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Is Business Development Important for Small Law Firms?
By Ian Brodie | September 7, 2008
The Law Society (in the UK) recently released their Small Legal Business Toolkit: a guide to “Setting up, managing and retiring from practice for legal SMEs”.
The guide is mostly very thorough - it’s 161 pages of A4 and covers topics from setting up and registering your practice, structuring your firm, tax, business planning, acquiring staff, marketing, regulations, retirement, and a bunch of pages from sponsor the Bank of Scotland on setting up a business account with them.
The marketing section is pretty thin. It covers the generics of the 4 Ps and some high level advice to “do” marketing every day and “don’t do it on the cheap”. There are a couple of pages on the basics of websites and SEO and a page or so on permission marketing and e-mail newsletters. But nothing on the specifics of marketing for small practices (or even law firms more generally). In fact there’s more advice on the keyword density of your website than there is on which lead generation techniques work in different circumstances for different types of practices.
And as for sales (or Business Development for the sensitive souls who daren’t utter the S word): nothing.
Of course, there’s the obligitory mention of the Solicitors Regulation Authority Rule 7 on allowable publicity (for example restrictionson cold calls) and Rule 9 on referrals. But nothing on the actual process of selling your services: of understanding your potential client’s needs and working with them to define what you can do with them in a way that will help them to buy from you. Nor is there anything on generating referrals from your existing clients or on networking - one of the key sales approaches for professionals.
Now I don’t have any hard data on this, but anecdotally, my experience is that the number one reason for small law practices failing is their inability to bring in enough client work to sustain them. And I fear that this guide does little to help the SME in this respect.
I have great respect for the Law Society and the work they do - but I fear this is a real missed opportunity.
Ian
PS You can find the guide here.
Topics: Selling Professional Services |
September 8th, 2008 at 4:54 pm
With 161 pages to work with you would think a page or two on the importance of marketing would be included.
This is a HUGE oversight. With a title like that you would think they would consider marketing and business development important elements of setting up and managing a law firm.
Looks like you have some fertile ground to work with!
-Brad
September 11th, 2008 at 5:18 pm
To be fair Brad, they have a few pages on marketing. It’s just that half of them are so generic as to be useless (explaining the 4Ps for example) and half are far too specific and internet marketing focused (about SEO and permission marketing). There’s no middle ground - and what’s particularly missing is “what marketing & lead generation techniques have been shown to work for small law firms?”.
There’s absolutely nothing on sales though.
Ian