Clients Name the Best Law Firms in Top Spending Industries for 2017

Clients don’t think in terms of practices like law firms do—clients are always thinking about their business. Today’s legal decision makers want to understand what factors pose a threat to their business, industry, and their specific business objectives. Clients are now selecting law firms based on the firm's industry knowledge. Are they choosing your firm?

By way of example, in Financial Services, top legal-decision makers recognize 24 law firms as having the best relationships—up from 18 last year. These large-spending clients have seen their needs change and expand. Many are trying to assess the impact of Brexit, cybersecurity, the Fiduciary rule, and the changing regulatory and interest environment. These clients have a deep appreciation for law firms who play the role of advisor, as well as attorney.

Financial Services clients use more law firms than most due to their diversity of need, but only 24 have achieved the ultimate relationship status of Clientopia—who are both core and recommended first.

You’ll find the 24 law firms with the strongest client relationships in the Financial Services industry from the just-released BTI Industry Power Rankings 2017 at the bottom of this post.

You can also see the law firms who are earning primary status and the recommendations by clients to their peers in 6 other top spending industries:

And, the 24 Law Firms with the Strongest Client Relationships in Financial Services:

These 24 law firms with the strongest relationships—who are both core and recommended first in the Financial Services industry—are singled out by clients in the just-released BTI Power Rankings 2017:

  • Akin Gump Strauss Hauer & Feld
  • Blank Rome
  • Buchanan Ingersoll & Rooney
  • Dentons
  • Dykema
  • Foley & Lardner
  • Gibson Dunn
  • Green & Hall
  • Honigman
  • Hudson Cook
  • Jones Day
  • Milbank, Tweed, Hadley & McCloy
  • Morgan Lewis
  • Orrick
  • Paul, Weiss
  • Proskauer Rose
  • Quinn Emanuel
  • Reed Smith
  • Reiferson Miller & Dee
  • Sidley
  • Simpson Thacher
  • Skadden
  • Taft
  • Wachtell Lipton

The firms named in these industries—along with those in 11 more industries—are drawn from our brand new report BTI Industry Power Rankings 2017: The Law Firms with the Best Client Relationships. Use the analysis and insight in this report to develop more Clientopia relationships with your clients and enjoy all the benefits of stronger relationships.

The 17 Law Firms with the Strongest Client Relationships in the Energy Industry

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Energy companies are starting to adapt to a low energy prices environment. Some Energy companies have learned how to develop resources at much lower prices than ever before. This enables them to bring new projects online they couldn’t just 2 years ago. Other companies are starting to see stock valuations reaching a point where mergers and acquisitions may make sense. And supply contracts are being rewritten to reflect the new environment.

All of this translates into opportunity—especially for the law firms with the best client relationships.

BTI research reveals 17 law firms stand out with the strongest relationships—who are both core and recommended first in the Energy industry—are named by clients in the just-released BTI Industry Power Rankings 2017:

  • BakerHostetler
  • Blakes
  • BoyarMiller
  • Bryan Cave
  • Cotton Bledsoe Tighe & Dawson
  • Crowell & Moring
  • Eversheds Sutherland
  • GableGotwals
  • Hunton & Williams
  • Jones Day
  • Latham & Watkins
  • Meyer, Unkovic & Scott
  • Miller Canfield
  • Nixon Peabody
  • Norton Rose Fulbright
  • Pillsbury
  • Ropes & Gray

17 Law Firms with the Strongest Client Relationships in the High Tech Industry

Technology continues to play a bigger role in the world and these clients show a continued drive to exceed—and invent—new demands, which in turn causes big spending in IP. At the same time they show a healthy appetite for M&A. These clients want law firms who understand them, their vision, and what they are doing.

All 17 law firms have proven they can not only keep up with their constantly changing High Tech clients, but also stay ahead.

