Practice Building Skills: Building the Ideal Business Development Plan

Mini Peer Groups

One of the suggestions that we make to law firms with multiple practice areas is to set up mini peer groups, or mini networking groups, within the firm. This allows attorneys to learn more about the different practice groups in the firm, and to become more comfortable with each other, so that they are more likely to refer business to one another. Attorneys who practice in law firms with multiple practice areas do not need to be as targeted as attorneys working in a boutique firm. Attorneys from larger firms, if they have a good grasp of its different practice areas, can go to broader, more general events, and sell the entire firm. Most firms give credit to attorneys who bring in work, even if the one who brings in the work is not the one who actually works on the file.

Experience and time in the industry is another factor to consider when building a business development plan. A less experienced attorney cannot just watch a rainmaker and mimic what he or she does, because the less experienced attorney does not have access to the same resources that experienced attorneys do. Most established rainmakers develop business by acquiring more work from current clients, asking for referrals from current clients and contacts, and from networking relationships that they have developed over the years. Attorneys who are new to business development do not have these resources, thereby, making it impossible to follow an established rainmaker and copy that rainmaker's business development activities. Less experienced attorneys must spend time cultivating contacts with friends from their personal life and from law school. They need to spend some time networking, so that they can meet and cultivate new contacts. Less experienced attorneys may also need to focus on work that is outside of a particular specialty, so that they can gain experience and exposure.

Strengths and Weaknesses

When we begin working with an attorney, a major factor that goes into building his or her business development plan is to evaluate his or her strengths and weaknesses. Our experience tells us that not every attorney, even attorneys within the same firm, have the same strengths and weaknesses. We administer an assessment to each attorney, before we begin working with him or her, to determine their strengths,so we can tailor their business development plan to take advantage of those strengths. We have found that attorneys who, on paper, look the same (i.e., same law firm, same amount of experience, same practice area) may have very different strengths and weaknesses and may need to develop very different business development strategies.

We find that some attorneys are very outgoing and are comfortable meeting new people. These extroverted attorneys may be comfortable attending conferences and seminars since they enjoy meeting new people. Sometimes extroverts thrive when they are in front of a group of people, and they may be well-suited to deliver talks and seminars. An attorney who is extroverted may want to build networking events, seminars, talks, and trade shows into his or her prospecting plan.

There are some attorneys who are very detail oriented and very sensitive to their clients' needs. They avoid conflict at all costs and present outstanding work to their clients. Many of the attorneys who assess this way would be very uncomfortable attending networking events and meeting new people. They are often introverted and would rather bill 100 extra hours than go to a networking event or give a seminar. These attorneys do, however, typically have excellent relationships with their clients. Because of their attention to detail and their conflict avoidance, their clients are very comfortable working with them and are usually very happy with the work they do. For these reasons, asking for referrals and getting personal introductions is a very effective method for these attorneys to use to develop new business. These detail-oriented attorneys are also typically trusted by other attorneys within their firm and often get many internal referrals from their co-workers. These attorneys may develop business through writing articles and white papers that they distribute to their clients.

Conclusion

There are many factors to take into consideration when building your business development plan, and no two plans look the same. It is important to look at what type of business you would like to develop, who you are targeting, your level of experience, and your personal style. Each individual attorney must develop and track his own plan. There is not a simple answer to the question, 'how do I develop business?' However, there is a tried and proven process that can be used and skills that can be developed over time. If you don't currently have these vital skills, find someone who can help you develop them.

Evan Polin and Chuck Polin are Partners at The Training Resource Group (www.trainingresourcegroup. com). They provide professional coaching and training to law firms and attorneys (both associates and partners) who are looking to build their practices. Chuck and Evan can be reached at 215-320-4650.

Many attorneys ask us, 'What is the ideal prospecting plan for attorneys? Can't my associates and younger partners just follow our top rainmakers for a few days and then just do what they do?' These are two of the initial questions that we hear when we begin working with law firms. Many attorneys assume that there is an easy magic formula for developing new clients, and if they can just get their hands on this secret formula their business development problems will be solved forever. Unfortunately, our experience tells us that a 'one-size-fits-all' magic formula for success does not exist.

