Closing Open Loops in Law Firm Business Development

Closing Open Loops in Law Firm Business Development

According to an article by Steve Bell writing for Law Vision, the term “closing” in law firm business development (BD) typically refers to acquiring new clients or business opportunities. However, there’s another important aspect of closing is completing open loops throughout the sales process.

Open loops refer to incomplete tasks, which can significantly impact productivity and outcomes. Despite investing considerable time and effort into planning pursuits and identifying next steps, BD and sales professionals often encounter incomplete tasks, particularly in routine sales actions like client research, email correspondence, or follow-ups. This issue isn’t exclusive to lawyers but extends across various departments involved in generating sales, such as Marketing, Finance, and Knowledge Management.

The accumulation of open loops can be detrimental to organizational morale and performance, leading to frustration, guilt, or stagnation. To address this challenge and improve sales effectiveness, organizations can implement several strategies:

Bell suggests these strategies to help law firm business development teams close those open loops:

• Lead by example: Leadership should foster a culture of closing open loops by publicly demonstrating their commitment to completing tasks and holding the entire organization accountable.
• Celebrate efforts: Recognize and celebrate actions taken to close loops, regardless of whether they result in immediate wins.
• Target carefully: Invest in generating well-conceived target lists to increase success rates and minimize disappointments.
• Resolve opportunities: Seek definitive answers from prospective clients to avoid perpetuating open loops, whether it’s a “yes,” “no,” or a clear resolution.
• Foster resilience: Understand that a “no” from a prospective buyer doesn’t necessarily mean permanent rejection and remain open to future opportunities.
• Seek assistance: Don’t hesitate to ask for help within the organization or seek external resources to address open loops effectively.

By proactively addressing and closing open loops, law firm business development teams can enhance their sales performance, cultivate a more productive work environment, and ultimately achieve greater success in acquiring new business opportunities.