These 17 law firms with the strongest relationships—who are both core and recommended first in the High Tech industry—are named by clients in the just-released BTI Industry Power Rankings 2017:

  • Akin Gump Strauss Hauer & Feld
  • Cooley
  • Covington
  • DLA Piper
  • Finnegan
  • Fish & Richardson
  • Irell & Manella
  • Jackson Lewis
  • Keker, Van Nest & Peters
  • Kirkland & Ellis
  • Morgan Lewis
  • Nutter
  • Pepper Hamilton
  • Polsinelli
  • Seyfarth Shaw
  • WilmerHale
  • Womble Carlyle

The 5 Law Firms with the Strongest Client Relationships in the Food Industry

The Food industry is large, with many players playing different roles ranging from the source to our tables. Food companies have big litigation needs, see increased M&A activity, seek regulatory counsel, and help in supply chain management and assessing the impact of new food technologies. The sheer number of competitors in this industry makes it harder for law firms to stand out than in other industries.

However, BTI research reveals 5 law firms enjoy the strongest relationships—who are both core and recommended first in the Food industry—and are named by clients in the just-released BTI Industry Power Rankings 2017:

  • Brown, Hay + Stephens
  • Chambliss, Bahner & Stophel
  • Faegre Baker Daniels
  • McGuireWoods
  • Sidley

Post Matter Follow-Up Plan—Phase 3: BTI's Client Relationship Lab

Transitional selling: the most effective growth strategy for building your client relationships. Far more effective than the usual business development strategies, it targets your high-growth, high-spending, high-potential clients. 

In this month's BTI Client Relationship Lab we share the final part of the 3-phase plan for continuing post-matter follow up with your client. 

You can view the video by clicking the image below, or on YouTube directly here: https://youtu.be/wqD7h6H2Bg8

View Phase 1 here: https://youtu.be/GuaGo8pncNo
View Phase 2 here: https://youtu.be/L0xkFtJecks

With this series we’ll be taking an in-depth look at a wide range of client relationship best practices. We’ll be releasing Client Relationship Lab webisodes on our blog every month—subscribe today (in the box at the upper right of your screen) and be sure you don't miss a single one.

The 15 Law Firms with the Strongest Client Relationships in the Health Care Industry

The Health Care industry faces great uncertainty and change. The Affordable Care Act faces a cloudy future as demand rises and the cost of medical technology soars. The big players are plotting their moves with mergers and other plans while regional systems combine resources to create new delivery models—and litigate with potential competitors and partners alike.

The top legal decision makers in Heath Care see 15 law firms standing out with the best and strongest relationships—who are both core and recommended first—up from 9 last year. These firms are recognized in the just-released BTI Industry Power Rankings 2017:

  • Akerman
  • Davis Polk
  • Dechert
  • Foley Hoag
  • Greenberg Dauber Epstein & Tucker
  • Hogan Lovells
  • Latham & Watkins
  • Morrison & Foerster
  • Norton Rose Fulbright
  • Paul, Weiss
  • Polsinelli
  • Reed Smith
  • Shearman & Sterling
  • Skadden
  • White & Case

The 16 Law Firms with the Strongest Client Relationships in the Pharmaceutical Industry

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Big Pharma named 16 law firms with the strongest relationships, up from 10 last year. These clients have big needs and are among the largest legal spenders in the world. Look for Big Pharma to spend big before and during development of a drug, and as it goes through the regulatory process. In addition, there is an active licensing, joint venture, and acquisition need as these companies drive their own growth.

Big Pharma use many law firms in different roles—but only 16 firms stand out as having the strongest relationships, reaching Clientopia.

These 16 law firms with the strongest relationships—who are both core and recommended first in the Pharmaceuticals industry—are named by clients in the just-released BTI Industry Power Rankings 2017:

  • Arnold & Porter Kaye Scholer
  • Burr & Forman
  • Crowell & Moring
  • Dentons
  • Erise IP
  • Fish & Richardson
  • Hall, Render, Killian, Heath & Lyman
  • King & Spalding
  • Mayer Brown
  • Schiff Hardin
  • Skadden
  • Thompson Coburn
  • Venable
  • Wachtell Lipton
  • White & Case
  • WilmerHale

The 12 Law Firms with the Strongest Client Relationships in the Real Estate Industry

The commercial Real Estate industry shows pockets of growth, trouble, and change. Certain REITs worry about their regulatory status while others are growing—primarily through specialty REITS. High-end transactions are still attracting buyers while there is a large segment of the market trying to restructure tenant leases and financing. This market demands you know your clients and the intricacies of their situation.

