Bridging the Execution Gap with Effective Technology: Transforming BD Training into Revenue Growth
Law firm leaders increasingly seek to boost growth through business development (BD) initiatives. Aligning BD efforts with targeted training and advanced technology is pivotal for law firms wanting to increase efficiency, client satisfaction, and overall growth. Integrating these elements fosters a culture of innovation and responsiveness to client needs.
BD plays a crucial role in driving law firm growth. However, business plans aren’t worth much until they’re executed. The plan shouldn’t be a dusty document sitting in a drawer. Instead, it should be a living, breathing document referenced daily to gain visibility and facilitate growth—with the help of technology. The main goal of a BD plan should be to expand the client base, improve client relationships, and increase visibility in competitive markets. However, even the best-laid plans will fail if they do not align with a firm’s mission and goals.
Challenges of Aligning BD With Firm Goals
Many firms struggle to align BD efforts with strategic goals. There could be numerous reasons they are unable to do so. Firm culture might be unsupportive toward business development. Or the firm’s goals and expectations are unclear or misaligned across practice areas or regions. Some departments might be operating in silos, inhibiting collaboration across the organization. If a firm cannot track employee performance and development, it is challenging to determine whether its training and BD efforts are effective.
“I think the biggest challenge is business development culture, including expectations and rules of engagement for the firm, which typically originate from origination plans and the like. So, how mature is it? How deep is it? How well-known is it? Is there constructive notice throughout the firm about what’s expected of them? Do you have the right team? Have you given your marketing team a proven system to replicate? and support they need to create stronger relationships and ultimately, revenue?”
– Lynn Tellefsen Stehle, Head of Client Collaboration at Nexl
Driving change in a firm’s BD approach is often complicated, and many firms struggle to create and implement a firm-wide business development plan. Unfortunately, this lack of cohesiveness could lead to an “execution gap” that hampers growth opportunities.
The Execution Gap: A Critical Disconnect
When the legal team members are not united in their BD plan, they might face an execution gap—a disconnect between a law firm’s planned BD strategies for growth and the implementation of those strategies that leads them to fall short of their desired results. Some common causes of execution gaps include:
- Misalignment of strategy: No clear communication of a firm’s vision and values ultimately leads to unclear expectations.
- Lack of clarity: Too many priorities (or poorly defined ones) can mean none will get the attention they deserve.
- Poor decision-making: Conclusions drawn from flawed, misinterpreted, or nonexistent data do not lead to well-informed choices.
- Unrealistic goals: Failure to translate objectives into actionable steps often confuses and decreases motivation.
- Inadequate or ineffective training: Unproductive training methods can lead to a decline in revenue because teams may lack the knowledge to execute the firm’s BD strategy.
A traditional approach to BD training and execution can also lead to an execution gap. For example, requiring employees to complete generic training courses that don’t address their needs can have an unintended effect—disengagement with the firm and its goals.
The Challenges of Traditional BD Training
Traditional BD training is known for lacking effectiveness and failing to engage team members in learning. Here are some of the limitations of conventional BD training:
- One-size-fits-all approach: Traditional methods are often generic and fail to consider individual employees’ unique needs and learning styles.
- Passive delivery: Traditional training methods frequently include lectures, PowerPoint presentations, and other passive forms of learning that fail to inspire employees.
- Wrong focus: Many traditional programs emphasize credit for training hours rather than the training’s tangible impact on business objectives.
- No ongoing support: Traditional training often does not provide ongoing support, reinforcement, and follow-up to encourage continuous learning and growth.
- Lack of real-time insights: Without live data, training programs must rely on outdated information that may no longer be relevant to current industry trends.
Practical training methods allow for the immediate application of newly acquired knowledge in real-world situations. This approach will enable employees to understand the practical implications of what they have learned and receive immediate feedback. Employees can refine their understanding and enhance their skill development with this continuous feedback.
“We need to give lawyers the right tools to develop business effectively and efficiently. I’ve seen firms where the tools were unavailable, but the expectation remained. The tools weren’t provided, making it difficult for lawyers to engage with it. Part of a good or a positive business development culture is where the firm is fully set up to help their lawyers do what the firm wants them to do.”
– Barbara Koenen, Professional Services Consultant at Nexl
Using CRM & Work Management to Create Effective Training Programs
More and more law firms are turning to technology to create effective training programs and ease the pressure on overwhelmed business development teams. Here are some of the technological tools law firms can leverage to improve training programs, business planning, and work management:
- Customer relationship management (CRM): CRM platforms manage marketing, business, and client development in one centralized platform.
- Data analytics tools: Data analytics provides firms with deep insights into their clients, case outcomes, and internal operations to help them make more informed decisions.
- Data visualization tools: Visualization technology helps firms convert complex data into straightforward visual representations, allowing them to improve strategic planning.
- Online collaboration platforms: Law firms use collaboration systems to facilitate communication and real-time collaboration among team members.
- Automated reporting systems: These systems streamline data collection and analysis, offering valuable insights into employee performance and client profitability.
Research has shown that a firm’s use of technology can stimulate its growth. According to a recent Dynamic Law Firms report, law firms that have made long-term investments in technology have an advantage over those that have only recently been trying to catch up. The research found that revenue will likely increase when law firms invest in technology. For example, clients will likely pay more to work with a firm they consider innovative and are more liable to recommend the firm to their peers, further increasing potential revenue.
Creating a BD-centric Culture
In today’s competitive legal landscape, law firms connect the dots between three essential elements—training, technology, and business development. Successful firms do this by integrating BD principles in their training programs, leveraging technology to streamline BD activities, and fostering a firm culture that values proactive BD initiatives across the organization. Here are some examples:
- Create a positive, collaborative BD culture built on growth and thinking through opportunities with a holistic viewpoint.
- Incorporate BD into all existing training programs, not just dedicated BD courses.
- Develop specific training modules for associates, partners, and team members that address their unique roles and responsibilities.
- Engage lawyers in quality BD events that reinforce positive energy and give them the tools to participate, measure, and plan.
- Support BD culture by encouraging firm leadership to actively participate in training and one-on-one BD coaching to incentivize teams to engage in BD initiatives.
- Invest in a robust client feedback program to learn what elevates the customer experience.
“When you think about a positive BD culture, it’s built on reinforcement and centers around collaboration. When you think about the growth that a law firm intends on having on an annual basis, a lot of it aligns with current work that’s being done, but also the expansion of work and looking for growth opportunities that allow the lawyers to think, ‘How do I bring other partners, other lawyers into the equation?’ and reinforce that through effective collaboration.”
– Christopher Newman, Senior Director of Business Development and Client Solutions, McDermott Will & Emory
As the legal market evolves, lawyers increasingly need the right tools to grow their businesses effectively. Successful firms use technology to advance relationship management, enhance collaboration, streamline training, visualize relationships, and provide data-driven insights to meet strategic goals.
