Intelligent growth is better than growth for growth’s sake. Since our 2019 AGM in New Delhi, Ally Law’s Expansion Committee has worked hard to identify and recruit new member firms in unrepresented jurisdictions. Since then, we have welcomed four firms to our network. One of the committee’s guiding principles has been to determine which jurisdictions are likely to have the greatest impact on intra-network referrals. Do we need new members in every jurisdiction worldwide? Probably not. Do we need high-quality, active members in regions with great potential? Absolutely.
“Sticky” referrals are superior to non-sticky referrals. In her Finance and Marketing Committee reports, which will also be given at the upcoming Asia Pacific and EMEA regional meetings, Executive Director Wendy Horn drew attention to the types of referrals that have a higher likelihood of converting into paying engagements for our members.
She noted that, while referral income has increased steadily, the growth in total referral volume has outpaced the actual number of fee-generating referrals. She then discussed a number of business development initiatives, highlighting new tools and more effective processes that can increase the likelihood of rewarding and profitable referrals.
An engaged delegate is good, but an engaged firm is better. I applaud the hard work of our Ally Law delegates — you are the backbone of our network. But at risk of expanding this analogy too far, a functioning organism needs more than a skeleton: it needs fully developed cardiovascular, muscular and other systems. Similarly, those firms in which there is broad awareness of the benefits of Ally Law membership, for themselves and their clients, are most likely to experienced the greatest rewards of network participation. How can we increase the relevance of Ally Law in our own firms?
During our meetings in Hong Kong and Malta, and at next year’s AGM in Vancouver, I look forward to discussing these and other issues in more detail and in person.