A strategy for developing more private client workPosted on: September 20, 2019
A shorter version of this article on A Strategy for developing more private client work was published in The Law Society’s Private Client Section in September 2019 https://communities.lawsociety.org.uk/september-2019/workshop-developing-more-private-client-work/6000337.article
At the Law Society’s Private Client Conference in June 2019 I presented a short workshop on “Developing more private client work”. The session covered:
1. Develop a strategy
Marketing is a process for anticipating client needs profitably. Marketing strategy is choosing the right services to promote to the right markets at the right price and with the right promotion. Whilst transactional B2C strategies are used, most private client lawyers adopt a relationship management model harnessing the trusted adviser model (see http://kimtasso.com/trust-better-business-relationships/).
The starting point for developing more private client work is a strategy. To develop a strategy we use a simple process:
- Where are we now? (Analysis of internal and external data)
- Where do we want to be? (Setting SMART goals)
- How will we get there? (Identify and select the appropriate strategies and tactics)
- How much will it cost? (Consider both cash and time investment)
A key element of the analysis is to understand the source of our best clients and work. Then we explore various external sources of information about what issues will affect client needs in the future and develop our services and messages accordingly. There was strong support for niche marketing strategies – identifying a specific market on which to focus.
We considered various benchmarks to support the development of meaningful and measureable goals for private client teams and lawyers – going beyond fees and profits to types of work, value of cases and reputation.
The rest of the session considered the some of the different strategies available depending on your current position and goals.
2. Engage the internal audience for cross-selling
Many firms reported that a significant proportion of their work is referred from existing clients and we discussed the use of Net Promoter Score for this purpose http://kimtasso.com/client-satisfaction-benchmarks-measure/).
We explored the use of focused and targeted internal communications campaigns, client relationship management programmes, Wills banks, Client Experience Management (CEM) and personal cross-selling strategies.
3. Improve external referrer relationships
Many delegates reported that they received a lot of referrals from external organisations – whether other lawyers, accountants, financial advisers, property professionals or banks.
Here we considered focused versus scattergun approaches. We looked at ways to target specific referrers, dedicate time to developing mutually-beneficial relationships and organise seminars and events. We explored creative ways of reciprocity.
There are many posts on this topic, for example:
4. Use digital marketing and social media to raise profile and generate leads
All manner of digital strategies were explored including web sites, Pay Per Click (PPC), Search Engine Optimisation (SEO), video and podcast materials, specialist portals, blogging, social media (LinkedIn, Twitter and Instagram) and content management strategies.
The value of combining the various approaches into an integrated campaign – to share the load, to allow lawyers to play to their particular strengths and to enable monitoring and measurement – was discussed.
My 2018 book on helping lawyers to use social media – with case studies from law firms – was mentioned. http://kimtasso.com/social-media-in-business-development-a-guide-for-lawyers/
5. Analyse case studies
Finally, to see what works well and see some best practice we explored a number of case studies of successful private client marketing for different client types and services including:
- Anthony Collins use of email and social media campaigns
- Wollen Michelmore and digital marketing http://kimtasso.com/legal-marketing-case-studies-digital-marketing-law-society-law-management-conference-2017/
- Savills rural team’s use of market information in an integrated communications campaign http://kimtasso.com/property-marketing-case-study-integrated-campaign-on-farmland-value-from-savills-rural-team/
- Forsters and social media marketing http://kimtasso.com/legal-marketing-case-study-social-media-in-business-development-and-relationship-management-a-guide-for-lawyers-by-kim-tasso-book-review/
- Thought leadership in the later life market at Rix and Kay http://kimtasso.com/legal-marketing-case-study-rix-kay-thought-leadership-in-the-later-life-and-care-sectors-2/
- Haines Watts accountants using thought leadership for business owners http://kimtasso.com/accountancy-marketing-case-study-haines-watts-accountants-love-money-thought-leadership-campaign/
- Charles Russell Speechley’s Connected Generation thought leadership
- Royds Withy King’s new product development http://kimtasso.com/legal-marketing-case-study-royds-withy-king-private-client-wealth-proposition-and-new-product-life-safe/
- Rural market - Lawyers follow surveyors and agents
- Marketing a wills and probate business
- Marketing professional services to High Net Worth clients
- Probate Practitioner’s Handbook - Marketing wills, probate and other private client services
- Legal marketing case study – Mishcon de Reya
- Reflections on the CLT Private Client Management and Marketing conference
- Mischcon de Reya – a law firm that seems to have got it right?
