Lack of demand is a key contributor to recent economic weakness, according to U.S. economists. Law firms are feeling the pinch, as business and consumer clients limit spending. Knowing the reason for slow economic growth, however, is little consolation to lawyers who are faced with the prospect of drumming up new business.
The good news is that your best source of new revenue is marketing to current clients. The reasons are simple. Your clients know you, they trust you, and you have a proven track record of providing them valuable legal counsel. Cultivating increased business from current or past accounts also tends to enhance profitability, owing to a lower cost of customer acquisition, higher degree of client satisfaction, and favorable return on your business development time.