In today’s remote and busy business world, cultivating and maintaining referral relationships can be a challenge. A contact management tool for legal business development may be the solution to lost time, buried emails, forgotten business cards and messy spreadsheets.
A tool like NEXL helps you stay organized by having all of your referral partners and potential leads stored and accessible in one place. It also provides referral tracking, notes taking, private messaging and scheduling reminders, to make it easier for busy lawyers to turn more business contacts into trusted referral partners.
Referrals are a crucial part of a law firm’s business development. According to the Law Institute of Victoria, research into 151 Australasian law firms show that 70% of firms consider referral relationships and personal networks as their number one source of new business.
However, relationships of this kind requires lawyers to invest considerable time and effort in nurturing and developing them into stronger referral partnerships. It also requires lawyers to demonstrate reputable expertise, provide value and reciprocate work. That’s why many lawyers today, are turning to tools like NEXL’s My Contacts, because it provides an optimal way to keep track of referrals, stay in touch with key contacts and expand their legal networks.
What is a contact management tool?
Before we dive into the specific benefits, lets define what a contact management tool is. Using a tool like My Contacts, is essentially the practice of managing and organising contacts, so you can easily maintain and strengthen your most valuable business relationships.
Using a contact management tool for either personal use or firm wide, significantly reduces time spent manually using spreadsheets or a rolodex, and maximises efficiency during billable hours.
NEXL’s My Contacts tool provides lawyers with not only the benefit of organising contacts, tracking referrals and staying on top of tasks that contribute to cultivating relationships. It also comes with a suite of features that help lawyers identify new referral opportunities and generate more business with other attorneys inside their network, or by discovering new ones both locally and worldwide.
Here are 4 incredible benefits of using a contacts management tool to maintain and grow your trusted referral network:
Stronger, long-lasting business relationships
You can keep track of the most important details about your key contacts, such as their specialisations, emails, industry, birthday, favourite cafe – data that can come in useful for building a stronger relationship with them.
With this stored and easily accessible information you can maintain a better understanding of them, they’re kind of referral work, interactions you’ve had or challenges/opportunities they may have professionally. This way, you can take a more personal approach and be seen more of as a business associate and friend, than a distant acquaintance. This results in stronger long-lasting relationships that lead to trusted referral partnerships.
Build referral relationships
Law is in the business of relationships, however strong ones don’t occur without both parties putting in the effort. Neither do referrals land on your doorstep by simply asking your legal peers for them. Building great referral networks that generate meaningful and consistent work to you or your firm, requires actively developing authentic connections with other lawyers. A common misconception is that this can be time consuming, costly and often ineffective.
A contact management tool helps streamline this process in a time and cost-effective way. It’s a lawyer’s private, smart digital tool for cultivating their relationships with other lawyers.
With NEXL’s contact management system, you can manage a list of your current referral contacts or leads, and have all the relevant information at your fingertips. You can create personal referral goals, schedule important reminders, automate check ins with contacts, as well as share updates and relevant news about you and your firm to an exclusive network of attorneys worldwide.
Efficient data management
Spreadsheets, documents, rolodex and stacked business cards are not an efficient way to handle your clients, your colleagues or your legal contacts. It’s a time-consuming manual process that impacts productivity and takes lawyers away from more pressing client matters.
With a contacts management tool, you have all your contacts’ information securely stored and readily accessible in one digital place. You and your firm will get a clear view of each business contact, know the most important details, and never forget to reach out to a legal peer, or referral partner.
Track your referral sources
To build a strong referral network for you and your firm you need to understand where your current referrals are coming from. In NEXL’s My Contacts you can track referrals coming in and being sent to your contacts. Start to look for patterns that emerge – how many referrals your receiving from certain contacts, what kind of practice area are they in and where they are located. Tracking your referrals will allow you to get a full picture of what is working for you and how to build or improve your referral networking.
The key takeaway here is that a contact management tool is an easy and effective way for lawyers to maintain and strengthen relationships with their most valuable business contacts. It helps not only to keep in close contact with current referral sources, but discover and nurture promising leads and new partners.
Want to create a steady stream of referrals from your business contacts, and lawyers around the world? You can easily get started under 2 minutes with NEXL’s free contacts management tool by clicking here.
Or, if you’d like to learn more book your free live chat with us and we’ll walk you through the tool at a time that suits you.