Use Cases
Owning A Market Segment
The Client and Objective
AmLaw 100 client sought training to bolster cross-marketing. Discussions revealed that they really wanted to develop and implement a growth strategy involving cross-practice collaboration.
The Approach
Initial assessment revealed that the firm’s business development activities were driven by partner demands, rather than client and market needs. The firm needed a reliable and repeatable process for identifying, prioritizing, and pursuing its best client opportunities. Yate helped the firm identify two market segments where it has strong relationships and experience and prioritize its high-value service offerings relevant to the market segments. For each segment, we built an Ideal Client Profile, a precise target list, and client-focused materials outlining how the firm delivers value. We then helped the firm engage with each client to confirm needs, co-create solutions, and win new engagements.
The Result
After eight months, we helped partners secure six profitable, cross-practice new engagements and involved others in meaningful discussions that identified future engagement opportunities. The firm now follows a sales enablement methodology and process, including development of new proposal materials, to pursue and secure ongoing profitable client growth in their strategic market segments.
Revenue Growth Through
Sales Enablement
The Client and Objective
This AmLaw 100 firm sought predictable revenue growth from business development investments. The firm wanted to be able to forecast financial results based on how business development dollars and time were being invested.
The Approach
The firm had a reasonable management objective but needed to think of investing in prospects rather than activities. Yate worked with lawyers and the business development team on pursuing specific clients and prospects. We identified key challenges and opportunities unique to the targets, recommended actions to engage these targets, and increasingly moved each opportunity closer to engagement over time. We documented the approach along the way to codify the firm’s new market-focused business pursuit process.
The Result
The firm has a proven sales enablement process in place to drive ongoing growth initiatives and better allocate resources to business development. It also now forecasts revenue budgets based on dollars invested in pursuing strategic targets and prospects.
Achieving Meaningful Lateral
Client Integration
The Client and Objective
An AmLaw 200 client successfully recruited a prominent group of FinTech lawyers to expand its growing market presence and revenue in this sector. The firm aimed to create a clear and measurable Go-To-Market (GTM) strategy and sales process to facilitate the achievement of several key goals. These objectives included successfully integrating the lateral group's new clients and demonstrating the added value the firm would deliver to them, enabling the new lateral partners to deliver value and build relationships with the firm's existing clients, and maximizing partner engagement in client interactions and strategy development while minimizing lawyer time investment in planning and implementation activities. This comprehensive approach was designed to ensure a smooth transition for the new team and to capitalize on the expanded expertise and client base for mutual benefit.
The Approach
We implemented a comprehensive strategy to optimize the firm's approach to FinTech clients. This process began by categorizing both new and existing FinTech clients into segments based on similar business needs and buyer profiles, considering factors such as business maturity, customer types, and business models. Following this segmentation, we prioritized prospects within each segment by identifying the intersection of client opportunities and challenges with the firm's newly expanded service offerings and capabilities. For each segment, we developed an Ideal Client Profile, created a precise target list, and produced client-focused materials that clearly articulated the firm's value proposition. Additionally, we facilitated collaborative engagement between FinTech lawyers and clients, focusing on confirming client needs, introducing and co-creating potential solutions, and ultimately securing new mandates. This multifaceted approach aimed to maximize the firm's impact in the FinTech sector while ensuring tailored and effective client interactions.
The Result
In the first three months, partners secured four profitable new engagements and identified more than a dozen future engagement opportunities. A sales enablement process and growth engine is now in place to enable ongoing collaborative client pursuits.