Marketing to your prospects triggering events

When I speak with attorneys about their client development strategies I often hear about leveraging existing clients, referrals, and attempts to cross-market with other attorneys.  The top rainmakers are effective at all of these things and more.  A lot of business gets left on the table, however, because while trying to secure new business, attorneys listen for active needs rather than latent issues that may arise from a prospects day-to-day operations. 

These molehills that become mountains are known as triggering events and by being first to help a client or prospective client identify and navigate these events, you have the greater opportunity to be the one who they ultimately choose to help solve the problem and achieve their goals.

There are several services beyond the local business journal that provide this information and it doesn’t take long to set your Web 2.0 strategy to deliver information to you:  Insideview.com, CorporateAffilation.com, LinkedIn, RSS feeds ,Twitter, and my new favorite NimbleCRM.

In fact, just like playing in the RFP world, by the time it’s hit the business journal, it’s too late. Everyone knows and everyone is trying to get in. 

Would you rather compete with everyone to get the meeting after, or be the one that gets the call from a prospect when they don’t want the news hitting the papers?

Below are examples of triggering events. Think about: 1) What are the issues driving the change? 2) What business level job title would be responsible for making decisions? CEO, VP of Sales, COO, VP of HR,etc. 3) How have I helped other clients with these issues in the past? 4) Do I have any contacts that I could leverage into a business discussion with the key players involved?

Internal Triggering Events

• Poor quarterly earnings - or stellar results

• New product/service announcements

• New management or ownership

• Name changes; new positioning

• Venture capital funding

• Expansion into new market segments

• Opening up new geographies

• Real estate and construction activity

• Layoffs, downsizings or rightsizings

• IPOs (initial public offerings)

• New relationships, affiliations, partnership

  activity

• Personnel changes in key positions

• New customers; lost customers

• Job openings

• Corporate relocations

External Triggering Events

• Legislative changes: new laws, regulations

• Natural disasters

• Changes in the competitive landscape

• Trends impacting customer base

• New technologies

This is where your network and cross-marketing comes in. In previous blogs, I have talked about feeding your network.  What triggering events would help your network or team? Is that the open door to that prospect that you have been looking for to secure business in your practice area?

If you are interested in learning how other attorneys have created a repeatable process to leverage these types of events and grow their practice feel free to contact me at: Andrew@Wilcox-legal.com, 850-893-8984

The Healthy Law Firm

Getting law firms healthier

I was just working with a managing partner of an AM Law Top 25 firm in DC and I heard him make a reference to his firm that I thought applicable to the legal market as a whole.  He was discussing the ways that they have had to adjust to stay competitive and actually grow the firm in this economy, and he said "It was time to get healthier."

When someone thinks of a phrase like that they begin to think of P90X infomercials, new years resolutions, and second glances at a salad bar rather than the porterhouse. This is why it was interesting the context and what lead to our engagement.

Being competive, he said, involved looking at every aspect of the way they do business and how to control costs while providing the quality of work that the firm's clients expect.

The firm had utilized a LPO in India for discovery and research. They had unfortunately cut staff and a layer of senior associates, counsel, and non-equity partners.  This left them with a gap though.  Clients expected the same quality of service and support and were now playing "bill rate bingo".

They needed specific types of attorneys that would integrate with their firm for a certain period of time to roll on and off work as needed. The needs were specifically in IP and tax.  The attorneys matched the quality of attorney that their firm has been known for, they were able to bill them at more competitive rates, but would pay out a contract fee that enabled them to see higher margins. The period of time is established, but there is flexibility should issues resolve or get extended.

It works for the contract attorneys because it provides them the opportunity to do the work that they enjoy without the stress that partnership brings.  It provides flexibility to ramp up or down quickly in certain practice areas while meeting their clients needs and staying competitive.  In addition, Wilcox and Hackett worked with the firm to create a quick onboarding training for contract attorneys so that they understood their roles and policies of the firm.

