Site Map ' ; jQuery. Ginsburg in Articles with 0 Comments Pressed for time and averse to business jargon, solos and small law firms may be overlooking benefits of strategic planning that include more and better business over the long term.
To successfully move forward, law firms need to change their perspective and to truly innovate in terms of their Marketing and Business Development practices.
A good place to start is with the clients your firm already has--and wants to keep. Break them into A list, B list and C list--so you can identify who may be happier working with a competitor, and who you want to make sure stays with your firm.
What should a law firm consider when developing a business development model?
Your model should answer the following questions: Why do people buy? What are prospects and clients motivations and fears? What is the process for finding prospects and transitioning them into clients?
Where does business come from? How does your business development efforts focus on building relationships?
How does your firm become a trusted advisor to your clients and community? Asking questions like this can help your firm ensure that your marketing and business development resources are going in the right direction--and can help your firm create a deliberate way forward, with an integrated approach to ensure goals are met and resources are not squandered.
How does a law firm achieve buy-in for the marketing and business development plan? Another area to consider is asking individuals in the firm--partners and associates-- to create a personal business development plan.
By asking individuals to think about marketing and business development, your firm is demonstrating its commitment to these principals. Additionally, asking partners and associates to think about how they can best contribute to business development encourages accountability and personal reflection, so individuals can find a way to contribute that is best for them, increasing the likelihood that the commitment will be lasting.
These changes may be around the corner, many law firms are incorporating them already.Successful strategic planning is an ongoing process; the first step is creating the plan, but just as crucial is the follow-up.
planning defined, why it is important in law firms, a brief history of strategic planning in law firms, the “do’s” and “don’ts” of effective law firm strategic planning, the key to successful planning - successful implementation, integration.
Business Planning in Successful Small Firms 87 CEOs feel that business plans are highly successful; however, the plans are perceived to be more successful for obtaining outside funding than for achieving internal management objectives. A successful small law firm strategic plan should consider a firm’s unique culture and vision, emerging trends in the legal market that might provide opportunities, emerging threats in the market that might dictate a change of course, and any needed operational changes.
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Dr. Steve Payne is a retired university management professor, a beekeeper and former beekeeping club officer, and a current board member of the Louisiana Beekeepers Association.
He occasionally provides strategy consulting and coaching through his beekeeping sideline .