This article was originally printed in the March 2019 issue of the ABA’s Law Practice Today – click here to read the full version now.
As a partner in a firm, one of the most cost-effective and underutilized strategies to grow your firm’s business is to sell additional services to your firm’s existing clients, commonly known as cross-selling. It’s effective because it shortcuts the trust-building process necessary to business development since it involves a higher degree of trust, typically fewer objections to your fees, and a higher closing ratio.
One of the most common mistakes we see lawyers make when first trying to cross-sell is to assume that by simply telling a “relationship partner” (typically the one who brought that client to the firm) that they can provide additional services to that partner’s clients, that should be enough to get them the work. That is not the case.
The key is to approach any cross-selling opportunity as you would any new potential business, by building your business case for why the firm, the relationship partner, and the client would benefit from expanding the firm’s service of the client. And that starts with identifying possible obstacles that may derail your cross-selling strategy.
To your success!