Miami Legal Business Development | Branding | Law Firm Coaching | Paula Black

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If you haven't figured it out by now... my focus the past few posts is, planning for 2012. Yes, I want you to focus... focus... focus! And I'm not about to let up anytime soon! Why? Because I believe PLANNING is critical to business development success. (Actually, any success... no matter what the endeavor.)

Today, I want to discuss referrals: HOW and WHY to make them, then let's plan what to expect in 2012. First, there are many reasons why you recommend a lawyer... 

1. To help your client... it's good client service.

2. In hopes that you will get referrals in return... referrals are currency.

3. To let that lawyer know that you think highly of them... you respect their work and want others to receive the benefit of that expertise. 

4. To earn a referral fee... plain and simple, "money makes the world go 'round!"

If these are the reasons you make a referral you have to ask... "Have I communicated it CLEARLY?" Chances are the answer is NO. Not so much. Most lawyers tend to be a bit loose and casual about it. Well, referrals are an extremely important part of how the legal profession works... (Or doesn't work for some.) So, let's look at our list again...

1. IF... it's good client service... are you following through? Do you call your client to touch base and find out how things are going? Do you show your concern for their situation? This is an opportunity to show how much you REALLY care, since you aren't billing them.

2. IF... referrals are currency. Wouldn't it be better to pay out before you receive? You bet!

3. IF... you respect a lawyer's work and want others to know how good they are. Are you saying it clearly, to both parties? If you would trust this lawyer with YOUR life... tell them both that!

4. IF... you earn a referral fee... make sure you show your appreciation. Most often it is the person paying out the fee that is saying thank you for the referral... but are you not thankful that they did a good job on the case and made you look good? Say so!

There is no doubt that referrals are the life-blood of just about any legal practice. Make sure yours are doing the job that is intended... follow through and say what you mean, as clearly as possible.

Now that you are maximizing your referral sources... let's do some planning. Look at your list of referral sources and project what you might get from them in 2012. To get a good read on it, analyze what you got in the past two years, one year doesn't always tell the story. Ask yourself if they are still in a situation to encounter the kind of cases they could send your way? Now, assign a dollar value. Could it be a small, medium or large case? Granted... this is just a guess... an educated guess.

Be bold... think big! Why not? If you enter 2012 with a big far reaching goal chances are you will be on the look out for just such an opportunity. You will recognize the opportunity when it presents itself. It's up to you... what do you want your referral sources to send your way next year?

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Today I was talking to my friend and colleague Aviva Cuyler at JD Supra, we are collaborating on several projects. Why? Because I think they are outstanding at what they do. I think my clients can achieve great business development results by using them AND they are a pleasure to work with. If I sound like a Raving Fan... that's because... I am!

Raving Fans  was the 1990's bible on customer service and can be even more important today because with the power of the internet, one can spread the word like wild fire. Imagine how different your practice would be if you had ten more Raving Fans. Just ten. Ten people who's mission was to tell the world about you. Those ten people would tell ten people, and those would tell ten more, and so on and so on.

Is it possible in the legal world? Of course it is! It's about being remarkable at what you do AND during the process your client is DELIGHTED. I should add, that they can be delighted even if the final results you were looking for were not achieved... it's about their experience.

However, that is not how it generally goes. It's more like... do a good job and hope clients tell their friends and colleagues.

So, ask yourself... which one are you? Are you good or remarkable? Are your clients satisfied or delighted?

As a raving fan of JD Supra, I can tell you they are remarkable and I am delighted... so ten of you please tell ten others and so on and so on...

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Even if you can’t hire a Chief Value Officer, appoint yourself to the position and start thinking seriously about providing value to clients.

This week we asked: Do you need a Chief Value Officer?

1) Yes, I bet it would be helpful - 29%

2) No, we provide great value already - 28%

3) Possibly, I need to know more about it - 43%

My Thoughts: Usually my questions have no correct answer. This week it does. Yes. Yes. Yes. Everyone needs a Chief Value Officer (only about a third of you got this right!). Should you run out and hire one? No. But someone in every firm needs to take responsibility for making sure clients are getting the value they want and need.

That doesn’t mean lowering rates or adding more services to the menu. It means looking at client service in a new way. For example: in-house training for associates, alternative billing structures, client feedback interviews. The best way to envision the difference between a CMO and a CVO comes directly from Tuesday’s article:

“The firm wanted to divide its client relations department into one group that "gets the trains in on time" by handling the day-to-day management of filling out RFPs or updating the website, for example, and a second group that focuses on how the firm needs to change to better provide value. That second function, he said, has implications for how the firm hires and trains attorneys and how it staffs matters. Though Sudholz won't be taking the lead on project management training at the firm, it is something she will be involved with as part of the CVO role.”

See the difference?

Black Pearl: Want a few more tips on adding value? Click here and download the Association of Corporate Counsel’s “51 Practical Ways for Law Firms to Add Value.”

