Rainmakers and Trailblazers

Transcription

1 Rainmakers and Trailblazers A practical step-by-step guide to effective business development for lawyers By Kim Tasso Published by: Worldwide Legal Research

2 Rainmakers and Trailblazers A practical step-by-step guide to effective business development for lawyers By Kim Tasso Independent strategy, management and business development consultant

3 CONTENTS Contents Acknowledgements and copyright Introduction Using this book About the author v vii ix Part I The lawyer perspective 1. Introduction 1 2. Marketing fundamentals as they apply to law firm business development 5 What type of lawyer marketer are you? 5 Know your strengths and preferences what s your style? 5 What are the fundamental marketing concepts you need to know? 5 Models of lawyer marketing 6 3. Prepare yourself 11 Know your strengths and weaknesses 11 Know yourself what are you trying to achieve? 11 Analyse information (internal) Know your history 13 Analyse information (external) Understand the broad market 17 Look for trends Craft your market focus 19 Know what you re selling preparing your proposition and key messages 20 Agree aims and objectives (financial projections) and broad strategy 21 Select targets and critical relationships 22 Create a plan Deepen existing relationships 25 Deliver service excellence 25 Research existing clients and referrers 26 Understand buying processes (working with procurement) 27 Network through organisations 28 Manage your referrers 29 Manage the account, not just the matters 30 Build a team around the client 31 Plan for collaboration and growth Raise your profile 35 Create Brand Me 35 Manage your online profile 36 Develop web content and use SEO 37 A word about advertising 39 Gain external recognition 39 Stand in the spotlight newsletters, media relations, blogs 39 Press the flesh speaking engagements, networking 42 ii RAINMAKERS AND TRAILBLAZERS 2014

4 CONTENTS Why you need your own campaign Make connections 49 Nurture internal relationships 49 Network on and off line 49 Know when to request a meeting 52 Productive first meetings 53 Sales meeting checklist 55 Follow up your meeting 58 An overview of selling 58 Manage the sales process Generate new business 61 Basic selling skills 61 Find the pain/needs 61 Pitch at opportunities 62 Handle objections and close the deal 64 Build the relationship once on a panel 65 Work referrers for more Get help 67 Developing your business development skill set 67 Targeting 67 Communication (NVC/empathy) 68 Rapport and trust 69 Writing 69 Persuasion 70 Speaking and presenting 71 Questions and active listening 72 Negotiation 73 Motivation 74 Finalise your plan 74 Part II - In the context of the market, your firm and department Introduction The market 81 Why you need an outside-in approach 81 Fast review of changes in the business and consumer worlds 82 Research on what legal buyers want 84 The role of procurement Your firm s strategy and plans 87 What s strategic planning? 88 Working as a team as part of a sector or practice group 90 RAINMAKERS AND TRAILBLAZERS 2014 iii

5 CONTENTS 12. Make friends with finance 91 Understanding the numbers 91 Information you need vs information they have 92 The difference between forecasting and budgeting 93 Monitoring investment time Love your marketing and PR team 95 The marketing team is on your side. Yes, really 95 Strategy, plans and research 96 Systems and information 96 Brand and reputation 98 Using the firm s brand personality and design 98 Supporting firm-wide reputation management 98 Plugging into firm-wide channels of communication 98 Working with the PR experts 98 Legal directory entries 99 Lead generation and client engagement 99 Campaign management 99 Thought leadership campaigns 99 Driving web site traffic (SEO and social media) 99 Digital marketing initiatives (newsletters etc) 101 Advertising (and PPC) 101 Events programme and entertainment 103 Developing communities 103 Product and service development 105 The rise of risk and project management 106 Pricing 107 Focus on profitability 107 Strategic pricing vs tactical pricing 107 Measurement of effectiveness and return on investment 108 Operational analytics Who s managing sales and relationship management? 111 Managing the sales process and your pipeline 111 Surviving large tenders and formal pitches 111 Looking after major clients and key accounts The need for information, research and knowledge management and technology 117 Market knowledge, analysis and commercial insight 117 Legal know-how for systems 117 Developing buyer profiles 118 Client satisfaction surveys and service reviews Help from human resources 119 Working in the right environment culture matters 119 Feedback, fear and development 119 The importance of motivation and reward 120 iv RAINMAKERS AND TRAILBLAZERS 2014

