Posted In: Business Development, Client Service, Leadership Support & Development
Law Firm Sales: The Time is Now to Hire a Key Account Sales Executive
A multi-million dollar revenue-generating client deserves a strategic account manager. This is someone who day to day is building relationships across the client organization, helps the lawyers with introductions to C-level executives and board members, and is responsible for driving year over year multi-million dollar revenue growth. This is not a position to be shared across many clients or practices. This is a strategic position held by someone who has succeeded at multi-million dollar sales growth and who will help the firm retain and grow one to three important clients across the globe.
Perhaps not for your firm? Think again. With ALSPs reaping multi-millions of dollars of revenue from legal fees, law firms are at high risk of losing these important clients. Hiring a $350K to $500K per year sales account executive is the firm’s best bet to ward off hungry competitors. Where to find such an individual? Turn to the accounting firms, consulting firms, and key industries to recruit this experienced individual. This person should report to the managing partner unless the firm employs a strategic CEO from industry who is also familiar with strategic account management.
It will be important for firms to be especially proactive now to protect their turf. Waiting too long or until other firms are recruiting these individuals may cause the firm to experience significant erosion on the client base. There is a great opportunity now to bring in someone at this level. While it will take some selling within one’s own firm, once aboard, the benefits will be obvious. Integration with the firm’s other key stakeholders will take time, so set expectations accordingly.
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Silvia Coulter is a Principal Consultant and experienced sales expert with LawVision Group. She assists firms with revenue growth and may be reached at 978-526-8316.
To order a copy of our upcoming strategic account management book authored by Silvia Coulter and Steven Bell, please email us at kgendron@lawvision.com
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