There are many reasons why there is not one magical sales and marketing plan that works for everyone. The first area to explore when building your business plan is, as a firm, what types of clients do you want to target. For example, a boutique law firm with a very specific specialty will need to be more targeted in its approach to business development. These firms may need to decide on what types of clients they want to target, and how to get in front of the decision-makers in those companies. They may write white papers to demonstrate expertise in their particular area of the law, attend industry-specific conferences and seminars, or provide talks and programs to develop their clientele. If a firm is widely known in a specific area, it may be successful asking for and receiving referrals.

A law firm with a number of different practice groups can target a variety of business development opportunities. In most cases, these firms may begin with business development activities within their own firm. We call this practice cross-marketing. Often, law firms don't take advantage of cross-marketing opportunities. Many times there are opportunities for attorneys to introduce their clients to other practice areas within the firm, which gives the firm the opportunity to do more business with the same client.

Mini Peer Groups

One of the suggestions that we make to law firms with multiple practice areas is to set up mini peer groups, or mini networking groups, within the firm. This allows attorneys to learn more about the different practice groups in the firm, and to become more comfortable with each other, so that they are more likely to refer business to one another. Attorneys who practice in law firms with multiple practice areas do not need to be as targeted as attorneys working in a boutique firm. Attorneys from larger firms, if they have a good grasp of its different practice areas, can go to broader, more general events, and sell the entire firm. Most firms give credit to attorneys who bring in work, even if the one who brings in the work is not the one who actually works on the file.

Experience and time in the industry is another factor to consider when building a business development plan. A less experienced attorney cannot just watch a rainmaker and mimic what he or she does, because the less experienced attorney does not have access to the same resources that experienced attorneys do. Most established rainmakers develop business by acquiring more work from current clients, asking for referrals from current clients and contacts, and from networking relationships that they have developed over the years. Attorneys who are new to business development do not have these resources, thereby, making it impossible to follow an established rainmaker and copy that rainmaker's business development activities. Less experienced attorneys must spend time cultivating contacts with friends from their personal life and from law school. They need to spend some time networking, so that they can meet and cultivate new contacts. Less experienced attorneys may also need to focus on work that is outside of a particular specialty, so that they can gain experience and exposure.

Strengths and Weaknesses

When we begin working with an attorney, a major factor that goes into building his or her business development plan is to evaluate his or her strengths and weaknesses. Our experience tells us that not every attorney, even attorneys within the same firm, have the same strengths and weaknesses. We administer an assessment to each attorney, before we begin working with him or her, to determine their strengths,so we can tailor their business development plan to take advantage of those strengths. We have found that attorneys who, on paper, look the same (i.e., same law firm, same amount of experience, same practice area) may have very different strengths and weaknesses and may need to develop very different business development strategies.

We find that some attorneys are very outgoing and are comfortable meeting new people. These extroverted attorneys may be comfortable attending conferences and seminars since they enjoy meeting new people. Sometimes extroverts thrive when they are in front of a group of people, and they may be well-suited to deliver talks and seminars. An attorney who is extroverted may want to build networking events, seminars, talks, and trade shows into his or her prospecting plan.

There are some attorneys who are very detail oriented and very sensitive to their clients' needs. They avoid conflict at all costs and present outstanding work to their clients. Many of the attorneys who assess this way would be very uncomfortable attending networking events and meeting new people. They are often introverted and would rather bill 100 extra hours than go to a networking event or give a seminar. These attorneys do, however, typically have excellent relationships with their clients. Because of their attention to detail and their conflict avoidance, their clients are very comfortable working with them and are usually very happy with the work they do. For these reasons, asking for referrals and getting personal introductions is a very effective method for these attorneys to use to develop new business. These detail-oriented attorneys are also typically trusted by other attorneys within their firm and often get many internal referrals from their co-workers. These attorneys may develop business through writing articles and white papers that they distribute to their clients.

Conclusion

There are many factors to take into consideration when building your business development plan, and no two plans look the same. It is important to look at what type of business you would like to develop, who you are targeting, your level of experience, and your personal style. Each individual attorney must develop and track his own plan. There is not a simple answer to the question, 'how do I develop business?' However, there is a tried and proven process that can be used and skills that can be developed over time. If you don't currently have these vital skills, find someone who can help you develop them.

Evan Polin and Chuck Polin are Partners at The Training Resource Group (www.trainingresourcegroup. com). They provide professional coaching and training to law firms and attorneys (both associates and partners) who are looking to build their practices. Chuck and Evan can be reached at 215-320-4650.