Your Next Client Opportunity May Already Be in Front of You
Lawyers spend a significant amount of time trying to develop new relationships, meet prospective clients and find opportunities to grow their practices. They attend conferences, participate in industry organizations, publish articles and reach out to people they hope to work with. All of these activities can be valuable, but some of the most promising business development opportunities may already exist within the firm's current network of clients, contacts and prospective clients.
Think about the companies your lawyers have met with over the past year, the prospects who expressed interest but never became clients, the former clients who moved to new organizations and the businesses your firm has been hoping to represent. Each represents a potential relationship that could develop into new business under the right circumstances.
The challenge is keeping track of what's happening with these companies and knowing when there's a relevant reason to reconnect. Business priorities change, leadership teams evolve and companies encounter new legal needs. A relationship that wasn't ready to develop six months ago may look very different today.
Law firms that stay informed about these developments can identify opportunities that might otherwise go unnoticed.
The Opportunities Hidden in Your Existing Network
Most law firms have a substantial network of professional relationships that extends well beyond their active client roster. Lawyers have former clients, referral sources, conference contacts, alumni relationships and prospective clients they've met through pitches or networking activities.
These relationships often receive attention when there's an immediate business development opportunity. A lawyer meets someone at an event, follows up afterward and perhaps schedules a conversation. If the timing isn't right, the relationship may gradually fall off the radar as other priorities take over.
Meanwhile, the company may be experiencing significant changes. It could be expanding into new markets, making acquisitions, raising capital, hiring new executives or facing challenges that create a need for additional legal services.
A corporate lawyer who met with a founder-owned business last year may discover that the company has since received private equity investment and is pursuing an acquisition strategy. An employment lawyer may learn that a former client has joined a rapidly growing company as general counsel. A litigation partner might notice that a company the firm previously pitched has entered a new industry or acquired a business with a different risk profile.
Each development provides new information about the organization and an opportunity to evaluate whether the firm's experience may be relevant.
Revisit the Prospects That Never Became Clients
Every law firm has prospective clients that didn't turn into engagements. Sometimes the company selected another firm, the timing wasn't right or the anticipated legal matter never materialized. In other cases, the lawyers had a productive conversation but never established a consistent follow-up process.
These companies can be valuable starting points for renewed business development activity because the firm may already have some familiarity with their businesses, decision makers and legal needs.
Imagine a boutique corporate firm that pitched a private equity-backed company for an acquisition but wasn't selected. Several months later, the company announces another acquisition and begins expanding into a new market. The firm now has an opportunity to revisit the relationship with a better understanding of the company's direction and a specific reason to reconnect.
The same approach can work for companies that attended firm events, participated in webinars or met with lawyers through industry organizations.
Reviewing these relationships periodically can help firms identify prospects whose circumstances have changed. A company that had limited legal needs a year ago may now be growing rapidly or facing new challenges that align with the firm's capabilities.
Pay Attention When Contacts Change Jobs
Professional relationships often extend well beyond the companies where they began. A general counsel who worked closely with your firm may move to another organization. A former client executive may join a growing business, become a CEO or take on a role with a private equity-backed company.
These transitions can create opportunities to maintain relationships and potentially develop new ones.
For example, a lawyer may have represented a senior executive at a technology company several years ago. That executive becomes CEO of another business that is expanding internationally. Reconnecting to congratulate the executive and learn about the company's plans may lead to conversations about legal needs that weren't previously relevant.
The same applies to former law firm colleagues who move in-house, referral sources who change organizations and contacts who take on additional responsibilities.
Tracking these developments can help lawyers maintain relationships throughout their contacts' careers. It also gives business development teams opportunities to support outreach that feels timely and personal.
Look for Changes in the Businesses You Already Know
Existing clients can also present opportunities for additional work as their businesses evolve.
A law firm may represent a company in one practice area while having limited involvement in other aspects of its operations. As the company grows, its legal needs may become more complex or extend into areas where the firm has relevant experience.
Consider a law firm that advises a manufacturing company on commercial agreements. The client announces plans to open facilities in several new states, potentially creating employment, real estate, environmental and regulatory considerations.
