How to Successfully Implement Pipeline Management at Your Firm
Law firms that have implemented formal sales pipeline strategies generate more revenue than those who don’t. But it is the lawyers themselves who have to put in the work to land prospects, create opportunities, work these opportunities, and generate revenue. Because this is a time consuming endeavor, law firm cultures are often resistant to changes in procedure. Good pipeline management solutions can help them define the key business development processes required to convert leads more efficiently.
CRM is for Marketing
For decades, CRM has been the go-to solution for tracking sales activity in nearly every industry. Law firms are outliers in that lawyers have to spend unbilled time to maintain CRM records for their sales pursuits, missing out on hundreds of dollars per hour in billable work. As such, it is no surprise that CRM ranks low on a lawyer’s priorities.
CRM is undeniably useful from a legal marketer’s perspective. These platforms allow marketers to:
- Have a clear overview of all of the lawyers’ current and potential leads.
- Easily identify which opportunities are worth pursuing.
- Tracks and records data that can inform key decision.
- Leverage time entries to identify wasteful attorney-client interactions.
Despite the robust functionality that many CRM platforms possess from a marketing standpoint, few platforms are well-suited to lawyer business development. CRM utilization rates among lawyers are as low as 5% in most firms, as lawyers perceive the software to be too cumbersome and time consuming to use on a regular basis.
Pipeline Management is for Business Development
Pipeline management solutions are better suited to lawyer business development because they are tailored to BD processes. For instance, its targeted functionality helps lawyers focus only on their key opportunities, rather than an entire database. Pipeline management platforms are geared solely toward BD, so lawyers aren’t overwhelmed by extraneous features. Because it is tailor-made for busy sales professionals, a pipeline management solution is also more simple and user-friendly than a typical CRM system.
CRM and Pipeline Management Need to Talk to Each Other
A good pipeline management platform will integrate perfectly with any CRM system and other digital platforms. It will fetch data from your CRM and feed any status changes back with minimal input from the end user. With pipeline management software, lawyers can focus on moving the ball forward with their key relationships, while marketers can use the CRM integrated data to assess client status, generate lead forecasts, and take the necessary steps to devise a sound business development strategy for coaching lawyers.
Practice Pipeline is a pipeline management platform that offers all the advantages of a simple interface, clear reporting options, and user friendliness to increase lawyer engagement in business development without overwhelming them. It integrates with your CRM of choice, so marketing can get the data they need seamlessly. And with a 75% adoption rate, Practice Pipeline is tailor-made for lawyer success.