LMA SoCal January Event Recap: Top 10 Trends in Law Firm Business Development

Talk about engaging, clever and brilliant. Deb Knupp of Akina Corporation started off 2014 with a bang at the LMA Southern California Chapter’s January event “Top 10 Trends of Law Firm Business Development.” With over 50 LMA, OC-ALA, and OCBA members in attendance, Deb addressed 10 important trends legal marketing professionals should keep in mind this year. She explains that loyalty is being tested in law firms today –that it is a competitive selling market and firms need to distinguish themselves. Below is a quick recap of those trends. 

Our next event is a Member Only Roundtable on February 20. We will be discussing an overview of the legal market, including the declining reliance on law firms and the top reasons firms are not retained. We’ll also explore changing expectations for legal professionals and the difference between “legal services” and “legal providers.” Register for the event today! Member Only roundtables are hosted complimentary for LMA members as a forum to share ideas, explore new topics and address the toughest issues facing legal marketers.

Top 10 Trends in Law Firm Business Development presented by Deb Knupp of Akina Corporation

1.Convergence and “Lawsulting”
-Demand for knowledge and experience in business and industry (e.g. industry teams, business counseling)
-Investment in thought leadership and intellectual capital by trade and industry
 
2.Platform Selling and the Audition
-The three S’s (Sophistication, Sincerity, Sensibility) and the three C’s (Care, Camaraderie, Creativity)
-Discovery meeting to solution meeting – simulating the client experience
 
3.Rethinking Rates and Billing
-Increased demand for actual alternatives
-Work segmentation, value billing, risk mitigation and/or sharing
-Fee conversations as a relationship building opportunity
 
4.The “Yes And” of the Individual and the Team
-The humility in team excellence
-Team compatibility – lawyers who like each other
 
5.Changing the Conversation
-Innovation, creativity and collaboration
-Business reviews and feedback dialogues
-Internal process initiatives (technology, LEAN, etc.)
 
6.Quantifying Care and Commitment to Help
-Making proactive investments of non-billable time
-Unprompted communication
-Client appreciation 
 
7.Character and Competence through Communication Protocol
-Client preferences (email, phone, in person, print)
-Utilizing scheduled Huddles, status reporting and billing
 
8.Playing by Procurement’s Rules
-The Big Stick
-Creativity to get to an in-person meeting
 
9.Social Media Mavenhood
-LinkedIn, blogs, bios
-From policies to platforms
 
10.Doing Good and Doing Well
-Pro bono, service projects, charitable giving
-Cause marketing
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