BTI research shows 12 law firms with the strongest relationships—who are both core and recommended first in the Real Estate industry—are named by clients in the just-released BTI Industry Power Rankings 2017:

  • Bradley
  • Burke, Williams & Sorensen
  • DLA Piper
  • Hinshaw & Culbertson
  • Jenner & Block
  • Jones Day
  • Latham & Watkins
  • Munger, Tolles & Olson
  • Polsinelli
  • Sidley
  • Stikeman Elliott
  • Thompson Hine

GCs Single Out Law Firm Power Players in 18 Industries

Some firms deliver 3.1 practices to their clients on a regular basis while ringing up $32,000 more in profits per attorney than competitors. They also are getting vastly larger shares of client spending. These firms are in Clientopia®—the strongest relationship you can ever have.

Testing Your Relationships for Clientopia

You look to 2 undeniable milestones when measuring Clientopia. First, attaining status as the lead primary provider—a position reserved for the single firm capturing the bulk of a client’s work. You are also the most important firm to your client on a continuing basis.

Second, the honor of being first recommended to a peer. Not just a plain, old recommendation—as in “will you recommend me?”—but the highly prized, elusive unprompted recommendation clients share with each other in confidence. The firm who gets the unprompted peer-to-peer recommendation is the one with the emotionally invested client. Emotionally invested clients give you more pricing flexibility, work without competitive bid, share their deepest concerns, give you feedback, and actively work to make you successful. (The only way to win this envied investment is to deliver superior client service.)

The rare combination of being lead primary provider and earning unprompted peer recommendations places you in Clientopia—the strongest type of client relationship. Firms in Clientopia enjoy preferred access to the best work, more intellectual challenge, higher rates, and a generally more fulfilling experience.

Law Firms with More of the Best Relationships

We conducted in-depth interviews with more than 950 top legal decision makers—all of whom answered the question about their primary firms and exactly who they recommend to their peers—with no suggestions of names or firms. Our goal: to identify the law firms with the strongest relationships.

Only 143 law firms are in Clientopia relationships spread across 18 industries. We found 24 law firms capture more Clientopia relationships, along with delivering a greater number of practices, reaping higher profits per attorney and a larger share of spending than all other firms—these are the BTI Clientopia 24. Please join us in congratulating these firms on earning the largest number of Clientopia relationships of all law firms serving large clients:

  1. Jones Day
  2. Skadden
  3. Dentons
  4. Latham & Watkins
  5. McGuireWoods
  6. Cooley
  7. DLA Piper
  8. Sidley
  9. Kirkland & Ellis
  10. Polsinelli
  11. Hogan Lovells
  12. WilmerHale
  13. Orrick
  14. Reed Smith
  15. Ogletree Deakins
  16. Wachtell Lipton
  17. BakerHostetler
  18. Gibson Dunn
  19. Norton Rose Fulbright
  20. Bryan Cave
  21. Cleary Gottlieb
  22. Paul, Weiss
  23. Crowell & Moring
  24. Alston & Bird

You can see exactly where your firm stands by industry—and overall—and learn how to capture more of these coveted relationships in our newest report BTI Industry Power Rankings 2017.

The Industry Group Ready to Win the Work

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Dateline: June 16, 2017, 10:00 AM Eastern

Gene*, the Retail Industry Chair of a major law firm, asked his partners to put together a list of issues and questions to discuss immediately with clients. “We want to be the first to talk substance with our clients. And this is going to stoke other deals so be sure to bring in the M&A folks. Call every consultant, banker, friend, and former executive you know and report back by COB tomorrow.”

