RESEARCH > Internal Research

Use research techniques to understand your own practice.
Research should begin with your own firm, your own practice. Take the 20% of your clients that provide 80% of revenues and look at them back over five years to see the churn, the services used, and common client characteristics. Then you can determine where your money comes from, potential work you are leaving on the table, practice commonalities, etc.

Focus on potential for more services per client.
Whether it’s called cross-selling or depth of client, it’s the least expensive way to get new business. The crucial trust level has already been established with satisfied clients, so getting additional business is primarily a matter of internal training in how to see a need, introduce colleagues, and develop a deeper relationship.

Do You. . . .
            Know where your revenues come from?
            Reward referral sources in a predictable way?
            Cross-sell services on a regular basis?

For an example of how research and referrals go hand in hand, see “Turning Referrals Into Gold,” Solos and Small Firms Special Section, New York Law Journal, June 26, 2006