Five Business Development Moves Successful Law Partners Get Right
When implemented together, these behaviors result in a sustaining and profitable practice
1. Understanding the necessity of investing non-billable time strategically:
Regularly spending five to eight hours each week on strategic business development activities
Recognizing that strategic business development requires more than publishing articles and making presentations
Spending time "off the meter" on a regular basis talking with client contacts and other stakeholders about new product/service development
Developing a key contacts list and strategies for pursuing unique contacts for new opportunities
2. Letting go of outdated and ineffective habits and beliefs:
Attending all programming offered by the practice group and the firm on current business development topics/initiatives
Taking an inventory of all personal marketing and business development activities and assessing whether they are calibrated to bring in new business
Recognizing the certain marketing efforts the firm and its partners engaged in historically are no longer as effective as they once may have been
Appreciating that certain activities described as "marketing" or "business development" are worthwhile, but not actually business building efforts
3. A willingness to take calculated risks to obtain new opportunities:
Accepting that for the most part, business development is a discipline not a personality-driven activity.
Recognizing that it is more of a business risk to do nothing than it is to move out of a personal comfort zone and make efforts to build business
Appreciating a key difference between substantive work and business development: the former needs to be as perfect as possible, but often the latter just needs to get done
Understanding that when we get serious about learning a new behavior - like business development - our efforts will seem awkward before we develop confidence and competence
4. Collaborating with colleagues:
Recognizing that while it's not always possible to do so, business development is best played as a "team sport".
Asking partners who manage your key client relationships how you may help solidify the relationships and expand the work
Taking time each month to talk with colleagues about their business development efforts and exploring the potential for collaboration
Attending practice group meetings and learning about the group's key business targets
5. Serving as a role model and mentor for more junior colleagues:
Talking regularly with associates about what you are doing to build business ·
Making business development activities or opportunities that you have "outgrown" available to more junior colleagues ·
As appropriate, taking more junior colleagues with you to visit with client contacts and demonstrating strategies for cultivating those relationships
Involving associates in business development pitches, research on new business opportunities and other strategic business building initiatives
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