Attorneys account for the largest share of business for BV experts and valuation analysts. Business valuation, forensic, and litigation support (BVFLS) firms that work with lawyers get over 44% of their BVFLS revenue from this source, according to a BVR survey. In fact, 40% of all firms in the survey received more than half of their work from attorneys. How do you break in and foster business with lawyers? A few ideas:
- Approach young lawyers and related groups at local bar associations;
- Lawyers don’t fully understand many valuation concepts, so offer to provide in-house training for targeted firms on how to understand basic BV topics;
- Write articles. Appearing in law magazines or professional publications (such as Business Valuation Update) can help expand your exposure and cement your expertise; and
- Do some pro bono work. Write a letter to the supervisor of the family court in your area, offering your services in connection with valuation issues for parties who can’t afford an expert.
Also, you should go where lawyers go and meet them. For certain types of engagements, it’s especially important to focus on your networking skills. For example, divorce valuation is a unique niche, and those who are successful develop and maintain strong relationships with legal professionals in the same field and at the same level. Once a family law attorney hires a valuation expert, he or she will start to get referrals for other cases.
Extra: Divorce attorneys will mingle with BV experts at the upcoming National Divorce Conference in Las Vegas May 8-10, presented by BVR and the American Academy of Matrimonial Lawyers (AAML). You can participate as an attendee or as an exhibitor.
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