Business Development ROI: A Case Study
The following information comes from a study of several mid-sized North American law firms who utilized the Practice Boomers program to improve their business development results.
Depending on the number of lawyers enrolled in the program, Practice Boomers consistently turned a five-figure investment into a six- or seven-figure return of new business during the course of the program. Metrics captured reveal the following cultural and financial improvements:
- The average partner increased his or her trend of "new matters opened" by 40-110% growth to each lawyer's book of business
- 97% of lawyers who participated in the program reported that Practice Boomers improved their focus on business development
- 93% of lawyers who participated in the program reported that Practice Boomers helped them to increase their business development activity
- 25% of the associates in the program originated their first matter within 6 months of participation
- 90% of the participants remained in the program for its full duration
The financial return to the firm from each lawyer depended on his or her application of the program's techniques. The highest performing junior partners originated an average of $400,000 of new business during the program. Junior partners with typical performance (at the 50th percentile) originated an average of $190,000 in additional matters, and junior partners at the bottom of the performance spectrum (10th percentile) generated $40,000 in new business. (Note that these results were based on historical data and can vary from firm to firm.)
The key to Practice Boomers' success is the integration of self-guided, succinct, high-quality video lessons with:
- An online accountability framework that tracks utilization and sets forth a roadmap for achieving revenue objectives
- Semi-monthly group coaching Mastermind sessions that help develop business development skills and encourage cross-selling between lawyers at the firm
- Performance metrics obtained from participating attorneys
Through the Practice Boomers curriculum, participating lawyers also learn how to deepen their client and referral-source interaction, establishing closer relationships with the people who are most likely to yield business opportunities. Metrics obtained from Practice Boomers participating attorneys demonstrate that, on average, each additional 10% increase in the amount of time used to focus on this kind of business development activity corresponds to a 6% percent increase in new matters opened by a single attorney.
We make references available to firms who are seriously considering the program as part of their business development initiatives. Contact us to learn how Practice Boomers can increase the top line growth at your firm.
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