6 CONTENTS 17. Summary 121 Key lessons 121 Just do it 122 Appendix 1 Business Development Competencies 123 Appendix 2 Resources 125 Recommended books 129 Index 133 RAINMAKERS AND TRAILBLAZERS 2014 v

7 ACKNOWLEDGEMENTS AND COPYRIGHT Acknowledgements and copyright Dedication I ve dedicated my previous books to my amazing children James and Lizzie and also to my wonderful friends. I d like to dedicate this book to all of the lawyers who have attended my courses or been involved in my consultancy work. There are simply too many of you for me to name although there s an almost comprehensive list of clients on my web site at Thank you for your indulgence, tolerance, trust and support. I do hope that our time together continues to be of benefit to you and your firms. Copyright Rainmakers and Trailblazers A practical step-by-step guide to effective business development for lawyers is published by Worldwide Legal Research Ltd. Tel: ; [email protected]; Web: ISBN: The copyright of all material appearing in this book is reserved by Kim Tasso No part of this book may be reproduced in any form without written permission from Kim Tasso. This report is a general guide and is not a substitute for professional advice. No responsibility is accepted by the authors or publishers for any loss incurred by any person acting or refraining from acting on the basis of this report. The views reflected in this report are the opinion of the authors and do not necessarily reflect the views and opinions of the publishers. vi RAINMAKERS AND TRAILBLAZERS 2014

8 INTRODUCTION USING THIS BOOK Introduction Using this book THERE ARE books about marketing, selling and relationship management (business development) for lawyers which focus on the practical actions and skills for the individual. There are books that take a more strategic and organisational focus, starting with the firm s business plan, marketing strategy and its marketing infrastructure. There are books which talk about traditional methods of legal marketing and those that concentrate on digital and social methods. This book bridges all approaches providing step-by-step, pragmatic advice to what an individual lawyer (senior or junior, serving commercial or consumer markets) might do to get started in business development or in specific business development situations (Part I Chapters 1-8). It offers suggestions for both traditional and digital marketing methods (although you can skip the social media ideas if you want to). And it does this while also providing the organisational context (Part II Chapters 9-16) to ensure there is strategic, united and focused effort across the firm and that good use is made of the firm s central marketing/business development and other resources. We don t want you going off on some tangent or reinventing the wheel. I ve written this book in a conversational style to make it feel like a personal coaching session. I ve kept management and marketing jargon to a minimum and mentioned where you might get more information to fill in the gaps. There are pointers to where I have written blogs or FAQs on my web site to give you more detail if required. Not everything in this book will suit everybody, but there should be something for everyone. So how do you use this book? Of course, you could sit and read it from start to finish. That s logical. And a good approach if you are new to business development, marketing and selling. But I d advise you to use it more as a workbook. Read each step (highlighted in the Trail Check Points ) and take some time out to undertake the suggested actions as they arise. That way you will start your business development programme as you go, which should motivate you. If you have more experience you might want to skip to the sections of particular interest to you today. That s fine. But be warned, if you haven t done the necessary groundwork and analysis described at the start, made the decisions about what you want to achieve and with which clients then you may find any suggestions you pick up later in the book are not as effective without this solid underpinning. Marketing and business development professionals will find the book a useful tool when coaching their lawyers. There s a lot of experience in here from me doing just that for over 20 years, so Part I will be best for you. Those involved in managing law firms might like to start at Part II to see the firm-wide implications of their lawyers being more proactive with marketing and business development. That way you can ensure the right culture, infrastructure and systems are in place to allow your lawyers to really fly. And you can avoid them all shooting off in many different directions. I have learnt from past experience to help individual lawyers really excel at business development, the firm needs to have set out the broad parameters of its strategy and those for each department and/or office so lawyers know what they can and can t do. This is covered in Part II. However you use this document I d really like to hear your comments. What you liked and what you didn t. Where you would have liked more or less detail. And what worked best for you. And please feel free to share your own tips and ideas. If you me ([email protected]) with your comments and give permission I ll try to keep the debate going by posting updates in my blogs RAINMAKERS AND TRAILBLAZERS 2014 vii

