12/23/2019 The 9 NEW ways lawyers can generate more business from their network in 2020 – NEXL – Borderless

XL – Borderless Collaboration

9 Ways Lawyers can Generate More

Business With Networks
1- TRACK YOUR REFERRALS. It all starts with the data – and yet despite the power insights you
can generate using data, most law firms still don’t track their referrals.

Tracking your referrals gives you the opportunity to finally understand how your network is works,
what’s working for you and what’s not which allows you to make strategic decisions on where to put
your efforts when it comes to business development and supporting your network.

Time is scare. Your busy. If you do nothing else, tracking your referrals will give you the insights
and knowledge you need to start generating more work from your network.

2- STAY INFORMED. Today there’s more information than ever before. We live in an information
over-load, which makes staying up to date with your network harder than ever.

By using RSS feeds however, you can get the signal you need to have personalized, value-add
conversations at the right time with the right person. Try Google’s RSS feed and one of the third
party providers to keep in touch with what’s going on in your networks world.

3- DELIVER VALUE. For many value means money. However, in the case of a network value can
means so much more. A recent video by Konstantinos Papakonstantinoureally broke down a great
framework for this including the idea of contact-marketing which involves contact-focused
networking.

4 – TREAT YOUR NETWORK LIKE CLIENTS. This tip is all about switching your mindset. By
learning to treat your network like clients you will learn to value the time you put into staying up-to-
date with them.

In the end, most lawyers have worked with 100s of clients over the course of their careers while
most clients know far fewer clients who may need legal services.

5- INTERNAL NETWORKS. It might be sad but the truth is, many times it’s hard to know
who you know let alone who partners in your firm know. Internal network is the process of mapping
and understand who your fellow colleagues know and don’t know. You’ll be amazed at how many
connection you all have in aggregate.

6- UNDERSTAND THE LAW OF RECIPROCITY. Humans like to give back. It’s in our DNA. By
understanding the law of reciprocity you can begin to see your referrals as an investment into
reciprocity.

By tracking your referrals and developing network insights your able to understand where things
stand between you and a partner and make sure both of you are on the same page.

7- DEVELOP AN ALLIANCE. Legal Alliances are a way to provide superior coordinated services
to clients by pooling their resources and expertise in diverse areas of law.

The difficult in the past was ensure quality assurance for clients but with project management
software and tracking those risk have decreased dramatically in 2019, providing you with a
massive upside to generate new work through integrated alliances and specialized legal groups.

8- INVEST LIKE ASSETS. In the end, your network IS your great assets and is one of the few
engines you have that can produce exponential returns for you like a stock could.

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12/23/2019 The 9 NEW ways lawyers can generate more business from their network in 2020 – NEXL – Borderless Collaboration

Unlike your clients, who only grow more linearly – network grow exponentially. By treating your
network like a stock, you will.

9 – FOLLOW-UP. Today, keeping in touch with your network can be scaled through the use of
technology. By understanding your top partners, you can tier our your follow-ups providing personal
touches to those more important and more value-added scalable messages to others in your
network.

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