WHAT'S NEW IN LEGAL BUSINESS DEVELOPMENT? Experts share how law firms are boosting their bottom lines and making clients happy.
Author | Silver, Cole |
Position | Cover story |
In today's law firms, business development is more important than ever, and many legal marketers are being charged with this critical task. To be successful, it can help to find out what savvy law firms are doing to help bring in new business.
Here, three experts give their take around some of the most burning questions in law firms today: Is there anything new in legal business development? What's really innovative? What is your firm prioritizing in business development? What initiatives are you bringing to the firm and what, if any, obstacles are you encountering?
The Innovators
Steve Bell
Steve Bell leads the marketing and business development functions at Womble Carlyle Sandridge & Rice LLP.
He is an industry thought leader and trend spotter and is known as the Neil Armstrong of law firm sales.
Bell is intrigued by the promise of predictive analytics, which encompasses a variety of statistical techniques from predictive modeling and data mining that analyze current and historical ' facts to make predictions about future or otherwise unknown events. "If a bakery in Paris can use analytics to determine whether to bake cookies instead of cakes because it's raining, then law firms, which have tons of data, ought to be able to utilize predictive analytics to determine the next substance that will yield mass torts lawsuits or to help companies with compliance programs," says Bell.
Predictive data analytics have been used for years by litigators trying to determine which way a jury will decide a case. So why not use such a tool for business development?
Bell also is tasked with prioritizing a host of other initiatives, such as elevating the firm's brand and using business analytics and tools to align more closely with the firm's clients. Building on an idea developed by firm leadership, he is tackling the so-called "hunting in packs" issue and helping to create buzz and energy around lawyers working together across practice areas and geographies to win new clients and expand value to existing ones. It is noteworthy that teams that did it right and succeeded received significant monetary incentives. And, to Bell's surprise and delight, 80 teams were formed, and many of them recorded significant successes.
If anyone can "herd cats" and get lawyers to successfully collaborate on business development, it's Bell!
Barry Solomon
Barry Solomon is the chief marketing officer of Sidley Austin, an international law firm with 1,900 lawyers across 20 offices worldwide. Solomon is a wonderful and engaging person and was included in the National Law Journal's 50 Business of Law Trailblazers & Pioneers list.
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