Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Wilder Knight II is counsel in Pryor Cashman's Media & Entertainment group. An athlete, he wanted to combine his interests and professional pursuits, particularly his regular attendance at film festivals and markets around the world (including the American Film Market, and the Berlin, Cannes, Tribeca, and Toronto Film Festivals).
“I'm a runner and almost everything you do at film festivals is physically unhealthy (e.g., eating and sitting) so I was looking for something to balance that out,” says Knight, who created the Freeway-Pryor Cashman 5K Run and now promotes it at every festival and market he attends. “It is a great way to meet and do something fun with clients,” he advises.
In addition to building camaraderie, the race series raises money for local charities, such as Samoshel, a Santa Monica homeless shelter, and Heal the Bay, an organization working to restore and preserve the coastal waters in Southern California, which further enhances Pryor Cashman's profile. “And, it has resulted in a lot of business because you bond with and get to know the people you run with,” notes Knight.
The complexities of business development are well documented, but the adventure of it is often overlooked. Those who embrace the challenge and follow a few proven practices often find ways to align their personalities with their potential. “There is no magic bullet for marketing success, but the people who fail at business development are the ones who try too hard to do everything,” says Michael Mellor, Pryor Cashman's director of marketing and business development.
At its core, business development is about making authentic connections that grow into meaningful relationships. Rainmakers recognize that principle and apply an array of techniques to fuel their careers.
|Dedication to these activities is one of the most important ways to thrive. “You need to develop a process to actively manage your network and carve out time in your calendar each week to build those relationships that are most important to your strategic plan,” says Stacey Flynn, the director of business development for Fox Rothschild. The firm's marketing team helps its attorneys prioritize their contact lists and establish processes to actively monitor outreach, with a focus on individuals, who are most likely to give or refer them business.”
|That outreach can take many forms, from a personal email to a relevant client alert, or even a more dynamic maneuver such as an invitation to a prominent 5k race that takes place in cities around the world. “The number and quality of touches over a period of about eighteen months creates the opportunity for a sale, particularly in a professional to business environment,” says Andrea Stimmel, the director of marketing for Zetlin & De Chiara LLP and president of P2B FirmBuilders LLC in New York City. “Social media is one example of how technology is making business development easier because it produces warm contacts by prompting attorneys with opportunities to respond directly to updates and providing real-time context for personal messages,” she adds.
Whether you are more comfortable interacting online or working a room, “there is not one way to reach out to a prospect so you need to tailor your approach to one that works for you and the prospect,” says Flynn. “The key is to be able to tie their needs to the solutions you and your firm can offer so it is a win for both sides,” she adds.
It is also important to maintain your individuality and tailor your approach as Knight has done. “The essence of success for any tactic is to be forthright and genuine because people respond to sincerity,” highlights Andy Narrai, the chief marketing officer for Reinhart Boerner Van Deuren in Milwaukee. “The person you are trying to reach is in business too, so if you can teach them something or give them a resource they don't have, you can build a stronger relationship,” offers Stimmel.
|Since many rainmakers work in tandem, it is often helpful to create a shared mission with a trusted ally. “We encourage our attorneys to develop a simple business development plan with clearly defined goals and activities and to meet regularly with an accountability partner, who is typically another attorney or their business development manager, to help them stay on track,” advises Flynn. This alliance is as important as the commitment it fosters. Accountability colleagues can be fellow associates, a mentor and a mentee, or cross-selling partners. The objective is to inspire each other to stay focused and on schedule.
|With the ability to compare her experience at Zetlin, a 23-lawyer construction law firm, with prior roles in global AmLaw 100 firms, Stimmel notes, “the smaller the firm, the less fear there is of reaching out.” In fact, she explains, “the less insulated you are from a model where only a few rainmakers generate most of the work, the less likely you are to avoid it and the more quickly you recognize the value of business development.”
Larger firms can create coaching cohorts or client development teams to fuel small group collaboration in a sizable enterprise. Some gamify the process to fuel competition or cooperation. Ultimately, “the place where more people should start honing their skills is internally,” says Narrai. “Build these techniques in the firm where you are in a safe environment with allies and peers with whom you will be working for a long time.”
|There are so many routes to the same destination. Finding the one that reflects your preferences and passions typically produces the best results. “Regardless of what it is you are selling, you are always your own best product,” highlights Narrai. “Don't spend all of your time extolling features and benefits; it's you they want to get to know and trust, so spend more time letting them get to know what you stand for and who you are as a person,” he advises. “Everyone has something they are excel at, but you don't need to do what everyone else does; figure out your strength and rock that,” recommends Mellor.
*****
Ari Kaplan, a member of this newsletter's Board of Editors, is the author of various books about marketing. He is also the creator of the Lawcountability business development software platform and iPhone app. Email him at [email protected].
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.