Would you like to have a confidential discussion about how your firm can become healthier and more nimble in this environment?  Call or email me at: Andrew@Wilcox-legal.com, 850-893-8984

Establishing Trust: 3 Simple Steps

On return from a recent trip, I was making an international connection in an airport and passing through security for the second time. The security guard asked me the same standard questions, but the last question she asked me I found to be most curious. She said, “Should I trust you?”  I paused and then answered in the affirmative, but it got me thinking.

 When meeting with a prospect for the first time, how do you establish trust?  This is not the same type of trust that you have with a family member or loved one, but the trust that allows someone to have a candid conversation about their business issues.

There is plenty written about how not to do it, such as being pushy, talking too much or just falling into stereotypical selling behavior. But in that critical window of time (some say as short as a minute) how do you make a connection that allows the prospective client to feel comfortable sharing information with you.

In his recent book “The Speed of Trust”, Stephen M.R. Covey identifies trust as the one thing that changes everything. He defines trust as confidence, confidence that the words that come out of a salesperson’s mouth show genuine interest in understanding the situation before a “spray and pray” knowledge dump.

Here are a few simple steps to follow to make sure that you can earn initial trust:

1. Be prepared with questions geared towards the prospect’s organization and needs, not statements or brochures around your product, service or organization.
2. Allow the prospect to set the pace for the meeting, and only offer suggestions for items to review after they have expressed their priorities.  Help the prospect discover needs by listening to what they say.  A few well -constructed questions will help the prospect come to their own conclusion.
3. Be sincere.  Being sincere means doing what you say you are going to do. The first way to establish sincerity is a prompt, written follow up after an initial meeting that captures the important components for the prospect and their organization.

Some think trust takes years to cultivate and develop.  The security guard in an airport thought it could take one second, a reaction to a question.  One thing is certain; establishing trust is a central component to all healthy relationships.

If you are interested in learning how other attorneys have created a repeatable process to grow their practice feel free to contact me at: Andrew@Wilcox-legal.com, 850-893-8984

Client worry vs. Client planning

Can we all agree that usually when someone needs the services of an attorney that that represents a bad day in their life?  A buddy in my church group owns a small business and received a letter from the IRS to audit him, his wife, and business for 2008.  I met him for lunch a week after and he didn’t eat a bite of his food, looked completely freaked out, and assumed the worst.

He told me that he did his taxes using software and that his records from 2008 and earlier were lost when his computer crashed.  He called a friend of a friend who does tax law.  The attorney told him that he handles audits all of the time, knows how to talk with the auditors, and that this should be resolved in a couple of weeks.  The attorney apparently didn’t ask many questions, he “had seen this a thousand times”.  Without knowing better, he went with the attorney.

3 months later the audit had expanded into the year prior and the year after and all he had was a large recurring bill to show for it.

Over the holidays, we had he and his wife over and he had lost weight and his wife said that she wanted him to see a doctor to be treated for depression.  They were all scared and he said that his attorney was a nice guy but he was falling apart. The attorney would ask for what the IRS was asking for.  He would give the information and they would keep asking for more.  The attorney had no luck “nuancing” the IRS. No plan, just death by a thousand paper cuts.  It was simply tragic.

I saw him last week and he was a changed man.  He settled on a much lower fee, about 50%, than he was billed by the attorney and terminated the relationship, changed to a tax attorney that I had placed and referred him to, and brought the audit to a close.  Paid a few bucks, but not as much as he had feared.

The difference.  A meeting with our pastor who told him it was time to, “stop worrying, and start planning.”  Where the first attorney facilitated just enough worry to keep the process going and bill for every minute of it, the second attorney asked a lot of questions and laid out a roadmap. What to expect, more likely timeline, and to get all of the information instead of little by little.  He took control of the process instead of letting the process control him.  No nuance, no games, full disclosure.

I share this for 2 reasons:

1. The first attorney billed a lot of hours that were never collected on.  Would that time have been better spent developing clients, spending time with family, or any other thing?  Multiply that by other clients and that is a lot of wasted time and money.
2. Attorneys tell me that 85-90% of their business comes from referrals.  People statistically will  tell 3 people of a positive experience and 11 of a negative.  Not only did the attorney lose a client and any chance of referral, they have someone that will probably actively dissuade others from using them.

