert in your field. Leverage your knowledge and experience to offer unique insights and solutions to clients.
4 | Collaborate with colleagues:
Foster collaboration within your firm by leveraging the expertise of other partners or practice groups. Identify cross-selling opportunities and work together to provide comprehensive solutions to clients. A collective effort can strengthen client relationships and expand your service offerings.
5 | Leverage technology and innovation:
Embrace technology and innovative tools to enhance efficiency and deliver value-added services to clients. Explore options such as legal analytics, document automation, and project management software to streamline processes and improve client experience.
6 | Network strategically:
Engage in targeted networking activities to expand your professional connections and generate new leads. Attend industry conferences, join relevant associations, and participate in online forums where potential clients or referral sources gather. Build relationships with influencers and thought leaders in your field.
7 | Focus on client service and value:
During a contracting market, clients become more discerning about the value they receive. Ensure that your services are tailored to meet their specific needs. Communicate the value you provide, demonstrate cost-effectiveness, and offer flexible fee structures where appropriate.
Remember, in a contracting market, adaptability, strategic thinking, and a client-centric approach are key. By leveraging your expertise, building strong relationships, and identifying emerging opportunities, you can navigate challenges and find new avenues for business growth.