Marketing committee members at insurance defense law firms can utilize this “Panel Counsel Marketing Checklist” as part of their 2020 business development planning.
ABC – Always Be Communicating with Clients!
Current accounts represent 100 percent of your revenue base, so staying in touch with your existing clients is an essential form of client retention. A monthly e-newsletter is an easy way to keep in touch and stay top-of-mind with the companies that send you business.
Articles in your monthly e-newsletter can include legal alerts, favorable case outcomes, attorney awards or recognition, community activities, and staffing news.
Changes to the attorney roster—new hires, departures, speaking engagements, and awards—all have implications for the firm’s website and marketing materials. Plan in advance to keep everything current.
Conferences and Events.
Maintain an on-going calendar of activities scheduled for 12 months out, so that you can anticipate the investment, time and planning requirements to maximize your impact. At a minimum, be sure to maintain a calendar of events associated with all relevant membership organizations. Speaking opportunities are generally available within six months or more of an event, so you can start early to try to get one of your attorneys on a speaking panel. Click on the link to view our 2020 Insurance Defense Conference Calendar as part of your planning process.
Expand Your Online Visibility.
Discuss updates suitable for the News & Events section of your website. Blog topics can also be identified, as well as ideas for LinkedIn social media posts.
Create and Maintain Your Target List.
Law firms that invest the time to develop a target list of 25 to 50 prospective clients can review the list regularly to identify timely opportunities. Insurance carriers, self-insured entities, and municipal agencies are all suitable targets. Your target list can be derived in large part from the market penetration reports published by your state Department of Insurance and/or the National Association of Insurance Commissioners (NAIC).
Click on the link to read our related story, “Panel Counsel Growth with a Market Penetration Study.” If you want some assistance in developing your target list for panel counsel marketing, contact Margaret Grisdela at 866-417-7025 or via email.
Update Your Pipeline Report.
The pipeline report is a listing of specific accounts that are being actively pursued. The lead attorney on each prospective account should be identified, along with information on what happened recently, and what is happening next. Activities to monitor typically include phone calls, proposal development, in-person meetings, and rate negotiations. Always identify the next step that will get you closer to a signed engagement letter.
A healthy business development program will have a list of potential business development opportunities with a value of a least 10 percent of gross revenue. If you don’t have a pipeline report, and would benefit from some guidance, give us a call.
Review and Update Your Referral Report.
Identify who is sending you business so that you can thank them for the referral and reciprocate by sending business their way whenever possible. Referral sources for law firms often include non-competing attorneys, accountants, bankers, and current clients.
Manage Your Marketing Materials.
Identify any changes needed in your marketing materials due to staff changes, attorney recognition, or recent trials. Since there is a lead time to schedule graphic, print and web designers, you will want to maintain an adequate supply of promotional materials to meet your current needs. The good news is that printing technology allows for short-run digital printing, meaning that you can print small quantities of 50-100 brochures at a time quite affordably. Electronic versions of marketing materials, like a firm resume or a practice area brochure, can be posted online and to your LinkedIn account.
Keep an Eye on Competitors.
As time permits, check in on competitor’s websites and social media accounts to identify who is adding staff or announcing favorable case outcomes. It can be useful to identify a specific set of three to four competing law firms that are monitored on a quarterly basis. You can also set up a “Google Alert” to automatically notify you when a competitor is in the news.
Insurance Defense Marketing Consultant for Law Firms
If your insurance defense law firm is asking how you can get on more insurance panels, give us a call. We have helped more than 170 insurance defense law firms in 37 states pursue new insurance panel counsel clients.
Legal Expert Connections, Inc. offers three key benefits to insurance defense law firms nationwide:
- We are the leading U.S. legal marketing agency specializing in the insurance defense market. We make it our business to identify who you need to contact at an insurance company, corporation or municipality to be considered as a panel counsel member. We accelerate your business development process by helping you focus on introducing your law firm to new prospective clients.
- You get a structured business development process. We guide your law firm through a proven three-step campaign that brings discipline, focus, and productivity to your marketing efforts.
- Increase revenue with professional, Bar-compliant legal marketing campaigns. We do the research to identify insurance panel managers, so you can focus your time on the business development process.