He continued, "Ask them: 'What were they thinking about the Whole Foods acquisition?,' 'What could a competing grocery chain do?,' 'What ideas did these people have?' Let’s mobilize fast. We have to be the first to talk to our clients about this.” By the end of the next day Gene had assembled a master list of ideas and reactions.

As Gene shared the list with his industry group partners, he reminded them: “share these ideas with clients. You want to stimulate thinking and help them. You don’t need to have all the answers, but you need to have the conversation.”

The clients with whom the industry group partners discussed these ideas were thankful and saw them as value added. One client shared these ideas with their top management team. These clients know Gene and his team understand their business and have the collective experience to be a resource.

Clients love industry groups. Law firms are learning to love them too. 27.3% of law firms now organize themselves by industry, up from 11.6% in 2013**.

The law firms with well built-out industry groups have a clear edge. A robust industry group creates an immediate bond, sets an expectation, and suggests you can do a lot more than skim the surface of industry understanding.

Industry groups present a real opportunity. CLOs rank their primary law firms a barely acceptable 8.1 out of 10 in understanding their business—exposing a competitive weakness which you can exploit. (Clients start to pay premium rates for your understanding of their business when it hits 9.1 out of 10.)

Top legal decision makers become terribly, and sometimes irrevocably disappointed if they learn a law firm’s industry group is just a gathering place for attorneys who have charged time to a company in the industry. While some law firms use their industry groups to showcase the deals, cases and all the legal work performed in the industry, clients expect the vast majority of your industry knowledge to go well beyond legal issues. Clients will talk to you all day about such key issues as:

  • Vexing issues facing industry peers
  • Legal staffing strategies and headcount
  • Legal spending ratios
  • New and potential risks
  • Risk management strategies
  • Key industry events

Not only will clients want to talk to you, but they will want to see you again and again and give you their business. As long as you come armed with one nugget which adds to your client’s knowledge base each time you meet—you’re golden.

You can get this insight from your own experience, informal research with clients and partners, or formal research like BTI’s Legal Spending Benchmarks 2016, which we have been publishing since 2002.

Clients say industry experience as articulated in case work does not add value—clients want the hard-to-get tidbits which reflect peer thinking or industry-specific insights they can’t get anywhere else. Your ability to provide these insights is way more convincing than case statistics in pleading your case.

You can see who the industry leading law firms are and where you stand in our upcoming BTI Industry Power Rankings: The Law Firms with the Best Client Relationships in 18 Industries to be released on July 18, 2017. Reserve your copy here.

*Not his real name.

**Based on in-depth BTI research conducted on a rolling basis between February 2016 and April 2017. BTI conducted more than 340 independent, individual interviews with CLOs and General Counsel at Fortune 1000 companies and large organizations.

The Industry Team Advantage

The Mad Clientist provides perspective on how organizing a law firm around industries affects the firm's bottom line.

You can view the video below, or on YouTube directly here: https://youtu.be/BOTI7WYa-rc

We’ll be releasing videos here on The Mad Clientist blog every Tuesday. Subscribe today (in the box at the upper right of your screen) and be sure you don't miss a single one.

Not Your Average Summer Beach Reads

As you load up your e-readers and tote bags with the books you’ve been meaning to catch up on when “things slow down,” please allow me to add a few more recommendations to your lists. These are the books I still think about most long after I’ve put them down:

Steve Jobs by Walter Isaacson

This may be the most compelling book I’ve read.  You’ll learn some amazing things you’ll want to adopt—and some you’ll never adopt.

Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek

Drive more inspired leadership by focusing on the core reasons your firm does what it does.

Damn Few: Making the Modern SEAL Warrior by Rorke Denver

A striking look at how balance and calm play a vital role in any situation—especially high-stakes situations.

And I would be remiss if I didn’t also recommend a couple of other additions to your library:

Clientelligence: How Superior Client Relationships Fuel Growth and Profits by Michael Rynowecer

Learn how to drive growth and develop the best relationships with clients—based on in-depth research with 14,000 top decision makers who hire professional services firms.

