Viewing entries tagged
Buyer's Market

Ditch practice-group nouns in favor of words that sound like your buyers’ conversation

Study after study reinforces that one of the main causes of client dissatisfaction--and departure--is not knowing their business, which can mean being perceived as not having sufficient context for your legal advice to maximize its value. It also means that you won’t be able to proactively approach them with fresh thinking that will differentiate you from all the other lawyers whose expertise and experience equals yours. Here’s how.

If your conversations are largely limited to discussions about legal work in progress, or trying to get them to reallocate their current legal spend in your favor, you’re part of the problem. Here’s how to reposition yourself.

Respond creatively to competitive challenges

What do you do when a competitor does something that your didn’t anticipate, that threatens your position? What if he copies your innovation (forget the IP implications for the moment)? Or recruits your people? There are many things possible, but one that lawyers see with some frequency is a competitor undercutting your price. Here’s a better way to respond than the norm.

How to use an email campaign to learn your BD activity ratios

Study after study reinforces that one of the main causes of client dissatisfaction--and departure--is not knowing their business, which can mean being perceived as not having sufficient context for your legal advice to maximize its value. It also means that you won’t be able to proactively approach them with fresh thinking that will differentiate you from all the other lawyers whose expertise and experience equals yours.

If your conversations are largely limited to discussions about legal work in progress, or trying to get them to reallocate their current legal spend in your favor, you’re part of the problem. Here’s how to reposition yourself.

To remain relevant to clients and prospects, get informed and stay informed

Study after study reinforces that one of the main causes of client dissatisfaction--and departure--is not knowing their business, which can mean being perceived as not having sufficient context for your legal advice to maximize its value. It also means that you won’t be able to proactively approach them with fresh thinking that will differentiate you from all the other lawyers whose expertise and experience equals yours.

If your conversations are largely limited to discussions about legal work in progress, or trying to get them to reallocate their current legal spend in your favor, you’re part of the problem. Here’s how to reposition yourself.

Don't be tempted to write a clever lead-generation email

It’s frustrating to send emails trying to prompt people to agree to a conversation with you that might lead to a sales opportunity, only to have them unopened or ignored--not only by strangers or weak connections, but especially if they’re people you’ve previously done business with or have known for a long time.

After enduring enough of this, it can be tempting to try to be clever with your email’s Subject line to induce people to open your email, or to play a little fast and loose with body copy, all in the hopes of getting them on the phone. However, don’t. Just don’t.

58% of sales meetings are not valuable to buyers

In a recent post, I shared research showing that 82% of B2B decision-makers consider commercial salespersons to be unprepared. I speculated (with confidence based on almost 30 years coaching lawyers) that lawyers might not fare even that well on the “prepared” scale. Yes, it’s that bad.

Escape price pressure: Create your own "Blue Ocean Strategy"

A “blue ocean” is a market where there is no competition or much less competition. It means searching for an emerging problem with which very few lawyers associate, and for which the impact is so significant that solutions for it have no pricing pressure.

Relatively unexplored and untainted by competition, blue oceans are vast, deep and powerful in terms of opportunity and growth. You’re better off searching for ways to gain "uncontested market space" rather than competing with similar firms and lawyers.

Market Change Requires Change in Lawyer Thinking

Law firms are paying more attention to, and investing more money in, business development, but many lawyers still aren't sure why all this is happening and why they should do things differently. The answer: The legal service market has undergone a basic and permanent economic shift from a demand market to a supply market.

What does the pace of law firm mergers mean for BD?

The record pace of law firm mergers and acquisitions are definitive proof of the maturation of the law business. In a mature market, nothing that worked in a growth market will work. That means law firms have no choice but to embark on radical changes, beginning with the Sales function.

Not-To-Do #13: Do-it-yourself, or work alone

When it comes to getting, keeping, and growing large accounts, the day of the lone-wolf rainmaker has passed, never to return. That worked during the 25-year law boom because everybody was buying legal services. In the buyer's market that will be with you for the rest of your career, you need to ferret out, investigate, and validate potential opportunity continuously. You need more hands on the oars, just to defend and sustain what you already have.