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It seems sensible to assume that firm growth translates into profitability. But it turns out that’s not necessarily the case as this infographic reveals. The infographic summarizes findings based on research by Thomson Reuters’ Legal Executive Institute and Peer Monitor. The research found that an aggressive growth rate can backfire. Consider these statistics. In 2015, the average law firm grew their rates by 2.7%. As of October 2016, firms that had grown their rates faster than the 2015 average saw their worked fees grow by an average of 2.4%. But the firms that experienced slower growth between 2015 and October 2016 saw their…
If your accounting firm is like others, it is investing more in marketing and business development to ensure a competitive edge. With so much riding on your efforts, it’s essential to stay at the top of your game. To help you get started, we’ve pulled together the following list of valuable resources. On the Go Resources AAM’s AAMplify! [podcast] Tune into this podcast delivered by The Association for Accounting Marketing to hear discussions on timely topics such as Managing Your Firm’s Pipeline Process, Marketing’s Role in the Client Experience, and The Vital Skills of Growth Leadership. Accounting Today [podcast] This…
Legal services are being commoditized as corporate legal departments pressure law firms to deliver services at more predictable, lower prices. If they wish to remain profitable, law firms will have to reexamine how they do business, from the services they offer to the clients they serve. So say William Josten and Ian Turvill in their whitepaper, Reinventing the Law Firm Business Model: Making the Most of Business Development Opportunities and Driving Long-Term Growth. Josten and Turvill recommend four strategies to clarify legal business models that will ensure firm growth today and tomorrow: 1. Find your niche It’s no longer a…
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Today’s sales and business development teams sport some scary stats:
- 67% of sales pros don’t hit their individual quotas
- More than half of all salespeople close at less than 40%
- Only 50% of salespeople feel like they can access key players
What’s a revenue producer to do when faced with stats like these? Let’s use sales intelligence so we can laugh our way past quota (and keep laughing all the way to the bank).