The Mad Clientist’s ABCs of Client Service by Michael Rynowecer

This fully illustrated book is a light-hearted look at a deadly serious skill: learning how to improve client service.

Enjoy!

MBR

4 Keys to Winning More Work

Acting as a business advisor sparks conversations and develops relationships before legal issues arise and leads to capturing high-rate legal work from your clients.

Your ability to provide your service in the context of the client’s business will most differentiate you in the eyes of clients. Industry dynamics, current events, emerging regulations, competitor news, and the political landscape are the basis for providing targeted advice to help clients meet their ultimate objectives. Learn more about providing this crucial service to your client’s in my best-selling book, Clientelligence: How Superior Client Relationships Fuel Growth and Profit, available now at www.bticonsulting.com/clientelligence.

MBR

 

4 Steps to Building an Unmatched Client Experience: BTI's Client Relationship Lab

In Phase 2 of BTI's Post-Matter Follow-Up Plan, Jennifer Dezso, BTI Principal, shares the 4 steps to building an unmatched client experience to effectively close matters and win new work. 

By delivering a seamless experience targeted to what your client needs you channel superior service into high-impact growth.

You can view the video by clicking the image below, or on YouTube directly here: https://youtu.be/L0xkFtJecks

Click to view the video for: Post-Matter Follow-Up Plan—Phase 1.

With this series we’ll be taking an in-depth look at a wide range of client relationship best practices. We’ll be releasing Client Relationship Lab webisodes on our blog every month—subscribe today (in the box at the upper right of your screen) and be sure you don't miss a single one.

7 Stages of the Best Marketing & Business Development Performances

Law firm performance falls into 7 distinct stages based on how many of the 10 power marketing practices each firm adopts. Each law firm falls along a spectrum of marketing and business development behaviors defining how far you’ve come—or how far you have to go. The firms who have adopted more of the tactics show better performance—and in the case of the Pacesetters: vastly better.

Setting the Pace for Law Firms

The Pacesetters, at 10.8% of law firms, currently enjoy 8 times the growth with their top clients than other law firms. Most law firms are showing flat growth in the most important part of their client base; the Pacesetters are making substantial gains with the best and most important source of revenue. But the benefits don’t end here—these Pacesetters boast 4 times the growth in profits per attorney over the last 3 years. These firms are defining the leading edge of performance and show no signs of letting up.

We found pacesetting performance at large, medium-sized, and smaller law firms. The common denominator: they adopt at least 9 of the 10 power practices and integrate these into their firms. The power practices include both infrastructure and behaviors, and Pacesetters have learned to integrate these tactics into revenue-generating machines.

6 groups of law firms stand behind the Pacesetters. These are, starting with the stronger performances:

BelieversClosing in on the Pacesetters

Believers have progressed to adopt 6-7 of these tactics. These firms are in a position to catch the Pacesetters (who have adopted 9 or 10 of the pacesetting tactics) if they can add 2 more tactics to their MBD approach and integrate these new approaches into their firms. We found just as many Believers as Pacesetters at 10.8% of all law firms.

The StridersPoised to Move Forward

Striders are strong performers. The Striders build on their infrastructure and processes to position themselves to quickly move to a market-leading position—if they act. These firms have embraced 4 to 5 of the market-leading MBD tactics, which is just not enough horsepower to drive the firmwide growth or growth in the top client base. BTI’s analysis shows 16.2% of law firms are Striders.

Task MastersReady to Commit

At 24.3% of all firms—Task Masters are the single largest group. These firms have taken the first steps for law firms looking to grow, but have not pulled them together in a cohesive strategy. These firms have successfully implemented 3-4 of the core market-leading MBD tactics. They have focused on discrete strategies and tactics proven to drive pockets of strategic growth and would benefit greatly from adopting more of the 10 power practices.

DabblersStill Getting Their Feet Wet

As a group, Dabblers have adopted a few of the key strategic MBD activities (such as dedicated client teams and tracking client retention), but have not built out the infrastructure or depth market success demands. These firms are less formal in their approach with attorneys and MBD practices in general—only occasionally adopting one of the 10 power practices. Dabblers reap few of the financial rewards enjoyed by their cohorts.

