Insight on Building a Multi-Million Dollar Law Practice From One Who Did It
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Mark Herrman, who is VP and Chief Counsel-Litigation at Aon and writes the Inside Straight blog at AbovetheLaw.com, wrote a tremendously insightful post yesterday about building a law practice from scratch.
I recommend you read the entire piece here.
Herrman’s post resonates as a candid glimpse into the reality of what it takes to build a solid, profitable practice – namely, lots of hard work and plenty of persistence! For Herrman, who built an eight-figure pharmaceutical product liability practice from nothing at his former law firm, there are no magic bullets for picking off the big clients he was finally able to attract...just years of nose-to-the-grindstone effort in marketing and business development.
Herrman boils success down to two actions: get famous and make contacts. Getting famous means establishing your authority in a niche practice area, so you can carve out a true competitive advantage and really focus.
Hermann “got famous” by authoring articles, co-authoring books, giving talks, meeting people in his field of practice and blogging. One great piece of advice for article marketing: “Don’t do it alone. Contact in-house lawyers, and explain that you’d like to co-author articles with them. That gives you a chance to impress an in-house person with the quality of your mind and written work, and it lets the two of you work together. That’s a good way to convince a potential client that you’re competent.”
In fact, the client that launched Herrman’s pharmaceutical product liability practice came as a direct result of his business development efforts – his firm was invited to participate in an RFP from someone he had co-authored articles with and spoken with on panels.
But that first client came only after seven years of work by Herrman to “get famous and make contacts”! My takeaway from Herrman’s career case study:
- Marketing and business development are hard work, not magic.
- Persistence pays off.
- It’s the niches that lead to riches – go deep, not broad.
- Article marketing works (this free report gives more details on how to do it).
- Blogging works, but is a long-term investment (Herrman started in 2006), not a get-rich-quick scheme! You must do it consistently. If you’re not ready to do that, then give us a call, because we can help.
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