Only a small number of lawyers make it to partnership; in fact, in some firms, as little as 5% are successful.
The select few who do make it often find that they’re suddenly thrown into the deep end and have to find and win the business, as well as service it, often with little to no training.
This can be a difficult and lonely place to be. Joining the partnership can be equated to running your own business, and as a business owner, I can tell you that winning new work and creating a strong pipeline is no easy feat.
Here are seven lessons in business development that all lawyers (irrespective of whether you go for partnership or not) should be applying now.
- Technical excellence is not the only criterion of being a successful lawyer
One of the biggest myths in law is that being technically excellent is all it takes to become a partner (or a successful lawyer).
This is not true. It’s a balancing act, and your expertise is just one piece of the puzzle. Today’s clients are more sophisticated than ever, and they want much more than just a lawyer who knows the law. In fact, this is now the minimum – you need a mix of commerciality (see point 2), industry knowledge, added value, honesty, and strong relationship skills.
Upskilling in your chosen area of law should not be the only priority – think bigger.
2. Commerciality is a must
Law and business are not mutually exclusive, and the sooner you think commercially, the better.
This includes:
- Understanding your client’s industry
- A deep understanding of your client’s business and their goals
- Giving advice aligned with your client’s commercial objectives
- Giving advice and communicating with your client in the way that suits them
Commerciality is often in the eye of the beholder – the key question to ask yourself (and your client) is what is most important to them? Tailor everything from there.
3. You need a CRM system (even if it’s basic)
A CRM (client relationship management system) is a repository of all your intel on your clients, prospects and targets.
Too many opportunities to win work or develop relationships are missed because people aren’t keeping track (and storing it all in your mind doesn’t count!).
If your firm doesn’t have a system (or it does and you find it tricky to work with), you can create your own basic one, and the simplest way to start is using:
- an Excel tabbed by clients, prospects and targets,
- featuring contact name, email and industry (if you cater to more than one), and
- data on the latest activity, useful notes, and next steps
It’s possible to use Word, but if you have more data, segmenting it and manipulating it in Excel will be easier.
It seems simple, but this will save time and effort in the long run and prevent you from having to keep endless amounts of information in an already full mind.
4. The more you niche, the easier it will be to differentiate yourself
There is a reason all the niche lawyers are the ones who are most successful.
Staying generalist pits you against a sea of other generalist lawyers and increases your chances of being a jack of all trades, master of none.
On the other hand, niching helps prospective clients find you. Imagine they are a start-up in gene editing and need corporate advice – are they more likely to choose a corporate lawyer with a wide range of experience or one that is a specialist in life sciences, or even better someone with a niche in advising start-ups in the gene editing space?
It seems obvious when put in those terms, but far too many lawyers play it ‘safe’, advising on every sector and often alienating clients who just don’t feel the lawyer ‘gets’ them.
Consider:
- What you’re good at
- What you enjoy
- Your target market & their needs
- New trends or subsectors
- If there is a gap you can fill or a specialism you can own
5. Start building your practice now
Becoming a partner means you can no longer rely on others to bring the work in for you.
You need to be able to successfully find potential clients, connect with them and convert them into paying clients and keep them happy.
The easiest place to start is always with existing clients – you have a 60% to 70% chance of selling to an existing client, while for a new prospect, it’s just 5% to 20%.
Think about:
- Cross-selling (adding more service lines, e.g. a corporate client in the tech industry, there is a potential opportunity to bring in IT/TMT, Employment, and Tax depending on the client’s needs).
- Up-selling (sticking with the same practice area but with an expanded scope – e.g. a client where the only work you have historically done is wills, looking at expanding into their tax planning).
6. Get out into the market
As a partner or a senior lawyer, you need to be out there in the market, building your brand, winning the work and demonstrating what you can do.
Play to your strengths, get comfortable with whatever revenue-generating activities work for you, and be consistent with them.
These could include:
- Networking
- Speaking engagements
- Writing articles
- Podcasts
- Relationship development
7. Learn how to articulate your worth
Your business case for promotion shouldn’t read like a list of achievements or your CV since you joined the firm.
If you want the business to invest in you (and if you want clients to understand why they should hire you), you need to be clear on WHAT you bring to the business and WHY they should invest in you.
Start thinking about what differentiates you, what the benefits are to working with you, what you give back to clients and the firm you work for. In a competitive landscape, this can make all the difference.
All of the above lessons are pre-requisites of being a successful lawyer; don’t wait until partnership to start applying them.
Gemma Francis is a BD consultant for mid-size law firms. For more information, visit Gemma’s website or email gemma@gemmafrancisconsulting.com
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