Revenue growth

February 21st, 2012 by Altman Weil

Check out The Legal Intelligencer’s latest article on law firm revenue trends.  Experts agree that it’s extremely challenging to grow revenues - not to mention profitability - in the current no-growth economy.  Altman Weil principal Ward Bower was interviewed for the story:

“Ward Bower of Altman Weil said the best way to increase revenue is always through increasing a firm’s share of existing clients’ wallets. That, however, has become competitive in a way it never was before with a booming economy providing a seemingly endless demand for legal work, he said.

And on top of low demand is increased competition, with firms from overseas looking to open offices in the United States, he said.

“I think firms really have to concentrate on their existing clients,” Bower said. “Somebody’s bird-dogging your clients all the time in a no-growth market. You can’t pay lip service to client service. You have to get out there and demonstrate and do it.”

Firms have to be alert to cross-selling opportunities, which is something Bower said firms have talked a lot about but have not always been successful in executing. For that reason, he said, it’s important to have someone other than the relationship partner solicit client feedback and find opportunities for other lawyers in the firm to do work for that client.

To get work from new clients in a slow-growth market is to steal it, Bower said, and that most often means hiring laterals. He said that is what is behind the growing number of lateral moves seen recently.”

Also included is a link to The Legal’s blog with six tips from Bower on connecting with clients to develop new business

Read it at The Legal Intelligencer

This entry was posted on Tuesday, February 21st, 2012 at 3:08 pm and is filed under Law firm marketing, Law firm finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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