Or imagine a healthcare services client that receives new investment and begins pursuing acquisitions. The firm's existing relationship may provide an opportunity to discuss the company's growth plans and determine whether additional legal support would be useful.
These conversations are most productive when lawyers understand the business development and can connect it to the client's priorities. Monitoring clients between active matters can help relationship partners stay informed and recognize opportunities to offer relevant advice.
Make Better Use of Your Firm's Event and Conference Contacts
Law firms invest significant resources in conferences, sponsorships, webinars and client events. These activities create opportunities to meet prospective clients and strengthen existing relationships, but their long-term value depends heavily on what happens afterward.
A lawyer may meet a promising prospect at an industry conference, exchange contact information and send a follow-up email. If there's no immediate opportunity, the contact may receive occasional invitations or newsletters without much additional personal engagement.
A more focused approach involves identifying the companies and individuals worth maintaining contact with and following developments that could create reasons to reconnect.
For example, a private equity lawyer might meet an investment professional at a healthcare conference. Several months later, the investment firm announces a new platform acquisition in an area where the lawyer has significant experience. That development provides an opportunity to reach out with a relevant observation or congratulate the contact on the transaction.
The same approach can help firms extend the value of their webinars and client events. Attendees who express interest in a particular issue may become more relevant prospects as their companies experience changes connected to that topic.
By connecting event participation with ongoing company intelligence, firms can develop relationships over a longer period and make their follow-up more relevant.
How Gatsby Helps Firms Recognize These Opportunities
Keeping up with developments across dozens or hundreds of companies can be difficult, particularly when lawyers and business development professionals are balancing competing responsibilities.
Company announcements, leadership changes, transactions and other developments appear across numerous sources. Identifying which information matters to a particular firm requires both research and an understanding of the firm's relationships and capabilities.
Gatsby helps law firms make this process more manageable through on-demand company intelligence and ongoing account monitoring.
Gatsby Aware monitors selected clients and prospects for relevant developments, helping firms stay informed about changes that may warrant attention. Gatsby Intel provides more detailed company research when lawyers or business development teams need additional context before a meeting, pitch or outreach effort.
For example, a business development professional might use Aware to follow a group of companies that previously participated in firm pitches or events. When a relevant development occurs, the team can evaluate whether it creates an opportunity to reconnect.
If a particular company warrants additional attention, Intel can provide research to help the lawyers better understand its business, recent activity and potential legal needs.
The information can then be combined with the firm's existing knowledge of the relationship, previous interactions and relevant legal experience to develop an appropriate next step.
Build a Follow-Up Program Around the Relationships You Already Have
Law firms can begin identifying these opportunities by reviewing their existing contacts and business development activities.
Start with a manageable group of companies that already have some connection to the firm. These might include former clients, previously pitched prospects, important referral relationships, companies represented by former client contacts and organizations that have participated in firm events.
For each company, identify the lawyer who knows the relationship, the firm's previous interactions and the types of developments that would make renewed outreach relevant.
A corporate practice may be interested in acquisitions, investments and executive appointments. An employment practice might follow expansion plans, hiring activity and leadership changes. A litigation practice may monitor significant corporate developments, industry pressures and publicly reported disputes.
Business development professionals can help coordinate this effort by maintaining a priority list, reviewing developments and working with lawyers to identify appropriate opportunities for follow-up.
It's also useful to track what happens after outreach. Did the lawyer reconnect with the contact? Was there a meeting? Did the conversation uncover a potential matter or lead to an introduction?
Over time, these observations can help firms understand which relationships and types of developments are generating meaningful activity.
Make More of the Relationships You've Already Built
Developing new business will always involve meeting new people and expanding a firm's network. But law firms also have opportunities to generate work by paying closer attention to the relationships they've already established.
Former clients, past prospects, event contacts and existing clients all represent connections that may become more valuable as their businesses and professional circumstances change.
The firms that maintain visibility into those developments can approach business development with better information and more relevant reasons to reach out. They can also make more productive use of the time and resources they've already invested in building relationships.
Gatsby supports this approach by helping lawyers and business development teams stay informed about important companies and conduct focused research when opportunities arise.
A prospective client who wasn't ready to engage last year may be facing an entirely different set of circumstances today. Staying informed gives your firm a better chance of recognizing that change and being part of the next conversation.