Best-selling author Malcolm Gladwell once wrote that only those who are willing to invest 10,000 hours into their work will achieve success in their chosen field. And while it’s relevant to real estate law practices, Gladwell certainly wasn’t talking about billable hours.

No, you probably won’t be paid for these hours immediately or even in cash. The hours that go into business development are an investment in sustainable growth, generating returns over the life of your practice.

Your business development plan should focus on three things:your network, your practice, and the specific things you can do to improve and expand both.

The plan must be well-organized, and it must specify the ways in which each employee is expected to contribute. When describing these responsibilities, you must do so in a language and manner that reflects the employee’s knowledge as it relates to your practice.

For example, a paralegal, a bookkeeper, and a receptionist will not likely share the same understanding of legal jargon and best practices.

Leverage Your Networks

As you evaluate your existing network, carefully consider the value of each contact. Ask: Is this an established client or a one-off client? What, if any, relevant cases has the contact contributed to, and how? What are the circumstances of your initial meeting? Has this contact referred clients to our practice? Under what circumstances might we refer the contact?

Examine Your Practice

Performing a SWOT analysis (strengths, weaknesses, opportunities, and threats) of your practice will answer such questions as: When you receive a referral, what reasons are given for referring your practice? (Ex: Satisfied former client; experience with a similar type of case) Are any of your contacts undergoing significant changes that may generate an opportunity for you? (Ex: A real estate agent leaving an agency to establish a new one; a contact with knowledge of upcoming zoning or building restrictions) Are long-time clients using our services less frequently than before, and if so, why? (Ex: Business lost to a newly established real estate law office nearby)

Taking Action

Having identified opportunities in both your business and your network, take action. Trade associations and industry events for legal and real estate professionals. Attend expos, workshops, and seminars. If possible, cultivate a reputation as an authoritative figure by speaking publicly at events, submitting articles and newsletters, and participating in panels and committees.  

Questions about accounting and budgeting? To learn more about our services for real estate law offices, or to request an appointment with Ann Irons, CPA, LLC, contact us at 508-966-0700. Irons, whose experience includes published articles and time at the “Big Five” accounting firms, welcomes individuals and businesses in Bellingham, Boston, Worcester, Medway, and the surrounding areas.