New and seasoned practice group leaders will be wise to expand client relationships and increase firm revenues by leveraging the potential of the lawyers they lead.
The role of practice group leaders is changing. More than ever, retention and growth of existing clients and new business development are vital to any firm’s stability and growth. As firms place more business development demands on partners and senior associates, it is crucial to provide the support they need to track and strategize about new pursuit opportunities and focus on closing new engagements. Creating that support structure shows that the firm values and supports their lawyers’ business development efforts and helps create a pathway to success.
Some of the sales leadership skills practice leaders may want to focus on include:
- Creating and maximizing simple, actionable business development/sales (versus marketing) plans
- Scheduling easy but critical quarterly progress reporting on revenue-generating activities
- Developing key client retention and growth plans which focus on revenue and are aligned with client goals
- Leveraging internal marketing and business development professionals skills
- Leveraging the firm’s existing client and industry financial metrics
- Learning strong leadership skills that engender trust and accountability
- Understanding the role personality plays in managing legal professionals’ sales activities
- Facilitating collaboration across practice groups for growing opportunities
- Attending prospect and client meetings to help the practice group’s lawyers with closing new engagements
- Holding well-attended, effective meetings that boost revenue growth opportunities by:
- Staying abreast of key industries
- Focusing participants on client strategic plans and growth goals
- Building revenue-generating collaborative efforts
- Creating accountability through opportunity pipelines
Growing a practice leader’s role to include sales leadership activities will help the firm grow many additional opportunities, track active revenue pursuits, and focus the efforts of important sales and business development professionals. Ultimately the firm will significantly benefit from realizing new revenue growth.
Originally published in PinHawk’s Legal Administrator Daily, March 15, 2021. Republished with permission.