Seven Compelling Reasons for Law Firms to Embrace a Formalized Sales Process

LawVision recently published an article highlighting the results of the Chief Sales Officer Insights survey which focused on achieving revenue goals. The survey revealed that many companies, including those in the law firm industry, lack a formalized, reviewed, and measured sales process. The absence of a structured sales process does not necessarily imply incompetence but the survey suggests that businesses with a defined and regularly reviewed sales process tend to outperform those relying on ad hoc approaches.

The article argues that law firms, although proficient in their field, could benefit from establishing a formal sales process to enhance performance. Crafting such a process is deemed achievable and involves documenting case studies of key clients’ progression from initial awareness to becoming strategic, institutional clients.

Here are seven compelling reasons for law firms to adopt a sales process:

• Focus: A good sales process helps a firm define its future client base with specificity and outlines the necessary steps to acquire that client base.
• Brand Elevation: The firm’s sales approach contributes to its reputation and brand image in the marketplace, akin to renowned methodologies such as “The McKinsey Way.”
• Performance Measurement: A structured sales process enables management to track and measure performance through key performance indicators (KPIs), conversion rates, revenue predictions, and identification of areas for improvement.
• Efficiency: Well-constructed sales processes define the roles of each function or participant, ensuring that steps are taken in the right sequence, completely, and at the right time, promoting overall efficiency.
• Stress Reduction: A sales process serves as a business ‘to-do’ list, minimizing stress for professionals for whom sales may not be the primary choice of tasks.
• Departmental Integration: The sales process facilitates the integration of marketing and sales, as well as other departments, ensuring a cohesive approach to client development throughout the entire firm.
• Autonomous Operation: A well-established sales process can run on its own, surprising professionals when it effortlessly delivers new clients or additional high-value work, almost like magic.