Today, it’s never been harder to generate new business.
Since 2008, global demand for legal services has been nearly flat across all markets. Moreover, for the first time in its history law firms are now competing against non-legal players, technology players and in-house teams for a chance to do “the work”.
Is the end near for law firms? What can law firms do in 2019 to remain competitive and grow?
One word: NETWORKS.
At NEXL we believe networks present a unique opportunity for lawyers and law firms to grow in 2020 and it’s why we’ve launched our lawyer-to-lawyer network platform to the world – to help you grow through the power of digital networks.
To help you generate more business through the power of networks, we’ve compiled our top 9 ways lawyers can generate more business using the power of networks below.
Let’s get started!
9 Ways Lawyers can Generate More Business With Networks
1- TRACK YOUR REFERRALS. It all starts with the data. And yet despite the powerful insights you can generate using data, most law firms are still not tracking their referrals.
Tracking your referrals gives you the opportunity to finally understand how your network works, what’s working for you and what’s not – which allows you to make strategic decisions on where to put your efforts when it comes to business development and supporting your network.
Time is scarce. You’re busy.
If you do nothing else, make 2020 the year your start tracking your referrals. It will give you the insights and knowledge you need to start generating more work from your network by doing more of what works.
2- STAY INFORMED. Today there’s more information than ever before. We live in an information over-load, which makes staying up to date with your network harder than ever.
By using RSS feeds however, you can get the signal you need to have personalised, value-add conversations at the right time with the right person.
But how to do you get started with getting targeted knowledge about your network? Try Google’s RSS feed and/or one of the third party providers to keep in touch with what’s going on in your network’s world.
When the time is right, you’ve be a value add.
3- DELIVER VALUE. For many value means money. However, in the case of a network, value can mean so much more.
In fact, in a recent video by Konstantinos Papakonstantinou, “value” was really broken down to a great framework that included the idea of contact-marketing which involves contact-focused networking.
4 – TREAT YOUR NETWORK LIKE CLIENTS. This tip is all about switching your mindset. By learning to treat your network like clients you will learn to value the time you put into staying up-to-date with them.
In the end, most lawyers have worked with 100s of clients over the course of their careers while most clients know far fewer clients who may need legal services at any time.
5- INTERNAL NETWORKS. It might be sad but the truth is, many times it’s hard to know who you know let alone who are the partners your firm knows.
Internal networking is the process of mapping and understand who your fellow colleagues know and don’t know. You’ll be amazed at how many connections you all have in aggregate.
6- UNDERSTAND THE LAW OF RECIPROCITY. Humans like to give back. It’s in our DNA. By understanding the law of reciprocity you can begin to see your referrals as an investment into reciprocity.
By tracking your referrals and developing network insights you’re able to understand where things stand between you and a partner and make sure both of you are on the same page within the relationship.
7- DEVELOP AN ALLIANCE. Legal Alliances are a way to provide superior coordinated services to clients by pooling together resources and expertise in diverse areas of law.
The difficultly in the past was ensuring quality assurance for clients.
However, with project management software available today, tracking those risks have decreased dramatically in 2020, providing you with a massive upside to generate new work through integrated alliances and specialized legal groups.
8- INVEST LIKE ASSETS. In the end, your network IS your greatest assets and is one of the few engines you have that can produce exponential returns for you like a stock could.
Unlike your clients, who only grow more linearly – network grow exponentially. By treating your network like a stock, you will.
9 – FOLLOW-UP. Today, keeping in touch with your network can be scaled through the use of technology.
By understanding your top partners, you can tier our your follow-ups, providing personal touches to those more important and more value-added scalable messages to others in your network.
Woooo, so there it is – our top nine (9) tips for generating more work through the power of networks. We’ll be updating this list regularly so be sure to come back to this list often to get the more tips.
At NEXL believe networks are the future of law firm growth in a digitally connected world.