Key challenges when developing and sustaining your private client practice
I’ve worked with many private client practice teams over the years – ever since I first wrote the marketing and business development chapter for the Law Society’s “Probate Practitioners Handbook” over a decade ago. The market and clients have changed beyond recognition making it even more challenging for private client lawyers and practitioners.
There are a number of key challenges that private client lawyers must address for success:
1. What’s your market? Too often lawyers have only a vague idea of who they are targeting. Their focus is too broad to really focus in on the needs of the very different groups (I have written previously about the fallacy of targeting “high net worths” as this is too generic – see http://kimtasso.com/faq/how-do-i-market-to-high-net-worth-individuals/ ). Analysis and smart thinking are key. Recent blogs on segmentation and personas may help (see http://kimtasso.com/back-basics-importance-segmentation-personas/ )
2. What are you selling? There are lists of legalistic specialisms which can mean little to the end users. Once you’ve identified the specific audience you are addressing and really research and understand what it is that they need you can develop a compelling proposition (see, for example: http://kimtasso.com/faq/what-is-a-value-proposition-or-usp-and-how-do-i-create-one/) . This may mean altering the nature of the service provided – perhaps through the use of technology or through collaborating with third parties – to address non-legal needs. It also means ensuring your team have the right attitude and skills.
3. How will you promote your message? Once you have defined your message the challenge is to convey it to the market effectively and efficiently. There’s a dizzying array of traditional and new marketing tools – Is your web site up to scratch? Do you use social media? Do you write articles? Do you go out and network? What about internal marketing? You need to consider the audience and the tools and channels and develop a campaign to involve the team. There are plenty of blogs about campaign development and the various marketing and communication tools available.
4. How will you connect and convert? Does your campaign encourage the right people to contact you? Does it provide frequent touch points during the sales cycle? How do you maximise the opportunity when face to face with a prospective client or referrer? Are your sales and relationship skills up to speed? Are you filtering and converting the right opportunities? Are your systems managing the process? Again, there are numerous blogs providing guidance on sales, selling and relationship management.
5. Does your service delivery delight, retain and grow clients and referrers? Brand extends beyond communications – it infiltrates every aspect of your firm. Is every service experience excellent? Are clients cherished by every member of your team? Are you able to provide the right level of service expected and still make a profit? And do existing clients and referrers feel compelled to promote you to their friends, family and contacts? Search for related blogs on client service, client relationship management and referrer management.
These topics and more will be addressed at a new full day training course (Developing and sustaining your private client practice” that I am presenting with MBL which will be presented as follows:
3rd June 2015 London
9th June 2015 Bristol
16th July 2015 Manchester
Further details available here: http://www.mblseminars.co.uk/Home/Outline?progid=5747&AddSeminarToBasket=1026988 Please let me know if there are any specific topics or issues that you would like addressed in the sessions
- What is the difference between marketing to businesses and marketing to consumers?
- What is the role of a young lawyer in marketing his or her firm?
- How do you market personal tax services?
- What are the most effective methods of promoting wills, trust and probate services?
- Referrer management: How can I increase the strength of my relationship with referrers and intermediaries?
- The 12 essentials of law firm web sites
- Marketing a wills and probate business
- How do I market to high net worth individuals?
- 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
- Innovation in small law firms
- Case study (Law firm marketing) - Mishcon de Reya
- Legal sector consultancy
- 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
- Improve marketing campaign management for professional service firms
- How can I improve my pricing strategy?
- Legal Marketing Case Study: "Hot on family law" at Rayden Solicitors
- Half year review of law firm strategy and finance
- Cross selling – the dream versus the reality
- Review of law firm strategy and finance (First half 2014)
- Book Review – “How to think strategically: Your roadmap to innovation and results” by Davide Sola and Jerome Couturier
- Accountancy marketing case study – Grant Thornton and Lexis® Interaction® aligning partner KPIs with business objectives
- Business development for professional service firms – Summary of MBL seminar
- Opportunities and challenges in the legal market – presentation by Steve Billot of Duff and Phelps
- Professional Service Firms: Reflections on 2014 – Actions for 2015
- Key takeaways from “How to manage and grow your private client practice” (Feb 2020)
- Advanced social media use amongst lawyers, accountants and surveyors
- Marketing to the elderly – for lawyers and accountants
- Elderly, grey, silver, mature or hyperactive?
- Top ten tips on referrer management (2016 Birmingham)
- Marketing professional services to High Net Worth clients
- 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
- New lead generation and intelligence system for targeting high net worth private clients – An overview of NETZ
- Managing and growing your private client practice (January 2021)
- Five insights from developing a privately funded family law practice
- Legal marketing case study: Improving referrals through reward systems at Keystone Law
- Client relationship management (CRM) - How many close relationships can you manage?
- Private client marketing - Competing in the digital era
- Integrating awareness and relationship marketing
- Four themes in referrer management – for lawyers and accountants in the UK and internationally
- Four insights from developing a private client practice – Analysis, Objectives, Targeting and Internal Communication (June 2016)
- Developing a private client practice – 10 insights (July 2017)
- Improving referrer management in the professions – research into referrer relationships
- Relationship and referrer management – Piggybacks, Ghosting, Ridealongs, Swapsies and Orange Crates
- Private client marketing – Five thoughts from heads of department (2017)
- There’s a real person behind that Persona
- Legal marketing case study – Royds Withy King private client wealth proposition and new product Life Safe®
- A strategy for developing more private client work
- Where do I start? Business Development for Lawyers (MBL Private Client Training July 2015)
- Eight management questions from private client lawyers
- Seven thoughts on private client marketing (June 2015)
- Strategies for developing a private client practice
- Manage and grow your private client practice – Recruitment, Performance, Segmentation and ROI (February 2023)
- The pricing of family law services – An overview
- Be more strategic – creating behaviour change
- 10 steps to create a business development campaign
- Back to basics – The importance of segmentation and personas
- Importance of Client Experience Management (CEM) - PM Forum conference report 2016
- LawBid - New matchmaking service for individuals and businesses seeking lawyers (outsourcing legal marketing)
- Rainmakers and Trailblazers – Business development for lawyers