The Secrets of Higher Law Firm ROI Revealed

by Mike Mintz on April 4, 2011 · 0 comments

in martindale.com connected

Rainmakers get all the glory. They bring in big money for the firm, seem to always be closing a new client, and appear to never rest. They are a major investment for any law firm; the heroes, the demigods in bow ties (and when you’re a rainmaker, you can get away with wearing a bow tie even outside the profession of law).

We’d all love to be rainmakers, but they are not the secret to higher law firm ROI. We’ll get to that in a moment. First, let me tell you about rain.

I live in a desert climate, and this year we did not have any huge storms during our rainy season. In fact, most of us thought we were in danger of drought for the summer which is only a few weeks away. There had been a smattering of rain, spread out across the months, but most of it was slow and steady rather than a downpour.

It turns out that the rain we did receive was more than enough water to get us to next season. In fact, we are poised to have an even bigger yield of crops since there were no deluges or major storms to hurt what was planted. This is the secret to higher law firm ROI.

A steady stream of existing clients that you can serve on a steady basis can make a bigger impact on your ROI than a few big wins by the rainmakers. Smart law firms have a way to analyze that client base to reveal hidden opportunities. With this type of strategy, you do not rely on finding new business to bring in needed funds to the firm, which is harder to come by in today’s economy. Rather you create a better service structure that maximizes returns for existing business, while exploring new opportunities.

This week in Martindale.com Connected, we are discussing ways to increase law firm revenues while keeping costs down. It’s part of our theme: Effective Business Development for Higher Law Firm ROI. Here’s what we’ve got already on the site for you:

  • A dedicated event page expanding on what’s in this point and laying out additional resources
  • Two pre-recorded webinars on business development and law firm ROI (a free Lexis Business Solutions Webinar login required to download).
  • A free white paper explaining how to better view the competitive landscape. Download the white paper here (martindale.com Connected members only – registration is free)
  • Access to the Legal Marketing group, which currently has over 280 legal professionals in it
  • Coming later this week: a visual reference map to free business development resources available for free download
There’s more.
Up until now, legal technology has not been able to fill the need for a thorough business development system that could analyze existing clients for new opportunities All that is about to change. LexisNexis® and Redwood Analytics® have introduced a new automated business intelligence solution that provides information to strategically target clients across the breadth and depth of a law firm’s portfolio. It is called LexisNexis® Client Analysis, and you can get it here.
What are your best practices for getting higher law firm ROI? Share below or join our Legal Marketing group discussion.

 

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