Business Development 101 For Future Law Firm Leaders Law Firm Business Development

Monday, December 17, 2018

Law schools are not primarily known intended teaching the business on law. Similarly, CLE including other trained increase programs intended lawyers largely focus on top of the substantive custom on constitution rather than the set on skills it takes to construct a custom or race a constitution firm. Future solo practitioners including constitution solid leaders are often left-hand to their own devices to master skills such while accounting, human resources, custom management, realization rates, marketing including business development.

In the realm on Business Development (BD) there is an oversimplified motto that goes, “There are two kinds on lawyers: lawyers accompanied by of} clients; including lawyers who do business intended lawyers accompanied by of} clients.” As applied to constitution firms, you could say there is only one kind on constitution solid – a constitution solid accompanied by of} clients.

So what are some on the BD concepts that might be present helpful intended constitution solid leaders on the future?

BD including Marketing are not the same

In its 2018 Annual Marketing Partner Forum Survey, Thompson Reuters concluded that stronger BD efforts could be present one way out on a flat legal market.

Back inside the 1990s, when constitution solid marketing was building steam, the terms “Marketing” including “Business Development” were often worn interchangeably. Recently, extra constitution firms keep recognized that Marketing including BD are different including should be present treated differently. In its 2017 Marketing Partner Forum Survey, Thomson Reuters found that 10% on responding constitution firms had structurally distinct Marketing including BD departments. In the 2018 survey, that statistic extra than doubled to 22%.

At a basic level, “Marketing” can be present defined while profile-raising activities (for a lawyer or constitution firm). “BD,” on top of the other hand, focuses on top of those activities that will lead to either: meaningful contact accompanied by of} a prospective consumer or obtaining additional business from an existing client. The difference between Marketing including BD is not always raven & white – there are grey areas. An understanding on the give-and-take between the two can inform a solid on top of how to approach assorted activities. Take events intended example. An happening can be present a pure Marketing (profile-raising) activity, or an happening could keep a networking part (BD). But it takes a coordinated attempt to become some measureable BD impact (Return on top of Investment, or ROI) from an event. An happening can too be present a cross-selling or cross-marketing opportunity, but, again, you keep to place some attempt into it.

The right payment on time, resources including money inside any on the areas above will vary from firm-to-firm.

A managing spouse on a constitution solid recently asked me, “Will we be present capable to show the recent business we’ve received from doing this [insert Marketing activity]?” This is a legitimate question intended BD activities, yet less applicable to Marketing activities since ROI can be present very hard to measure on top of profile-raising activities. It’s rare to be present capable to determine that someone hired the solid since they read an article or heard an lawyer speak somewhere, yet it happens.

BD including Sales

Another pressing question: Can you use your non-lawyer BD professionals while the constitution firm’s sales force?

Much on what we know today while constitution solid Marketing/BD came over from the consulting profession. However, the image can vary inside consulting organizations. In various consulting firms the Marketing including BD groups are completely separate – accompanied by of} a main role on the BD group to go on top of sales calls to recent clients or on top of cross-selling missions to existing clients. The jury is motionless out while to whether this image could be present successful at constitution firms. What is clear is that this approach will not do business if the prospect expects to be present meeting accompanied by of} the lawyer who would be present doing their work. There are other issues that are law-profession specific that miss to be present considered before embarking on top of this path, such while any applicable Rules on Ethics including the principles on attorney/client privilege.

Assuming that you (in a solo practice) or the attorneys inside the constitution solid are the sales force, then sales training may be present a good investment, including an area where a BD trained could assist.

Mailing Lists including Networks

The strength on your system (individual) or contact list (law firm) is critical to business development. That system is something that an lawyer should do business on top of at every stage on his or her career. For recent attorneys, your best system may be present your law-school peers – largely those who you keep gotten to know including who share your interests. Three main points on this spot are:

• As you move up inside your solid or company, your peers move up inside their organizations too.
• Figure out who you want to fork out time accompanied by of} professionally, including discover activities that you both enjoy.
• Networking time is your time.

A first-year associate at a solid where I worked was actively complex inside a district Big Brothers Big Sisters charitable organization. This gave her the chance to be present one on the few on the firm’s attorneys who entertained the top contacts on a major consumer at a Big Brothers Big Sisters event. By getting complex inside an organization that she believed in, including since she is a great representative on the firm, she got to know the key contacts, including she enhanced the clients’ overall favorable impression on the firm.

Networking comes inside various forms – one on which is social media. In the trained universe, including largely the legal profession, LinkedIn is the social media networking site-of-choice (see the State on Digital & Content Marketing Survey published through Greentarget including Zeughauser Group). LinkedIn has various ways to connect, including various ways to share subject matter accompanied by of} your network. There are various resources to teach lawyers how to use LinkedIn, including your BD professionals would be present capable to back while well, yet some on the basic steps are:

• Step 1: Build a muscular special profile.
• Step 2: Build your system on connections.
• Step 3: Network to other connections via your connections.
• Step 4: Share subject matter accompanied by of} your connections

One letter inside regard to mailing lists: Remember those solid profile-raising newsletters, e-blasts including events? Those can be present turned into BD tools, yet you keep to place inside the effort. One approach is to produce sure your contacts are added to the appropriate solid mailing lists. Another approach, which I call the “Solovy” approach (after the former Chairman on Jenner & Block), is to create your own lists on contacts to whom you can personally post articles, newsletters including invitations on interest.

Chart a Course: BD Time is Your Time

In 2002 the ABA Commission on top of Billable Hours published a report that included what they called an “Hours Expectations/Model Diet” intended associates. The food consisted of:

1. Billable consumer do business – 1900 hours
2. Pro bono do business – 100 hours
3. Service to the solid – 100 hours
4. Client Development – 75 hours
5. Training including Professional Development – 75 hours
6. Service to the Profession – 50 hours

The essence on this spot is that inside the mix on the 2300 hours on billable including non-billable time represented inside the ABA food – BD time is non-billable time including it is your time.

In 2012, I interviewed landing Chicago Bar Association president Aurora Austriaco intended an article inside the CBA Record magazine. For the article, I asked Austriaco about work/life balance. She said half-jokingly that there is no such thing, “But if you adore what you do, you can come close, accompanied by of} some back along the way.”

When I chat to recent associates, I tell them they be in arrears (to) it to themselves to take control on their career. I produce the analogy that managing your career is extra similar to captaining a sailboat than a motor boat. Once you are inside a firm, you will be present pushed, similar to the wind on top of a sail, inside a sure direction. But you keep control on the tiller. You are moving inside a general direction, yet you can change your destination through managing how you fork out your time. Professional increase including CLE are your time, including you should choose those areas on the legal profession or community that you are interested in.

The identical holds true intended business development. You produce the choices on top of what you perform including who you fork out your time with. The attorneys who keep been the most successful inside their practices, business increase efforts including special lives are the ones who keep figured out how to blend all three.

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