Role of law in business development

A Hong Kong based firm that works throughout Asia with law and other professional service firms on their key strategy, marketing competitiveness and leadership issues.

To do that you need to be aware of the general business factors that are affecting your clients and potential clients; so the first step of the 7 steps involves analyzing key Macro-economic factors.

The government also sets various workplace safety rules to ensure that businesses provide safe working conditions.

explain the importance of law in business

What is Marketing? Failing to comply with state and federal guidelines can have serious consequences for your business. This reinforced belief is based on the narrow understanding these partners have which is essentially marketing and BD are the same thing, i.

This builds your reputation as a valuable resource and will increase the chances of contacts coming back to you in the future.

Business laws and regulations

UpCounsel accepts only the top 5 percent of lawyers to its site. Employment While many small businesses start out as solo operations, successful business owners often hire employees as a business grows. Intellectual Property Intellectual property describes creations of the mind, like art, literature, inventions and company logos. Marketing is both a culture and set of behaviours and is the most significant orientation that affects firm performance. Marketing and BD are quite distinct concepts although they are deeply intertwined. How can a BD process or rainmaker create a meaningful dialogue with a client without having the necessary knowledge in place? A good business development expert can help identify saleable services from within your practice areas and even find ways to productise them for easier sales. For example, laws force businesses to use certain practices to limit air and water pollution, and the government can penalize companies that don't follow environmental guidelines. Being a scholar of History, this seemed obvious to me. What firm culture or structure will ensure that the entire firm understands the need to share information across practices and indeed, treat internal customers the same as external clients? By encouraging lawyers to spend some time thinking about ways they can get proactive with existing or potential clients, firms will likely begin to see new opportunities where none previously existed. This can help maintain strong relationships so that, when the work starts flowing again, it flows to your firm. However, many lawyers are still relying on old-school networking to gain business.

Henry Ford applied assembly line processes to manufacturer the Model T Ford at a fraction of the cost. For example, recent updates focus on the impact of technology on these areas and how it affects business dealings.

impact of law on business

Think about it like this — what do clients really want? Law firms sell knowledge yet most law firms are very poor at leveraging their intellectual capital; Hourly billing that does not recognize value and creates conflict of interest between client and firm Focus on billable time and utilization rates Associates trained in technical skills but not in management Professionals with high IQ and little EQ Firm structure that inhibits cross functional sharing of information Professionals with little formal business training Senior partners with high resistance to alternative ways of working Fixation on practice areas as opposed to client problems Focus on cross selling without understanding client needs Lack of understanding of marketing techniques such as research, segmentation etc Every lawyer inherently understands that firm profitability comes from delivering client value but they have forgotten this in the midst of management practices such as an obsession with leverage and utilization that are no longer relevant to the changing market.

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Purposes and Functions of Business Law