Page 55 - 2019 - Leaders in Legal Business (q)
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Business Development, Silvia Coulter1
Coaching, and Sales
Principal Consultant,
LawVision Group
Firms are faced with many challenges from a mature and changing industry. While some
may say disruption is now happening to the legal industry, it’s been a slow steady happening for
20 years now and is approaching the tipping point. Law firms have been challenged to find new
ways to maintain profitability, to increase responsiveness, throughput, and consistency in the
deliverable work product and to keep the fees reasonable. This brings us to today: a fiercely
competitive legal landscape where we see three types of firms: “Leaders” — those firms that are
well managed and making notable changes in the way they lead, manage, compete, and retain and
grow talent and clients; “Followers” — those firms that may be well managed but are still trying
to manage change by consensus and wait until others show the way before they realize they need
to do things differently; and lastly, “Sanders” — those firms with their heads in the sand and for
unclear reasons, are frozen in time, afraid to make
the necessary changes to meet the market
demands and the changing competitive
landscape.
The Leaders know that focusing on the
client is one key way to retain and grow revenue.
Hiring business professionals who are
experienced at guiding the firm’s revenue growth
sales strategy is essential if a firm wants to make
the leap from firm-focused to client-focused and
from Follower to Leader. The sales and
marketing professionals may be very good
resources to help a firm achieve the next level of profitability. First, it’s important to note that
without experienced and seasoned business professionals, most law firms, regardless of how
successful they are today, will not make it long into the future. And it’s not about just adding staff;
it’s about making these business professionals partners of the firm who are respected and listened
to for their areas of expertise.
These individuals include professionals with strong backgrounds in finance, sales
(including strategic account management), and HR (including talent acquisition, talent
management, and leadership development). While we focus on sales in this section, without the
“products” to sell — the legal professionals and their work, or the financial expertise to direct the
firm into profitable practices (regardless of who gets bruised in the process) — the sales experts,
and thus the firm, will not be as successful as they possibly can be. It’s time to really respect these
1 Silvia Coulter is one of the world’s leading law firm sales strategy consultants. Read more about her work and background at
www.lawvisiongroup.com/consultants/silvia-l-coulter or contact her in the U.S. at 978-526-8316.
40
Coaching, and Sales
Principal Consultant,
LawVision Group
Firms are faced with many challenges from a mature and changing industry. While some
may say disruption is now happening to the legal industry, it’s been a slow steady happening for
20 years now and is approaching the tipping point. Law firms have been challenged to find new
ways to maintain profitability, to increase responsiveness, throughput, and consistency in the
deliverable work product and to keep the fees reasonable. This brings us to today: a fiercely
competitive legal landscape where we see three types of firms: “Leaders” — those firms that are
well managed and making notable changes in the way they lead, manage, compete, and retain and
grow talent and clients; “Followers” — those firms that may be well managed but are still trying
to manage change by consensus and wait until others show the way before they realize they need
to do things differently; and lastly, “Sanders” — those firms with their heads in the sand and for
unclear reasons, are frozen in time, afraid to make
the necessary changes to meet the market
demands and the changing competitive
landscape.
The Leaders know that focusing on the
client is one key way to retain and grow revenue.
Hiring business professionals who are
experienced at guiding the firm’s revenue growth
sales strategy is essential if a firm wants to make
the leap from firm-focused to client-focused and
from Follower to Leader. The sales and
marketing professionals may be very good
resources to help a firm achieve the next level of profitability. First, it’s important to note that
without experienced and seasoned business professionals, most law firms, regardless of how
successful they are today, will not make it long into the future. And it’s not about just adding staff;
it’s about making these business professionals partners of the firm who are respected and listened
to for their areas of expertise.
These individuals include professionals with strong backgrounds in finance, sales
(including strategic account management), and HR (including talent acquisition, talent
management, and leadership development). While we focus on sales in this section, without the
“products” to sell — the legal professionals and their work, or the financial expertise to direct the
firm into profitable practices (regardless of who gets bruised in the process) — the sales experts,
and thus the firm, will not be as successful as they possibly can be. It’s time to really respect these
1 Silvia Coulter is one of the world’s leading law firm sales strategy consultants. Read more about her work and background at
www.lawvisiongroup.com/consultants/silvia-l-coulter or contact her in the U.S. at 978-526-8316.
40
