Effective business development has become one of the primary keys to a successful legal career. Despite what many people think - or have been led to think - business development doesn’t have to be difficult, expensive or time consuming – and the return on investment can be substantial.
So what is the payoff for business development? Besides the benefits of building long, profitable relationships and loyal, happy Clients, surveys by the BTI Consulting Group further quantify the results. Their research asserts that each hour per week devoted to business development can yield up to $23,400 in additional fee revenue per year. If you invest just an hour or two per week, the returns can be substantial.
The key to maximizing your return is to invest your time and resources wisely and avoid some common and costly mistakes. In the next few business development blog posts, I’ll discuss some of the most common mistakes.