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These days we hear a lot about the idea of “value” but what exactly does it mean? Truthfully, it most likely means something different to every firm. That’s why I thought it was an interesting concept when I read that the firm of Drinker Biddle & Reath had split their client relations department and appointed a “Chief Value Officer,” (the other half of the department will be overseen by a traditional “Chief Marketing Officer”). What do I think of the position? We’ll get to that on Thursday. Until then I want you to ask yourself this…

Question of the week: Do you think you might need a Chief Value Officer?

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Let’s be honest. On a day-to-day basis how much time do you really spend thinking about the experience your client is having? Probably not a lot. Sure, you’re thinking about how YOUR office is interacting with them, but rarely do we stop and ask THEM how we can be better. And we should. What got me thinking about this? Today I was doing a quick search on Twitter (follow me @legalbranding) and it led me to a review of an interesting book. In it, the author takes on client service and relationships, explaining exactly why and how we need to put a focus on client service. So what’s the answer? In short... if we want to generate new business we need to flip the funnel...

Question of the Week: How would clients rate YOUR client service?

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The more you know about your client and their business the more you are able to help them in ways that neither of you can see if you don’t. I'm NOT talking about their legal matter, I'm talking about the operation of their business, their customers, their strategy and business plans. As well as personnel issues: how many kids do they have, where do they go to school, what do they like to do in their spare time? And the by-product is a stronger relationship and increased business.

This is a universal issue. No matter what city on the globe you do business… connecting is human nature.  John Strachan from Paull & Williamsons in Scotland points out…

“Focus on your potential clients’ business. Don’t just read off a list of services that your firm can provide or a description of the size, make-up and location of your firm. That will generally be a turn-off for potential clients. Focus on listening to the person and learning about the client’s business, then talk about how your firm’s services can be tailored to meet their specific business needs and requirements.”

Getting people to talk about themselves and then listening is an ART. Some people are so smooth and interested that the other person doesn’t feel interrogated. The reward is that you have gathered the information you need to position yourself  as a solution to their needs. 

Asking is critical, so do you ask and more importantly HOW do you ask? Please take TWO SECONDS to answer this poll question, I will close the polling Wednesday at 5pm EST. and on Thursday I will post the results.

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The question we are considering is: How many clients do you give something for free?

Results

1. None – 25%
   
2. Less than 5% of my clients – 12%
   
3. 6- 25% of my clients – 13%
   
4. 26 - 50% of my clients – 25%
5. More than 50% of my clients – 25%

Thanks to everyone who participated in this week's poll...

My Thoughts - So… who’s giving it away? 75% of you are giving SOMETHING. Of those, 25% are giving to OVER 50% of their clients... WOW,  that's a commitment to client service and building relationships!

As for the 25% of you that NEVER give anything away... I can't help but wonder how valued your clients feel, and how much business you are leaving on the table for others to pick up. 

Showing that you value your client and their business is important to every relationship and knowing when to stop the clock will pay dividends down the road. Studies show that it takes 7 times more money to acquire a new client than to keep the ones you have. This is a marketing habit that makes good business sense for your law firm branding.

For those of you who didn't take the poll, where do you fall in on these stats? Stopping the clock is a great way to pick up new business. Your clients already trust you (or they should), so if you “check-in” and there is a matter sitting on their desk, wouldn’t they give it to you?

Black Pearl - A little something to think about: A couple of weeks ago CBS Sunday Morning had a very interesting story Free For All, Profit For Some and featured Chris Anderson's new book Free:The Future of a Radical Price, presenting a compelling case that free doesn't have to be a four letter word and it can be a form of marketing. There is a great success story from The Wall Street Journal, take a look and tell us what YOU think...

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Something for free… isn’t that what every client wants? Sometimes we have to think about the value of building the relationship and know when to stop the clock.

The word free, I’m sure, makes some of you cringe and others think, “I wish I never had to charge at all.” Well it doesn’t have to be an either/or… a little goes a long way. Stopping the clock can be a means to solidifying a business relationship that will stand the test of time. My friend Richard Few, Managing Partner at Smith Moore Leatherwood in South Carolina, has an interesting take on the issue…

"Check in, don’t check out! Most new business comes from existing clients. You don’t have to bill every time you talk to a client. Check in periodically with your client; see how they and their businesses are doing at no charge. For young attorneys, their ‘clients’ are firm partners, so the advice is still the same. And usually, you can get another piece of business from the client just for checking in. No one gets much business by being checked out."

With the pressure to bill more hours these days Richard is pointing out that giving an hour or two could pay big dividends. Let’s find out how often you give a client something for free. Please take TWO SECONDS to answer this poll question, I will close the polling Wednesday at 5pm EST. and on Thursday I will post the results. 

No matter how you answer the question, think about how it could impact your law firm branding if you did it more? How much more business could you bring in? Anybody have a great success story? Please share…