Your current clients may hold the key to higher profits
Abstract: A well-known marketing maxim states that it’s more cost-effective to generate new business from an existing client than to rustle up a new client. A law firm can offer its existing clients an expansion of its current services or its geographic reach, or can diversify its services. But, with business development resources often under a tight rein these days, it’s critical that a law firm identify and target clients most likely to provide additional work. This will require an in-depth analysis of the current client base. Once the clients with the strongest potential have been identified, it will be essential to give them reasons to offer additional work. A sidebar to this article offers a list of items to research when prospecting for new clients.