Ironically, my buddy probably ended up paying the IRS the same either way.  He also paid his attorney bill, wrote a reference on the attorneys LinkedIn page, and referred a couple of other small business owners to him.

Do you facilitate worry, or do you facilitate a plan? Which one do you believe is best for your client and your bill to collection ratio?

Would you rather have several clients that you have to resell your work to and justify your billing only to get half, and no referrals, or clients that actively help you secure new business?

If you are interested in learning how other attorneys have created a repeatable process that helps facilitate a plan for their clients, increase their collection rate, and increase their referral base, feel free to contact me at: Andrew@Wilcox-legal.com, 850-893-8984

Creating new revenue- Lobbying cross-marketing

Creating new revenue- Lobbying cross-marketing

With a new governor in Florida and lots of new faces in the legislature, people working in and around government are awaiting significant changes. Some of which are already being established.

What does this mean to your practice and your clients goals and needs?

Having to deal with everything from construction, transportation, healthcare, education, economic development, real estate, land use, insurance, corporate taxes there are issues on the table that will affect everyone and every business that does business in the state.

Living and working in Tallahassee, I speak with a lot of attorneys and lobbyists, and many national and regional firms have offices to help facilitate their clients legislative needs. Many, however, do not, or have conflicts that precludes them from handling the legal and lobbying work. A lot of firms simply are not set up to handle how lobbyists bill and develop clients vs. how attorneys do. Some attorneys that I have spoken with don’t want to send their lobbying issues to another firm for fear that once that firm starts working with their client they will take their legal work.

Several attorneys that I have spoken with have found huge advantages to identifying a lobbyist that is outside of a law firm, however, and/or using different lobbyists to handle issues specifically with the House, Senate, agency level, cabinet, committees, and Governor’s Office.

Three reasons:

Lobbyists are your eyes and ears for upcoming legal issues that will require your services for your client. Often risk mitigation.

Independent and focused on specific legislative needs of your client.

A value-add for and deeper relationship with your clients. The more service options that you can offer, the more they will use you for their legal needs.

In full disclosure, I am not a lobbyist, and do not collect a fee from any lobbyists. If you would like to explore how this could be an additional source of revenue for your practice, I would be happy to recommend the names of lobbyists, with high integrity and several years of experience, that meet your clients specific needs within which ever branch of government that their needs rest.

Feel free to contact me at: Andrew@Wilcox-legal.com, 850-893-8984

S.M.A.R.T Goals in 2011

S.M.A.R.T Goals for 2011

The holidays and completion of a trip around the Sun seem to make folks reflective. How is 2010 turning out?

Looking at this time next year, what do you want to be able to say about 2011? I’m not talking about your basic new years resolution that in many cases fails to make it through January. I’m talking about goal setting. When I sit with clients, and when I do my goals, we start with that premise and work backwards.

I use a guideline that has been around a while but is still useful, while adding in a dash of what is “really” important. The “really” important things don’t involve making money at all, but seem to keep priorities straight and ultimately facilitates overall success. Volunteering 1 hour a week, making time for a date night with my wife once a month, daily devotional with family. Somewhere down around 5 or 6 I have a financial goal that I break down into how many calls need to be made, emails sent, actions in pipeline.

S.M.A.R.T goals: Specific, Measurable, Attainable, Relevant, Time-bound. Starting with Dec. 31 2011 as your end time, what things can you do that would facilitate your career, personal, family, and spiritual growth?

Script the first plays and last plays of your day: As a football fan, you hear teams that plan the first 5-10 offensive plays. Those 5-10 plays set the foundation, build the momentum, and are practiced over and over to ensure that they provide the best opportunity to win the whole game.

Why the first and last? How much time is wasted in the morning before anything gets accomplished? By having the 3-5 things that you do everyday, is there a good chance that those will get perfected? What would 1 call to an existing or prospective client per day do for your business? A 5 minute stand up meeting with your colleagues to discuss what they are working on for that day in 30 seconds or less. Who needs support, cross-selling opportunities, networking... Have them written on your desk and check them off as you go. At the end of the day, doing those 2-3 things that clear your mind and enable you to go home and focus on something other than work.

