Essential Resources for Law Firm Business Development

April 1, 2025

When a law firm is investing in business development efforts, several critical resources need to be considered to ensure that the investment is effective and sustainable. These resources include time, money, and human resources, among others. Here’s a breakdown:

1. Time

Time is one of the most valuable resources for a law firm, and how it's allocated for business development efforts is crucial.

Lawyers’ Time: Lawyers need to allocate time for networking, client meetings, relationship-building, and even content creation (e.g., blog posts, articles). This could be a challenge as lawyers are typically billable, so balancing client work with business development efforts is essential.
Administrative Time: Business development efforts also require significant time from administrative staff, particularly for organizing events, managing social media accounts, handling CRM systems, etc.
Ongoing Commitment: Business development should be a long-term commitment, so time needs to be regularly invested and reviewed. Time should also be scheduled for analyzing and tracking business development results.

2. Money

Financial investment is necessary to ensure business development initiatives are executed well. Key areas where a law firm may need to invest include:

Marketing Budget: A significant part of the budget will be spent on marketing efforts, such as:
Technology Tools: Investing in technology is crucial for streamlining business development processes. Common tools include:
Events & Sponsorships: Budgeting for participation in conferences, seminars, client events, or industry sponsorships is important for relationship building and brand visibility.
Training & Development: A portion of the budget should be allocated to training lawyers and staff on business development skills, such as networking, client relationship management, and how to leverage social media.

3. Human Resources

Business development in a law firm involves both lawyers and support staff. The following roles need to be considered:

Business Development Manager/Director: Many larger firms hire dedicated business development professionals or teams to manage strategies, initiatives, and execution. These professionals are typically responsible for market analysis, competitive positioning, and managing the firm's overall business development plan.
Marketing & Communications Team: This team is responsible for creating marketing materials, managing online presence, implementing campaigns, and tracking results.
Lawyers & Partners: Partners and senior lawyers should play an active role in business development, leveraging their networks, maintaining relationships, and attending events. Their involvement is often necessary for credibility and high-level client engagement.
Client Relationship Managers: In larger firms, client relationship managers or account managers may be responsible for maintaining ongoing client relationships and ensuring satisfaction, which is essential for retention and cross-selling services.
Support Staff: Administrative staff or assistants often support business development efforts by helping with scheduling meetings, organizing events, and maintaining client databases.

4. Knowledge & Expertise

Industry Knowledge: For effective business development, firms need to ensure that they have up-to-date market insights and understand client needs. Research on industry trends, competitors, and potential opportunities is critical.
Legal Knowledge & Thought Leadership: Lawyers need to contribute to thought leadership through writing articles, speaking at events, or participating in webinars. This helps position the firm as an authority in certain practice areas, which can attract clients.
Client Insights: Having a deep understanding of client pain points, challenges, and objectives is key to offering tailored solutions. Gathering and utilizing client feedback can guide business development strategies.

5. Infrastructure

Business development requires infrastructure to support efforts effectively, including:

Physical Infrastructure: This includes the firm’s office space where client meetings and events might be held, as well as the necessary technology to support marketing and business development efforts.
Digital Infrastructure: The firm’s website, social media profiles, and other online platforms need to be managed and regularly updated to reflect current business development efforts. This also includes ensuring the proper infrastructure to support CRM systems and marketing automation.

6. Networking & Relationships

Business development in a law firm is largely about cultivating relationships and maintaining a network. Resources here include:

Industry Events: Attending or sponsoring industry conferences, networking events, and bar association meetings can be an essential resource for building relationships with potential clients or referral sources.
Referral Network: Investment in building relationships with other firms, consultants, or professionals that can refer clients to your firm can create a steady stream of business.
Client Referrals: Building a culture where clients refer others to your firm is an invaluable resource. Encouraging and rewarding referrals, and maintaining strong client relationships, ensures that the firm’s reputation grows.

7. Tracking & Analytics

Efficient business development requires monitoring and analysis of efforts. Resources dedicated to this include:

Performance Metrics: Resources for tracking key performance indicators (KPIs) such as lead generation, conversion rates, client retention, and revenue growth.
Feedback & Reviews: Collecting and analyzing feedback from clients, prospects, and employees can provide valuable insights into the firm’s business development efforts.

Investing in business development is a multifaceted process that requires a well-balanced allocation of time, money, human resources, and infrastructure. A law firm must consider all of these resources carefully to achieve sustainable growth and long-term success in building and maintaining its client base. Effective resource allocation across these areas ensures that business development efforts are well-executed and aligned with the firm’s strategic goals.

Anthonia Berry, MBA, NP

CEO + Chief Strategist

Strategy Academy