HILDEBRANDT BAKER ROBBINS Business Development Trends and Tactics

1. HILDEBRANDT BAKER ROBBINSBusiness Development Trends and Tactics Presented by: Silvia L. Coulter, Managing Director, Client Growth Practice ALA Boston – January 13, 2011

2. Session Speaker • 28 Years in Legal Industry • President LMA 2001, Awarded Hall of Fame Honor, 2010 • Co-Founder LSSO, Legal Sales and Service Org. • Author, The Woman Lawyer’s Rainmaking Game, published by Thomson West • Adjunct Faculty GWU Master’s Law Firm Mgt. Program

3. Session Agenda • Current Trends • Your Role in Driving Firm Revenue • Strategies and Tactics

4. Trends in Business Development • Small to mid-size firms are grabbing more market share—big firms are paying attention • Competitive pricing • Responsive firm members • Partner attention = More opportunity!

5. Trends……… • Competitive intelligence tools are being widely used • Thomson Monitor (aka Firm 360) • Google alerts • Bloomberg • Lexis/Nexis • Clients’ web sites • Competitors’ Law firm web sites

6. Trends……… • Listening to the “Voice of the Client” is increasingly becoming a standard best practice • Client and referral source feedback studies • Client and referral source meetings to plan ahead and “partner” with them on their goals • Getting to know the business of the corporate client to ascertain legal obstacles and opportunities • Getting to know the dynamics of consumer clients

7. Trends……… • More firms are hiring business development professionals—outsourcing traditional marketing tasks • Often a question of resource allocation • Prior sales experience • May or may not have law firm background • Position is becoming more focused on driving revenue versus creating marketing materials and public relations strategies

8. E-Trends……. • Use of the firm web site as a strategic sales tool • E-communicating with clients--blogs, tweets and Constant Contact • Use of Social media to stay connected

9. Where to Begin? • The numbers tell the story……….

10. Using History to Plan the Future • Review up to 3-5 years’ financials and assess: • Where 80 to 90% of the firm’s revenue came from • Client side and practice side WWW.client.com • For corporate clients: visit each client’s web site to determine which industry the client is in • E.g., medical devices; hospitals; construction; family farms • Individual consumer practices: review zip codes and other trends information—gender; race; age • E.g., estate planning; family law; personal injury

11. Plan the Future • Create a chart to show market and client trends • Determine market share and client share • Use Top 100 in a given market as an indicator against which to measure • Assess possible “pool” of potential clients in a given zip code • Assess number of cases filed versus number of cases your firm handled

12. Tactics--Create a Business Development Plan and Set Goals • Actionable and achievable • To increase revenues in each of our markets by 20% per year • To increase client share revenue by 10% each year • To increase overall firm revenue by 15% each year • To obtain XX new engagements from new clients • To increase our referral sources by 2 lawyers • To break into X new markets • To meet with our top 10 clients or referral at least once a year in person • To create a client extranet or a client resource center for top clients

13. Tactics—Training • Lawyer Sales Training and Coaching • Excellent way to insure ongoing new business generation by next generation of the firm • Select those who demonstrate willingness or volunteer to participate • Identify, if possible, financial targets (e.g., $XXK over previous year’s originations, etc.) • Hold everyone accountable for results • Small Initial investment for long-term gain

14. Tactics--Strategies for Driving Revenue—Corporate Clients • Meet with your clients and ask them about their ongoing needs; next year’s business goals and how your firm may help • Set expectations among the partners for anticipated revenue growth • Hire laterals well-known in the same markets to support growth strategy • Increase the overall volume of activities and discuss at each monthly partners’ meeting

15. Tactics--Strategies for Driving Revenue—Consumer Clients • Conduct end of case meetings or send questionnaires to clients. Track input and data. • Set expectations among the partners for anticipated revenue growth • Hire laterals well-known in the same markets to support growth strategy • Monitor client sources at intake • Increase the overall volume of activities and discuss at each monthly partners’ meeting

16. Tactics—Hiring Resources--Yes or No? • Public relations: get to know the editors • Web content and design: hire resources outside the firm to develop; assign a sharp legal assistant to take on the challenge of implementation • Blogs and tweets: IT; Library or outside resources • Email outreach: design a template and schedule a series of e-mailings. • BD person: best if in house

17. Key Resources • Google Alerts—keeps you on top of your clients • Legal Sales and Service Organization (www.legalsales.org) annual Raindance Conference • SAMA (www.strategicaccounts.org) focused on client-side of the business; but excellent strategic account planning information • Legal Marketing Association (www.legalmarketing.org)

18. Key Resources • Social.Lawyer, Jayne Navarre, published by Thomson West. www.lawgravity.com • Unleashing Excellence, Dennis Snow & Teri Yanovitch. www.snowassociates.com • Beyond the Brief, Stephanie Solakian Goldstein Communications Strategies, published by Thomson West • The Rainmaking Machine, Phyllis Weiss Haserot, published by Thomson West

19. Commitment What will you do differently tomorrow? • Understand the firm’s business sources • Develop measurable and financial goals • Develop a plan—always successful if it’s followed • Employ social media strategies for high impact low cost strategies • Craft messaging to the reader/buyer • Develop strong press relationships

20. Next Steps • Ideas? • Questions?

21. Thank You! Silvia L. Coulter Hildebrandt Baker Robbins, scoulter@hbrconsulting.com 978-526-8316