Four Ways to Get to Market

March 2001

by Edward Poll, J.D., M.B.A., CMC

There are four ways to increase revenues. The first three result in more work assignments from existing clients. Only the last method requires going outside to seek new clients. From the easiest to the more difficult, from the least costly to the most costly, the following are methods that one of my clients recently spelled out:

  1. Mine existing files. Many firms lack sufficient professional staff (attorneys and paralegal) to complete the work required on client matters. Attorneys frequently move from one file to another depending on where the greatest fire exists. The first file oftentimes needs additional work, completing final details, all of which can legitimately be billed. Additional staff usually can pay for itself by completing the work on open files.

  2. Latent legal business. Learn more about your client's business. Ask your client what their goals are for the next 5 years. Learn more about what your client does and how the client does its work. You may see areas in which the client would benefit (preventive law) from your involvement ... in areas not even thought of by the client because the crisis hasn't yet erupted.

  3. Cross sell. Create a grid of what work is being done now by whom; and what additional work the client might need and the attorneys in the firm who might be skilled in the new areas. When the law firm is an institution ( a real firm ) rather than a "hotel for lawyers", one attorney works to help his/her partners and associates; the "turf war" is at a minimum, sacrificed for the benefit of the whole. Only when this is done effectively will the firm survive through several generations. Entrepreneurism may get the firm going, but will not keep it going in the long run.

  4. Seek new clients. Have a systematic practice development program/plan and systematically work the plan.
Write and tell me whether you've developed another practice development approach.

Published On: 
03/02/2001

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March 2001