May 16, 2006 Posted By Tom Kane

Existing Clients Are Best Source of New Business

From my own experience over two decades, clients are the best source of new work for law firms.  Second best are referral sources.  Okay, you’ve heard me toot that horn a few times I know (here, here, and here), but it's true, really. Now, according to a post  by Jim Hassert, research backs that up.

Jim is doing a series on the “Six facts every lawyer must know to develop business.”  Last week was “Fact 2: You must start with current clients.”  He quotes from The Rainmakers’ Toolkit by Harry Mills as follows:

                "Research shows:
  • The chances of selling to an existing client are better than 1 in 2.
  • The chances of selling to a lost client are 1 in 3.
  • The chances of successfully selling to a fresh prospect are 1 in 8.”

So, your planning and legal marketing efforts should put the emphasis on clients first and foremost.

If you want to read Jim’s Fact 1 – “There are many ways to sell” click here.  Next time I want to address his Fact 3 about listening.  If you don't want to wait, check it out here.

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