Issue link: https://epubs.iltanet.org/i/68817
article title and, of course, developing the relationship to encompass a greater breadth and quality of instruction from the client base. So what are the secrets of a good strategy for winning new business in 2012? As budgets are under pressure, the key to all BD activities is to maximize effectiveness based on a clear strategy for success. This means that law firms need to analyze their top targets very closely, deciding what business they want to target and making sure that work will be profitable (or represent a strategic investment) and that it will fit in with the overall direction of the firm. This has a major impact on the KM strategy for the firm. A (Not So) Long Time Ago… I can remember when firms would develop large and mostly unfocused target lists based on some fairly crude criteria and then invest a lot of time and effort in developing briefings, events and mailings in a scattershot approach to picking up new work. That approach has been fatally undermined by the current economic climate and was never a particularly clever strategy anyway. Gone are the days when bidding for new work did not involve a very close look at profitability. Margins are under pressure, so having access to accurate predictions on profitability has moved to center stage. It's important for both the client and the law firm to make sure that margins are right and estimates of work are as accurate as possible. This leads to more emphasis on project management of bids and legal work, and specifically on having the right information to win work quickly. ILTA White Paper 29