NomadsTrying to Find Their Way

Nomads have adopted only 1-2 of the core MBD activities proven to drive growth and bigger client relationships. These firms are beginning to take steps towards a more advanced law firm growth strategy, but are informal, decentralized, and operate with a small set of tactics. The perils for this group are great as they begin their journey, but the opportunity greater. The risk of not moving forward dwarfs the risk of making changes  to move up the curve. Approximately 11% of law firm are Nomads.

Cave People

14% of law firms are have yet to adopt any of the 10 core marketing and business development tactics proven to drive growth—these are the Cave People. This group has neither a formal strategy nor an established set of tactics they rely on to drive growth. This group doesn’t believe in developing a systematic approach to marketing and business development. The Cave People will find success more and more difficult to achieve unless they change their approach.

Where You Are and What This Means

Almost every law firm is working to get an edge in the market. From adding laterals to launching new websites and adding a new CRM, law firms make changes to help them grow. These steps are valuable, but strategies and tactics sit at the epicenter of growth. 40% of firms (Striders and Task Masters) have some of the building blocks and infrastructure in place. This means about ½ of all law firms have significantly fewer power marketing practices in place—and, the firms with the most power practices will ultimately separate themselves from the pack. The number and nature of the tactics you adopt will define who you are, your growth—and your profits.

Learn exactly what steps to take to make it to the top with BTI’s newest report, BTI Guide to Maximum Marketing & Business Development 2017, where you'll see the details on what the top performers are doing differently than everyone else—and step-by-step tactics for how you can implement, and improve, these programs at your firm.

MBR

And don't miss the posts from this week's Marketing and Business Development Week:

Climbing the Marketing and Business Development Mountain [Infographic]

Learn exactly what steps to take to make it to the top with BTI’s newest report, BTI Guide to Maximum Marketing & Business Development 2017, where you'll see the details on what the top performers are doing differently than everyone else—and step-by-step tactics for how you can implement, and improve, these programs at your firm.

Are You Pursuing the Right Clients?

Cracking the code to business development offers significant financial benefits. So why have only a select few—10.8% of all law firms—figured out a marketing and business development strategy to drive faster growth and build bigger relationships than other firms.

Jennifer Dezso, BTI Principal, walks through the first marketing & business development strategy to implement or improve on to join this elite group: selecting and pursuing specific target clients and prospects. 

You can view the video below, or on YouTube directly here: https://youtu.be/6znpUGtEZWE

For more information or details on this new report, please visit: http://www.bticonsulting.com/marketing-and-business-development-strategies.

What Sets Top Performing Law Firms Apart? [Infographic]

Learn exactly what steps to take to get started on (or improve your firm's use of) the top performing marketing and business development strategies with BTI’s newest report, BTI Guide to Maximum Marketing & Business Development 2017, where you'll see the details on what the top performers are doing differently than everyone else—and step-by-step tactics for how you can implement these programs at your firm.

The 10 Secrets of Pacesetting Law Firms

Only 10 marketing tactics really matter. Out of the dozens of tactics, protocols, and activities available—there are 10 driving superior performance. Time and money at every firm are always at a premium, and everyone—from Managing Partners to Marketing Coordinators—is looking for the secret sauce to stretch every last dollar and every last hour. The firms using the 10 marketing “must-haves” have found the formula to outperform everyone else.

BTI analyzed 160 law firms using more than 25 performance metrics. We then analyzed performance over a 5-year period to eliminate luck and unique, nonrecurring events. Firms embracing a client-focused approach to the market enjoy 8 times the growth with their top clients than other law firms while also growing profits per attorney 3.7 times faster than other firms.

The 10 strategies below drive these outsized performances:

1.  Targeting the Best Clients and Prospects
Revenue growth for firms targeting specific clients and opportunities is 10x–15x higher than it is for firms not taking this approach. Targeting specific clients enables firms to better understand the individual opportunities they are pursuing and craft customized messaging to these clients—increasing the odds of closing new business.

