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Rainmaker or Hostage Taker?
Despite a surge in articles, blogs and white papers that focus on top trends in law firm business development and management, few have explored critical changes taking place within law firm management, particularly as they relate to the concept of the rainmaker.
Historically, rainmakers ' whether internally culturally compatible or not ' have achieved a storied reverence and extraordinary compensation leverage within law firms due to the significance of revenue-generating contributions associated with “their” clients.
The rainmaker concept is a tradition at law firms, but since 2000, game-changing trends have shaken the traditional law firm business model, driving a re-examination of once-hallowed concepts. Among others, these game changers include Business Process Outsourcing, Legal Talent Outsourcing and Legal Process Outsourcing. Additionally, the development and spread of social media and client-driven requests for proposal procurement practices continue to push the pace of change.
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