Lawyers who recognize that selling is critical for their survival, as it is for business in general, will likely find the results of a recent survey by the internationally known consulting firm McKinsey & Company helpful.
The following is from the abstract of their survey:
“What separates a top sales force from the rest? A survey finds that top manufacturers focus more resources on key customers, organize their key-account teams differently, and customize their services to meet the evolving needs of specific retailers more effectively.”
So, how does the above apply to law firms?:
- Since the best source of new legal business is existing clients, it only makes sense to “focus more resources on key” clients;
- Some firms (although still too few) are developing client teams, and more should be doing so especially for “key” clients; and
- The client teams should be customized by including multiple practice areas and feedback programs to “meet the evolving needs of specific” clients.
When it comes to business development, law firms can learn much from the business world. Those that do will be find themselves ahead of the pack.