Many have referred to the 2008 economic meltdown as the Great Reset. In the case of law firm business development, it’s healthy to embrace that as a literal expression. The law business was reset from a Seller’s Market, characterized by demand exceeding supply, to a Buyer’s Market, where the reverse is true.
One important consequence of that shift is that many of lawyers’ longheld beliefs about BD are no longer true. Lawyers now must compete under the conditions and marketplace rules that their clients have faced forever.
Here are a baker’s dozen seller’s myths to relegate to the trash bin in favor of market truths that will be with you for the balance of your career.
Lawyers and law firm leaders: What’s the single most effective tool for improving business development performance?
Study after study shows that coaching improves performance. Your clients know it; 62% of them use it because:
17% performance difference between those coached and those not coached
28% higher win rates.
17% greater annual revenue growth.
88% productivity increase