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MT18

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58 WWW.ILTANET.ORG | ILTA WHITE PAPER MARKETING TECHNOLOGY How to Predict Your Future Success RFP Win Rates: Are you geing beer at assessing likely opportunities and monetizing the resources you dedicate to RFP response? Client Feedback: If you use a net promoter score, you can easily rate client satisfaction and gauge the revenue you will receive from your key client base. You will also have a baseline against which you can work to bolster client loyalty and expand existing accounts. Lateral Hires: Are the number of laterals you recruit increasing and are the integrated percentages of those imported books improving over time? If yes, you will see rising profits for this initiative. Non-billable business development hours: Are your lawyers puing in the effort that predicates origination and is that business development focus improving year-over-year? 2 3 4 5 These are just a few examples of precursors to new business, and when they consistently trend upward, you will see your revenue follow suit in the months to come. So, don't get complacent just because your last revenue report was healthy. Tomorrow's success is typically a function of the business development measures you take today. Choose a reasonable number of leading indicators and establish quotas that align with your revenue goals. Use tools like Practice Viewer to monitor progress so that you have peace of mind about your future success. Because using lagging indicators to predict the future is like using a rear-view mirror to steer your car down the highway. ILTA DAVID ACKERT David Ackert is the president of Ackert Inc., a firm that intersects business development technology with coaching. He has developed and implemented business development programs for countless firms, many of whom hail from the Am Law 100. He is the founder of Practice Boomers, a leading e-learning platform for law firms, and the winner of Your Honor Awards in both the US and Canada for excellence in practice development. He is also the founder of Practice Pipeline, the client prospecting platform recently profiled in Strategies magazine, and Practice Viewer, a business intelligence platform. David has written for and contributed to articles in publications including the Los Angeles Times, The National Review, the Daily Journal, the Attorney Journal, the Wall Street Journal, Attorney At Work, The Recorder, Voice America, and the Los Angeles Business Journal. He is a frequent speaker at law firms and trade conferences including Raindance, ABA, ALA, and numerous regional and National LMA conferences. He is a guest lecturer at USC's Marshall School of Business, Carnegie Mellon University, and the UCLA School of Law. He blogs weekly at www. ackertinc.com. Don't get complacent just because your last revenue report was healthy. Tomorrow's success is typically a function of the business development measures you take today.

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