This shouldn’t be a grind to do, but empowering. I did a top 100 list about 13 years ago before the term “Bucket List” became vogue. As I do those things, I write about them. One day it will be a fun legacy for my kids to know what I was thinking and feeling when I walked into Yankee Stadium, swam in all 4 oceans, ate a Big Mac in Red Square, and went to Mardi Gras (may keep a few details out of that one). Skydiving, learning Spanish, and learning guitar are on the 2011 list. Let it touch every aspect of your life.

What do you want to happen in 2011?

Andrew Wilcox, President of Wilcox and Hackett, LLC, Andrew@Wilcox-legal.com, 850-893-8984

Networking Inside Your Firm

When most people think of networking they look toward the outside world. People often confuse networking with sales, and thus think it is only important for the sales professionals and c-level executives. Even those with the outward focused jobs will make this mistake, and only include customers, prospects and referral sources in their networking efforts. While networking will lead to client development success, if you only look at it in this manner, then you are missing the boat.

You need to invest the time to get to know the people inside your firm with the same gusto that you look to build relationships in the external business community. Those who work with you can be amazing resources. You never know who in your life will be the person who can provide you with the next opportunity.

There are many ways you can get to know those in your company, and there is no right or wrong methods. The point is to invest the time to make, grow and keep your business relationships, and this can only happen when you make the other people a priority.

*Ask questions of those you work with to discover both personal and professional information. People want to feel important, and when you inquire about them, it shows that you are concerned with them. Many professionals get so wrapped up in their own lives that they fail to notice the people in their office unless they need them for something. Taking a few minutes on Monday to ask the receptionist about her weekend will not impact you productivity. If you really have an inflated view of your own self importance that you believe that a few moments of conversation with your co-workers is a waste of time, then YIKES!!! Get over yourself!!!

*Plan or attend office events. I know, the emails about "Cake In The Break Room To Celebrate Mary's Birthday" might seem like they are intrusive, but Mary's birthday is important...to Mary!!! Joining a group to occasionally goes for happy hour is also a chance to bond with others. The summer family picnic may not be how your spouse wants to spend a Saturday afternoon, but too bad....you have to go! If you always fail to participate with your co-workers, you can rest assured that they will notice and feel separate from you at some level. Take the time to engage in activities with those at the office. It will come back to help you in the future.

*Assist others in their jobs. Find ways to lighten the load of others if you can. Each of us has times in our jobs when we are overwhelmed. It is not fun to feel like the weight of the world is on your shoulders. When you see someone is swamped, ask them how you can help. In most cases just the acknowledgement that you recognize how hard they are working on a project will strengthen your relationship.

*Share information. Too often people see their co-workers as competition. WRONG, you are all on the same team. If you discover some industry information or other valuable knowledge that can help them excel, forward it to them or take the time to otherwise educate the rest of your office. Create and build deal teams from different practice areas to better understand the issues facing a range of clients and how you can address them together. Why get one piece of business from a customer when you can get it all!

*Be approachable. Many people put off a vibe of superiority. Co-workers fear having to go into their office or running into them in the elevator. Don't be like this. Be open to getting to know those in your company and drop the facade that you are so tough. Unless you like being a jerk (oh, I know some of these people!), then find ways to make it delightful for others to interact with you, even when dealing with difficult situations.

*Have lunch with colleagues. You have to eat anyway, if you do not have plans with clients or prospects, invite a co-worker to grab a sandwich with you or eat with them in the break room. If you find yourself eating at your desk or alone at a restaurant more than once a month, you should make it a priority to change that habit. Meals are a great time to get to know people at a deeper level. One associate that I worked with made a point of scheduling lunches with the rainmakers in his firm as a 2^nd year associate. This lead to being invited on client development calls with the rainmakers and starting to build their own book of business.

The advantage to building stronger relationships within your firm is that people will look out for you. Those who are distanced from co-workers often find them trying to undermine them. Offices where people have cultivated real friendships are more productive, have less office politics, and have less turn over. All good things.

If interested in learning more about how a plan can help you set up an effective network contact me at: Andrew Wilcox, (850) 893-8984, Andrew@Wilcox-legal.com