I recently received a couple of questions:
- What kind of clients should I be going after?
- What can I do if my clients and potential clients think our rates are too high?
Other than the obvious answer:
“Go after clients who need legal work and can afford to pay for it.”
How would you answer the first question?
To me the answer is obvious, go after clients in industries that are growing. There are a variety of places to look to see what industries are growing. Here is one I found: Top 10 Industries Expected to Expand in 2019. One place is As you will see, the top of the list is tank and armored vehicle manufacturing.
Forbes has another list: These 10 Industries Are Growing The Fastest in the US.
Services that support mining and oil or gas extraction represent the fastest-growing industry in U.S…
Several industries tied to construction also top the list of industries with the highest sales growth rates in 2017.
I am not even sure you need me to tell you that focusing on fast-growing industries is a strategy to consider. What is your game plan to become visible and credible to clients in those sectors.
If clients are balking at paying your rates, the first thing to analyze is whether the type of work you are doing is routine or commodity work. If it is your clients are going to send it to the least expensive lawyers. Before long that work will be subcontracted out to lawyers in India.
You want to do work that is not routine and requires you to see things your competitors do not see. You also want to focus on being more than your clients’ lawyer. To use the book title, you want to be their Trusted Advisor.
So, what are you doing and what is your firm doing to attract business from the fastest growing industries. What are you doing to rid yourself of routine commodity work that is driven by low rates and make yourself more valuable to clients?