Basics of Business Development

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

2. 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. Why Business Development 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

4. 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. Common Business Development Mistakes 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

6. Marketing vs. Business Development 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.

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

8. 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

9. Business Development Truths 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

10. The Ultimate Business Development Truths 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!

11. What Not To Do No ‘selling’ No pressure No ‘closing’

12. 6 P’s of Business Development Success Prioritization Planning Preparation Providing value Persistence Predicting and measuring results

13. 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

14. 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. 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. 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

17. 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%

18. 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. 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. CLIENTSFirst Contact Information Christina R. Fritsch, JD CF@ClientsFirstConsulting.com 404-249-9914 www.ClientsFirstConsulting.com