Case Study 3
Growth Strategy:
The Mature Firm
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51-year-old firm with 14 partners (10 equity, 4 non-equity), 22 associates, and 3 of-counsel, founded by 3 attorneys (2 retired and 1 remaining).
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Great reputation throughout the region, known for real estate, commercial litigation, employment, and healthcare work.
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Branding was updated when they celebrated their 35th anniversary, and their social media presence was nil.
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Most of the firm's clients were managed by 5 of the partners (including the remaining founder responsible for 22% of the firm's annual revenues).
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Few other partners or senior associates showed much interest in business development and rarely utilized their marketing budgets.
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The partners were concerned about the future sustainability of the firm, considering the next generation of leaders were not invested in new originations.
1
Assessment
We conducted individual and confidential interviews with the younger partners, and associates to understand their perspective on business development and rainmaking. We spent time doing market research to get a feel for their brand and opportunities within the community. In addition, we reviewed the firm's current clients, rates, attorney skill sets, market opportunities and realization rate to identify ways to promote relevant niches and boost profitability.
2
Alignment
We facilitated a 1-day planning session with the stakeholders to strategize about the firm's future growth goals and laid out a tactical plan for growing the firm's footprint and securing a lasting legacy. After the session, we established a clear picture of the firm's refreshed vision/mission/values, a list of short and long-term goals for the firm, a detailed communication plan to promote the new narrative, and specific tasks with timelines.
3
Engagement and Implementation
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Created targeted client profiles to serve as a guide for identifying opportunities for the firm to be profitable, impactful, and sustainable.
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Developed a strategic marketing initiative to position the firm for lawyer-to-lawyer referrals.
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Designed measurable practice group and individual business development/marketing plans tailored to each lawyer's interests and strengths.
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Created a client journey roadmap laying out the firm's processes for acquiring, onboarding, and delivering excellence to prospective and current clients.
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Crafted thought leadership platforms as marketing tools for several of the partners.
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Provided business development coaching to partners and associates focused on individualized approaches and accountability.
4
Measuring Results
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​The client profiles helped attorneys to identify and prospect for more better opportunities and eliminate time spent on matters that were too small or not the right fit for the firm's vision. This generated $237,000+ in first year revenues.
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The client journey roadmap directly led to higher client satisfaction levels and a number of new matters from existing clients, generating $140,000+ in first year revenues.
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Each practice group scheduled monthly marketing meetings with attorneys to discuss client development, potential new business, and opportunities to collaborate and cross-market. This initiative generated $137,000+ in internal referrals, first year revenue.
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2 partners connected with 4 new lawyer referral sources, leading to 6 new client matters worth $110,000+ in first year revenue.
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The thought leadership platforms we created and promoted led to 6 speaking engagements, 3 articles, and an exponential increase in social media engagement and brand awareness.
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We raised all attorneys' rates by $15/hour, generating
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MINIMUM PROJECT ROI (1st year): $918,000+​​