Success At Any Size: Business Development Strategies For Smaller Firms

For smaller law firms, having a thoughtful business development strategy can make a world of difference, especially in a pandemic-challenged market. Deborah Farone, who wrote the book on law firm business development (Best Practices in Law Firm Business Development and Marketing, published by PLI Press in 2019), spoke about the marketing landscape for today’s smaller firms.

What are some business development challenges – and opportunities – for smaller firms in the current market?

DF: Business development and marketing can be a challenge for firms of any size with the uncertainty surrounding the pandemic. Small firms, in particular, often lack a strong business development infrastructure, and this can be the biggest hurdle. In that case, individual lawyers need to be even more proactive.

I think there are lots of pluses to being smaller these days. Smart marketing can be a big asset to smaller firms. First, you can position yourself in a creative way to attract business in a specific niche. In fact, even with my larger firm clients, I advise them to determine a few areas to focus on, and double down on their strengths. You can’t be everything to everyone. Smaller firms can have a very strong brand if their marketing is disciplined, consistent and clear.

Second, they can be nimble – it’s easier to move into a new practice area without having to go through layers of leadership to get approval. Smaller firms can move faster in an ever-changing market, and that’s a huge asset. This applies to marketing, as well. Smaller firms can be creative in communicating with clients and meeting them where they are.

With all that said, personal, one-on-one connections are so vital for business development right now regardless of firm size. Those individual connections are what you want to be fostering.

What are some things lawyers can be doing to build those connections?

DF: These are unusual times, with so many of us still socially distanced and remote. At a recent PLI One-Hour Briefing on Business Development: Best Practices Post-Pandemic, our panel discussed how important it is to continue checking in with clients. Take the opportunity to acknowledge the difficulties we’re all facing now, be empathetic, and listen.

This doesn’t always come naturally, but you can practice within your own firm. If you’re a young lawyer who isn’t used to networking with clients, start by catching up with folks down the hall from you – physically or virtually – and asking them about their work and lives.

Getting to know your fellow attorneys and their practices is one of the most important things you can do when it comes to developing business. You need to be able to sell the firm, its attributes and strengths, and what makes it different than the firm across the street. All that begins by having those conversations internally. At the same time, this can help you refine your own “elevator pitch” and define what you offer to clients. It’s like any other skill: at first, when you do it, it’s like speaking another language, and it might feel very uncomfortable, but after a while you become fluent.

How does social media fit into small firms’ business development strategies?

DF: Engagement has been on the rise during the pandemic, so social media is essential. Consider where your clients and prospects are: if they’re using LinkedIn, you should be on LinkedIn. If you represent tech companies, Twitter might be essential. If you represent entrepreneurs, or want to, and they’re on Clubhouse or other chat groups, you should have some kind of presence there.

As we discussed on the inSecurities podcast, I always suggest that lawyers take a snapshot of their own LinkedIn page and think about what it looks like from a client’s or a prospect’s perspective. Does your headline reflect what you do and the benefits you can offer? Do you have current posts? Do you engage with people?

What’s the most impactful thing a lawyer at a small firm can do today to boost their business development efforts?

DF: Make a plan! Regardless of your firm’s marketing resources, you want to have your own business plan that aligns with your firm’s goals. Research supports the point that once you write down your goals, you are much more likely to achieve them. Have a document where you record those goals, objectives, and how you’re going to get there. Even a one-page plan will benefit you greatly.

A plan will also help you make sure you don’t waste time on tactics that aren’t going to work for you. Once you’ve defined your objectives, you see that you don’t need to say yes to every speaking engagement or each article opportunity. Be targeted in how you spend your time – time is your precious resource.