- Advanced social media use amongst lawyers, accountants and surveyors
- Innovation in small law firms
- Case study (Law firm marketing) - Mishcon de Reya
- Conference review: CLT’s “Managing and marketing a profitable private client practice” 2013
- Legal marketing case study: Focused newsletters at the heart of client relationship and events programmes at Aaron & Partners
- Legal marketing case study: Irwin Mitchell combines DR advertising, online promotion and brand building
- Cross selling – the dream versus the reality
- Key challenges when developing and sustaining your private client practice
- Law South Conference 2015 – “Achieving extraordinary client engagement” with empowerment, value, disruption, disobedience and psychology
- Legal sector research: Highlights from “The Age of the Client” by LexisNexis
- Seven thoughts on private client marketing (June 2015)
- Where do I start? Business Development for Lawyers (MBL Private Client Training July 2015)
- Marketing to the elderly – for lawyers and accountants
- Legal Marketing Case Study – Rix & Kay thought leadership in the later life and care sectors
- Four insights from developing a private client practice – Analysis, Objectives, Targeting and Internal Communication (June 2016)
- Legal market research – LexisNexis Bellwether 2016 report highlights
- New lead generation and intelligence system for targeting high net worth private clients – An overview of NETZ
- Legal marketing case studies – Digital marketing at The Law Society Law Management Conference 2017
- Client Experience Management CEM – Two research reports
- Developing a private client practice – 10 insights (July 2017)
- Legal case study – Anatomy of a law firm merger (Ross & Craig and DMH Stallard)
- Private client marketing - Competing in the digital era
- Private client marketing – Five thoughts from heads of department (2017)
- Legal marketing case study: Social media in business development and relationship management: A guide for lawyers by Kim Tasso (Book review)
- Help your lawyers understand and engage with social media effectively
- Legal marketing case study – Royds Withy King private client wealth proposition and new product Life Safe®
- Enquiry management: Converting more telephone enquiries with basic sales training
- 14 pragmatic steps to improved referrer management (London and Manchester 2019)
- Key takeaways from “How to manage and grow your private client practice” (Feb 2020)
- Strategy basics – Mission and vision statements with hedgehogs and helicopters (Video)
- Helping tax advisers sell their services – Be more detective
- Law firm analysis – MHA Legal Benchmarking Annual Report 2020
- Highlights from a referrer management workshop (2020)
- Improve your strategic thinking – Seven insights (2020)
- Be more strategic – Strategy in a post-Covid19 world
- CIM's Innovation in Marketing
- Marketing strategy for accountants and tax advisors (Video)
- Professional Services thought leadership update - FTI, Bidwells, Grist and Fieldfisher (November 2020)
- Managing and growing your private client practice (January 2021)
- Strategy basics - Mintzberg
- Introducing client portfolio management with dinosaurs – Be more T Rex (Video)
- Strategic thinking – It’s a jungle out there
- Marketing planning in a nutshell
Category: Kim's Blog, Lawyers, Marketing, Relationship Management, Social Media, Strategy
Tagged: Better business relationships, Business relationships, Campaign Management, Campaigns, Case Studies, Case Study, CEM, Client Experience Management, Client relationship management, Conference, CRM, Cross-selling, Digital Marketing, events, internal audience, Internal Communications, Internal marketing, Legal, Legal Marketing, Private client, Private client marketing, Referrals, Referrer management, Research, Social Media, Strategy, Thought leadership, Training