How Law Firms Can Get More Business From Conferences and Event
Law firms invest significant resources in conferences, sponsorships and industry events.
Between registration fees, travel, sponsorship commitments and the time lawyers spend away from their practices, even a single conference can represent a substantial investment.
Yet many firms still approach conferences primarily as events to attend, with much less attention paid to the business development work that happens before and afterward.
A lawyer may return with a stack of business cards, several promising conversations and good intentions to follow up. But once client work resumes, those contacts can easily get lost among other priorities.
Getting more business from conferences requires a coordinated approach to research, preparation, outreach and relationship development.
Start With the Companies You Want to Meet
When an attendee list becomes available, it's tempting to begin by identifying familiar names or asking lawyers which people they'd like to meet.
That can be useful, but it's also worth looking more closely at the companies represented.
A conference may bring together hundreds of organizations, including existing clients, prospective clients, investors, advisers and referral sources.
Not every company will be relevant to the firm's practices, and lawyers generally have limited time for meetings during an event.
BD teams can help by researching the organizations on the attendee list and identifying those that align with the firm's business development priorities.
For example, a firm with a strong healthcare practice may want to focus on companies that are growing through acquisitions, attracting investment or expanding their operations.
Gatsby Intel can support this research by bringing together company information that helps BD professionals learn more about potential prospects.
Prioritize Meetings Based on Relevance
Conference schedules fill up quickly, and lawyers may have only a limited number of opportunities for individual meetings.
That makes prioritization important.
BD teams can help lawyers evaluate prospective contacts based on the company's business, its recent activity, the firm's relevant experience and whether an existing relationship already exists.
A company announcing a major expansion may be worth researching further if the firm advises clients on employment, real estate or regulatory matters.
An investor actively acquiring businesses in a sector the firm serves may be another promising contact.
The research can help lawyers focus their time on conversations that have a meaningful connection to the firm's capabilities.
It can also help identify contacts who may be valuable referral sources or industry relationships even when there isn't an immediate legal opportunity.
Prepare Lawyers for the Conversations They Want to Have
Once priority companies and meetings have been identified, the next step is helping lawyers prepare.
A useful conference briefing can include a concise company overview, recent business developments, relevant executives, existing relationships and potential discussion topics.
That information helps lawyers enter meetings with a better understanding of the organization.
For example, if a lawyer is meeting with a private equity professional, knowing about the firm's recent investments and industry focus may lead to a more substantive discussion.
If the meeting is with an operating company, recent acquisitions, leadership changes or expansion plans may provide useful context.
Gatsby Intel can help BD teams gather company research for these briefings without starting every assignment from scratch.
The information still needs to be reviewed and connected to the firm's experience, but it gives lawyers a stronger starting point.
Make Introductions More Personal
Conference outreach often begins with a generic message asking someone whether they'll be attending an event and suggesting a meeting.
A more relevant approach uses what the firm knows about the person or organization.
For example, a lawyer might reference a company's recent expansion, an investment in a particular industry or a shared professional connection.
The message can remain short and conversational while demonstrating a genuine interest in the recipient's business.
BD teams can help lawyers develop this outreach by combining company research with information about the firm's existing relationships.
That preparation can be particularly valuable when a lawyer is reaching out to someone they haven't met before.
Have a Follow-Up Plan Before the Conference Begins
One of the most common conference business development problems is inconsistent follow-up.
Lawyers have good conversations, exchange contact information and return to their regular responsibilities without a clear plan for maintaining the relationships.
BD teams can improve this process by establishing follow-up expectations before the event.
For each priority meeting, it helps to know who will follow up, what was discussed and whether there's a specific next step.
A lawyer may want to arrange another conversation, share an article, make an introduction or learn more about a company's plans.
Company research can help make that outreach more relevant.
For example, Gatsby Intel can provide additional background on an organization the lawyer met at the event, helping the team prepare for a subsequent conversation.
Continue Monitoring Prospects After the Event
Not every promising conference conversation leads to an immediate opportunity.
A company may not have a current legal need, or the timing may not be right for a new relationship. That doesn't make the connection any less valuable.
Staying informed about the company's activity can create opportunities to reconnect in the future.
A prospect may announce an acquisition several months after the conference. Another company may appoint a new general counsel or expand into a market where the firm has relevant experience.
Gatsby Aware can help firms monitor those developments so lawyers have useful reasons to maintain contact.
This is especially valuable for BD teams managing relationships that originated at multiple conferences throughout the year.
Evaluate the Business Development Results
Attendance figures and the number of meetings held can help firms understand conference activity, but they don't tell the whole story.
BD teams can also look at whether lawyers followed up with priority contacts, scheduled additional meetings, developed new relationships or identified opportunities for future work. Some results may emerge quickly, while others may take months.
Maintaining records of important contacts, conversations and follow-up activity can help firms understand which conferences are producing valuable relationships and where additional attention is needed.
That information can also inform future decisions about sponsorships, attendance and business development priorities.
Make Conference Participation Part of a Longer Relationship Strategy
The most valuable conference relationships often develop well beyond the event itself.
A thoughtful introduction may lead to another conversation, an exchange of ideas or a relationship that becomes important months later.
Law firms can improve the value of their conference investments by approaching each event as part of a broader client and prospect development effort.
That means researching companies before the event, helping lawyers prepare for conversations, coordinating follow-up and continuing to monitor important prospects afterward.
Gatsby Intel can support the research and preparation, while Gatsby Aware can help firms stay informed about companies they want to build relationships with over time.
With consistent preparation and follow-through, conferences can become a more productive part of a firm's business development strategy.