Using Strategic Time Investment for Law Firm Business Development

The legal field offers numerous options for business development, but time is a precious commodity. Advising clients to prioritize activities based on their potential return on invested time is crucial, according to an article by Law Vision. While networking events are common, they often offer poor odds compared to other strategies. More effective approaches include direct client engagement, reconnecting with past clients, meeting with former colleagues in influential positions, organizing targeted events like CLE programs or webinars, and nurturing relationships with referral partners.

The article suggested these options for a higher probability of success.

• Client Meetings and Relationship Events: Directly engaging with clients or hosting events centered around relationship-building can yield more substantial results.
• Direct Outreach to Former/Inactive Clients: Reconnecting with past clients often proves more fruitful than casting a wide net at networking events.
• Face-to-Face Meetings with Former Colleagues: Leveraging existing relationships with former colleagues in decision-making positions can lead to valuable business opportunities.
• Targeted CLE Programs, Webinars, or Seminars: Taking control of your audience by organizing events and curating the invite list allows for a more tailored approach.
• Small, Intimate Gatherings with Referral Partners: Building relationships with professionals who directly refer business to you can result in more qualified leads.

It is important to understand that being busy does not necessarily mean being productive. Therefore, before agreeing to attend a networking event, it is advisable to evaluate whether it will truly benefit your business development objectives or if your time would be better spent elsewhere. It is recommended to strategically allocate your time to activities with higher probabilities of success, to optimize your business development efforts and obtain a more favorable return on investment.