Are You and Your Firm Focusing on the Right Potential Clients
Over the past year during the down economy, two of the most popular questions I have received are:
- What kind of clients should I be going after?
- What can I do if my clients and potential clients think our rates are too high?
Other than the obvious answer: "Go after clients who need legal work and can afford to pay for it," how would you answer the first question?
To me the answer is obvious, go after clients in industries that are growing. There are a variety of places to look to see what industries are growing. One place is Fortune's Top Industries, Fast Growers. As you will see, fast growing in revenue are companies focused on energy, food and healthcare. I am not even sure you need Fortune to tell you that. What is your game plan to become visible and credible to clients in those sectors.
If clients are balking at paying your rates, the first thing to analyze is whether the type of work you are doing is routine or commodity work. If it is your clients are going to send it to the least expensive lawyers. Before long that work will be subcontracted out to lawyers in India. You want to do work that is not routine and requires you to see things your competitors do not see. You also want to focus on being more than your clients' lawyer. To use the book title, you want to be their Trusted Advisor
So, what is you doing and what is your firm doing to attract business from the fastest growing industries. What are you doing to rid yourself of routine commodity work that is driven by low rates and make yourself more valuable to clients?
