A key topic for discussion in all the strategic plans that I facilitate is practice development.
While professional service firms are generally clear as to client file accountability, practice development accountability sometimes gets lost in the shuffle.
Yet according to The Legal Marketing Blog’s summary of a recent research study, assigning the role of ‘client service executive’ to a single individual boosts per attorney profits by up to 41.2%.
Amazing!
Well not really.
Assigning practice development oriented responsibilities creates accountability, which ensures that these tasks will actually get done.
Obstacles that typically interfere with the best practice management intentions can be overcome by formalizing a practice development process and assigning accountability:
- Identify a list of practice development initiatives
- Ensure your list accounts for activities focused on client retention not simply new client generation
- Assign each item on your list of practice development initiatives to a specific individual
- Establish expectations with respect to timing and quantifiable results
- Develop a regular practice development review process to ensure that your plan stays the course
- Create incentives that appropriately reward ‘non-billable’ practice development activities that could potentially go unappreciated
Architects, engineers, accountants or lawyers, regardless, some partners thrive as rainmakers and others absolutely dread this aspect of their role. Rainmaker material or not, practice development activities compete for billable hours and they often lose.
Assigning practice development accountability can not only help you to ensure that it gets done but possibly that it will get done by those with the appetite and talent for it. An option certainly worth considering for a 41.2% improvement in profitability per partner!
Photo credit (top): “Glorious” ’07-’08 Chiayi Sharks’