You have likely heard the phrase: I don’t want to have too many eggs in one basket.
I actually experienced both the good and the bad of too many eggs in one basket. On the good side, when I generated the most revenue, I actually had the fewest number of clients. On the bad side, I totally lost all the business from a large client when the company hired a new general counsel. This actually happened to me twice with two different clients that generated over one million in fees annually. One time, I was able to replace the mega client with another mega client based on the recommendation by a high level company executive with the client company I lost.
How can you avoid this problem and what should you do when it occurs:
To avoid the problem, you must:
- Never take any client for granted. A valued client is the most precious asset a lawyer can have. (I am reminded of Willie Nelson‘s song lyrics: You Were Always on My Mind)
- Never be content. Keep up your client development efforts, even when you are extremely busy.
- Never stop becoming visible and credible to new potential clients and building relationships with them.
- Spend the time necessary to understand your client’s industry and their business.
- Build as many relationships in a top client organization as possible.
- When a client representative leaves your large valued client, stay in touch.
- First and foremost do not panic. New clients do not want to hire “needy” lawyers.
- Do not “tell” potential clients about your problem and “ask” potential clients for business to solve it. They really do not care about your misfortune.
- Develop a detailed plan with action, including what actions you can take that will likely produce new business in the next six months.
- Get out of your office.
- Reconnect with clients and referral sources.
- Write, speak and create webinars.
- Repurpose materials and content you have already created.
- Do some client development activities, no matter how small, each and every day.