2.  Client Teams—With the Money to Make Them Work
While client teams have long been a structure used by firms to improve client relationships, only 44% of firms have given these teams dedicated budgets to invest real money and time in growing the client relationship. Dedicated budgets fund the activities helping firms make their largest client relationships even bigger—nearly 8 times larger than the firms who don’t make this additional investment in their client team program.

3.  Listening to Clients with Systematic, Objective Client Feedback
The ROI for law firms conducting formal client feedback is staggering: when firms conduct formal client feedback across a broad swath of their clients, relationships with the firm’s largest clients are 4x–6x larger than firms not taking the time to reach out and objectively listen to their clients. What firms learn from a formal client feedback interview gives them the information they need to exceed clients’ ever-rising expectations, better serve clients, and outpace competitors vying to get new business.

4.  Client Service Standards—Words to Live By
Client service standards are a small set of high-impact protocols defining what the client’s experience with every single person at a firm should look like. When firms adopt—and truly live by—these standards, their growth in profits per attorney is 1.5x higher than firms not applying a consistent client service experience across their firm.

5.  Spending Money to Grow
On average, the typical large law firm dedicates 2.5% of the firm’s revenue to marketing and business development. The best-performing firms boost this investment to 2.8%—nearly $8,000 more per attorney—in order to win more work than others.

6.  Spending Time to Grow
The Managing Partners at the top-performing firms spend more than 50% of their time on direct client development activities. The result of these efforts: nearly 2x higher revenue growth and 3.5x higher growth in profits per attorney. The amount of time a firm’s Managing Partner spends on client development is a proxy for how committed a firm is to soliciting input from clients and ensuring their clients’ needs are being met.

7.  The Power of a Formal, Written Marketing & Business Development Strategy
When firms have written objectives and definitions of success in place, relationships with the firms' largest clients are 5x larger than firms without a formal strategy. Additionally, revenue growth is more than 15% higher for firms with a plan for how they want to draw in and keep clients. Having a formal, written marketing & business development (MBD) strategic plan provides a sense of direction and outlines measurable goals for everyone within the firm to use as a guidepost.

8.  Dogmatically Tracking Client Retention
The firms measuring their success at keeping and developing existing clients enjoy 16.5% higher revenue growth and their client relationships are 2x larger than firms not tracking their client retention rates.

9.  Including Goals for MBD in the Firm’s Strategic Plan
Focus the energy, resources, and time of everyone at the firm around the marketing and business development actions required to successfully execute the strategic plan. The firms embracing this approach have seen nearly double the revenue growth of firms not including the MBD goals in the firm’s strategic plan.

10.  The Buck Stops with a Single Individual
Less than 15% of firms have a single individual accountable for the firm’s client service delivery. This often overlooked activity has substantial payoffs for firms. Having an individual committed to ensuring the firm is delivering the highest levels of client service results in 8% higher profit growth per attorney and larger client relationships—nearly 8x larger than firms without an individual assigned to this role.

Each of the above activities on its own substantially impacts a firm’s financial performance, but putting them together forms the most effective toolkit of marketing and business development activities to drive the type of performance few firms achieve. Your competitors might be working on each of these right now. If you’re not, which activity are you going to start with?

Learn exactly what steps to take to get started with BTI’s newest report, BTI Guide to Maximum Marketing & Business Development 2017. We share the details on what the top performers are doing differently than everyone else—and step-by-step tactics for how you can implement these programs at your firm.

MBR

Clients Want to Know: Are You Here to Help Me or to Bill Hours

While most attorneys are there to help their clients, they may also be sending loud, unintended messages that derail their client relationships. The Mad Clientist runs through a few scenarios where attorneys are inadvertently telling clients they don't want to work with them. 

You can view the video below, or on YouTube directly here: https://youtu.be/mwaJUM-LhiI

We’ll be releasing videos here on The Mad Clientist blog every Tuesday. Subscribe today (in the box at the upper right of your screen) and be sure you don't miss a single one.