Law Firm's success depends on attracting new clients & retaining the existing client base.
What is your Plan for: (1) Attracting New Clients; and (2) Retaining Existing Clients.
A written Business Development Plan is vital for the success of your Law Firm, as it will greatly help the Law Firm to organize its efforts. Moreover, if only you have a written Business Plan, you will be able measure the effectiveness of the plan on an ongoing basis, and if any failures are there in implementation, the same could be identified and corrected as quickly as possible.
Where are we standing?
There is stagnation in the demand for legal services in India. As you have experienced, Client loyalty is dead. Client will go to the Law Firm which gives him more value, comfort or even lesser fees. Added to this, more number of new law firms have emerged in the last two years. In 2019 alone, there were 16 law firms started in India by Partner(s) who have left reputed law firms. We knew about these new law firms as it was reported by the media. What about the unreported? The new law firms have started the price wars and now have made the fee quote very competitive.
Law Firms, primarily, are always Reactive not Proactive due to the market needs.
Law Firms are always busy working on client's cases and other legal matters, which burns their entire time and energy. In a fast paced environment which predominantly strives to address the daily urgent legal issues of clients, a Law Firm's strategic planning which tents to address issues 6 months from now, always take a back seat.

Law Firm's success depends on attracting new clients & retaining the existing client base.
What is your Plan for: (1) Attracting New Clients; and (2) Retaining Existing Clients.
A written Business Development Plan is vital for the success of your Law Firm, as it will greatly help the Law Firm to organize its efforts. Moreover, if only you have a written Business Plan, you will be able measure the effectiveness of the plan on an ongoing basis, and if any failures are there in implementation, the same could be identified and corrected as quickly as possible.
Where are we standing?
There is stagnation in the demand for legal services in India. As you have experienced, Client loyalty is dead. Client will go to the Law Firm which gives him more value, comfort or even lesser fees. Added to this, more number of new law firms have emerged in the last two years. In 2019 alone, there were 16 law firms started in India by Partner(s) who have left reputed law firms. We knew about these new law firms as it was reported by the media. What about the unreported? The new law firms have started the price wars and now have made the fee quote very competitive.
Law Firms, primarily, are always Reactive not Proactive due to the market needs.
Law Firms are always busy working on client's cases and other legal matters, which burns their entire time and energy. In a fast paced environment which predominantly strives to address the daily urgent legal issues of clients, a Law Firm's strategic planning which tents to address issues 6 months from now, always take a back seat.