Business development strategy

Every successful business must be clear about the clients it will target and how those clients will be reached. Law firms are no exception and, in a market being transformed by regulatory changes, technological advances and the entrance of new low-cost competitors, having a clearly articulated business development strategy is crucial.

However, a strategy must be more than a simple piece of paper. Everyone in the firm needs to be on board, and the plan should be accompanied by a specific set of standards – from client acquisition and new matters, through to billing and collecting the proceeds.

We have helped many of our clients to determine their business development goals, to develop their strategy, and to monitor the implementation to ensure that they achieve the desired results.

A Profitable, Sustainable Firm

For many firms the number one priority now is maintaining their independence. However, maintaining the status quo is no longer a viable option – to stay independent, firms have to engage in a constant process of performance monitoring and improvement.

Some firms will seek growth and market share in order to take clients from rivals and compete with new entrants. Any growth must be sustainable, and must be funded from a strong balance sheet.
Our expertise in business development, combined with an unrivalled knowledge of financial management for law firms, puts us in a unique position to help you achieve profitable growth.

For other firms, the route to competitive advantage will be as a niche player – targeting very specific clients in very specific markets with tailored, premium quality service.

Through our delivery of the Profitable Partnerships Programme, we have helped small and medium sized firms throughout the UK to carve out niche practices and to develop a leading reputation in their field.

What Gets Measured...

Our mantra has always been that what gets measured gets better. In order to get the results you require from your business development strategy, it is vital to ensure you are monitoring and measuring the right things.

We can help you to identify the Key Performance Indicators and to set the standards that will deliver the results you require – from the business development initiatives your people should be performing to the financial results they should be achieving.

If you would like a conversation about how we can help you achieve your own unique objectives, please contact us.