9 INTRODUCTION USING THIS BOOK ( I may even start (yet another) online community for likeminded lawyers who want to further debate the ideas and techniques. You may even be persuaded to dip your toe in the water of social media to participate if you haven t already done so. viii RAINMAKERS AND TRAILBLAZERS 2014

10 ABOUT THE AUTHOR About the author Kim Tasso KIM HAS worked with lawyers since Yes, that s nearly a quarter of a century. That was at the very start of law firm marketing so she is definitely a pioneer and trailblazer. She s worked inside some of the largest international firms and also assisted some of the smallest. While she is most comfortable working with medium sized, owner manager law firm clients she is more than familiar with the larger corporates and the differences involved in relationships with corporate counsel. Through the years she has spent a lot of time on the consumer side of things as well and is well known particularly in the private client, family and personal injury markets. She has worked with organisations in the professional, real estate, media, technology, scientific, not for profit and public sectors so she understands the issues your clients face. Kim is one of the most prolific trainers of lawyers in an array of management, business development, marketing and selling skills. She has written books on these subjects and thousands of articles and blogs. And through her coaching work, she has worked on a one-to-one basis with hundreds of lawyers in different regions, practice areas and at all levels of seniority (from trainees to senior partners) to help them devise and implement effective business development plans. Amongst Kim s ancestors are Native Americans. So she feels a particular connection to the word Rainmaker. She knows that success for them wasn t about a lone brave out on his or her own, but the careful study of weather patterns and the local environment, monitoring the habits of their prey and the trailblazing activities conducted by the entire tribe working together. Here s the official biography (and there s more at Kim Tasso is an independent strategy, management and business development consultant, specialising in the professional services sector, with over 30 years experience. Qualified in psychology, management, marketing, coach/ mentoring, NLP and psychometrics, Kim started her career in sales and marketing positions in the technology sector, working with international companies Comshare Inc, Honeywell and Logica. She then worked in-house in senior business development roles at Deloitte management consultants and Nabarro solicitors, before establishing her own business in January She has since worked with over 300 clients, including: solicitors, barristers, patent attorneys, accountants, actuaries, surveyors and estate agents, forensic scientists, creative organisations, educational establishments, psychologists, management and construction consultants and publishers. As a freelance journalist, she writes for a number of legal, marketing and property magazines. She writes three blogs for www. allinlondon.co.uk (KimT s Kids in London, MayB London events and the London Dog Blog) and providing restaurant and entertainment reviews. She is a part-time lecturer on Chartered Institute of Marketing (CIM) postgraduate marketing courses and also at Kingston University. She is the lead trainer for over 20 courses for Professional Marketing Forum ( and has helped thousands of young marketers in professional services firms over the years. She is RAINMAKERS AND TRAILBLAZERS 2014 ix

11 also chief commissioning editor for Professional Marketing magazine. Her first book, Dynamic practice development selling skills and techniques for the professions was published in Media relations in property, which she co-wrote with leading residential property journalist Graham Norwood, was published by EG Books in Growing your property partnership plans, promotion and people followed in June She is a judge on management and marketing awards for organisations in the property sector and Managing Partners Forum. Kim is a single mum and a cat and dog owner. Living in Twickenham, she regularly attends international rugby matches. She is better known as RedStarKim in social media circles. x RAINMAKERS AND TRAILBLAZERS 2014