Tuesday, January 17, 2012
Value of Mentoring
January is National Mentoring Month. Recently, I read a great book called Halftime
by Bob Buford. It discusses how the first half of life is spent chasing success
and challenges that the second half should be about chasing significance.
As a pirate looking at 40 and Halftime, I’m sure that I am
not alone when I look back and am able to see the relation between causes and
effects. Perhaps over the holidays you took time to reflect a bit on decisions
made and people that help shape you.
I had the incredible experience of interning for the Florida
Marlins and Florida Panthers while in college. Working in the Broward Mall, I
met Bill Beck and struck up a conversation over baseball and life. For a kid
that loves baseball, talking with someone who had worked in Major League
Baseball for years was a treat. Turns out he worked for the Florida Marlins and
a few months later needed an intern when he moved to the Panthers. He called and offered me the job. I learned so much about professionalism from
him. How you can be kind and respectful and get ahead. How to dress the part of a professional. A few years later he mentored the Marlins
management by suggesting a manager named Jack McKeon that he had worked with
while with the Padres to a floundering 2003 team. The rest is history.
The Panthers led to the Marlins and working for Jorge
Arrizurieta. Jorge was tougher, but
sometimes the best mentors are the ones that see potential when you don’t and
pull it out of you. Jorge came from the
political world. He proof read every
line, corrected each gaffe (and at 20 there are plenty) smoothed the edges a
bit. How you addressed people, dealt with deadlines, took ownership of an
issue. Instilling that it’s not what you say, it’s what people hear and feel.
Mentors hold you accountable. They take strokes off your
game. They are also humble and
vulnerable. Nobody wants to hear about
someones perfect life. The best stories
are the ones where someone overcame something.
Do you want to learn from the attorney that proclaims to have never
failed or the one that has more times
than they can count and what they learned from it?
Dr. Robert Lewis talks about “mentoring up”, and “mentoring
down”. Only you know your true blind
spots, passions, and strengths at Halftime.
If you want to be a better spouse, parent, attorney, maybe have a
stronger walk in faith, look for folks that are a few years ahead of you and
are where you want to be. I have yet to
ask someone to teach me about what they have learned in life and been turned
down. Why learn the hard way?
Perhaps you have noticed someone that reminds you of
yourself 15-20 years ago. Take them to
lunch. Ask them about their dreams and help if you can. To a 20 year old kid at the Broward Mall it
made all of the difference in the world.
Friday, December 2, 2011
Book management
One of the areas that my legal recruiting and client
development consulting businesses collide is in the daily conversations about
“The Book”. What I am quick to find out
is that some attorneys have an encyclopedia and others have more of a magazine
article.
Very rarely do I speak with an attorney at the 20+ year mark
that has significantly more in business than they did at the 12-15 year mark in
their careers. In short, their book is
their book because how they develop business is the way that they always have. For most that was okay, until a couple of
years ago. What was thought to be the amount of business, that seemed to come
in every year, suddenly became “the guesstimate”. A chasm has formed and rainmakers have
separated from the pack by how they manage their book.
On the recruiting side a lot of firms have doubled what they
look for in portable business. There a lot of firms that overextended
themselves on promised business and have risk adjusted anything that they hear
from a candidate. Second, not many attorneys can clearly identify how much
business that they originate, from who, and can they really call them “their
client”. The ones that can know their metrics for growing their business.
The attorneys that I speak with that have maintained or
grown in this economy have a few common traits:
- Time is blocked every week for quality prospecting and harvesting activities: networking, referral contacts, targeted seminars, email, newsletters, anything that is where their target market is, they are front and center. Filling the funnel.
- They qualify opportunities in or out quickly based on bill rate, type of work, quality of clients/ work.
- They don’t play bill rate bingo. Their rate is their rate. Somebody will do it cheaper, but not them.
- They know their clients goals and issues so well that if they hung a shingle on the moon the clients would follow them, and the attorneys KNOW that.
Looking toward the end of the year and setting goals for
2012, how many of these traits do you practice?
Now is the time to determine your metrics and what a 500k, 1 million, 2
million dollar practice looks like and what steps need to be taken to get
there. Time is sacred, but there is always time for a good book…
Please contact me about how you would like to further develop
your client base at: 850-893-8984, Andrew@Wilcox-legal.com
Monday, September 26, 2011
The Mad Dash
9 months into the year we all look back and wonder where it
went. October 1 signifies the start of
The Mad Dash. In many firms and
companies also known as Q4. This is the
money quarter.
When I do sales training with companies and look over their
yearly revenues you would simply be amazed at the spike (hopefully) in business
that is directly related to Q4. Typically though, it is the highest revenue,
but lowest margin quarter. It’s what
gives management grey hair, and gives the producers a time line to clear out
bad opportunities, close good ones, secure revenue, and end with the bonus that
you had worked for.
With the shorter timeline, how do you optimize that time to
get the most out of your business and maximize your bonus?
The good news is that you have 9 months of data to go off
of.
- Determine what has worked and what hasn’t from your business plan for 2011. The stuff that hasn’t, stop doing, and put your time and resources into the stuff that has.
- Recalibrate billing vs. collection. When I talk with attorneys about their “book” I always hear a billed hour number. If there is a gulf between those two items you are working for free and with such little time to optimize your bonus it’s time to collect and spend time toward things that optimize your plan.
- Clean out your pipeline. Those institutional opportunities that you started the year with and saw stalled into summer, clear them out if you are still working on them. If they haven’t seen the value in securing your services by now, let someone else waste their time on them.
- Talk with your clients. It’s been a tough time for everybody. Learn things about them that you didn’t before. Be more than a bill they get. Help where you can. Ask for referrals. Be an investment for them, not a cost. If you are a cost, Q4 is when they will start figuring out if they can get your service cheaper next year It costs 85% more to develop a new client than to keep an existing client. Just spoke with an attorney who had a 1.1 million dollar book and lost a client of 23 years that made up about 700k of that. Think you are irreplaceable..?
- Meet with other practice area leaders. Is there work for their clients that you could be handling or vice versa? This is low hanging fruit. Depending on your comp plan this could be the difference between a good bonus and a great bonus.
Feel free to contact me at: Andrew@Wilcox-legal.com,
850-893-8984
Wednesday, August 10, 2011
Marketing to your prospects triggering events
When I speak with attorneys about their client development strategies I often hear about leveraging existing clients, referrals, and attempts to cross-market with other attorneys. The top rainmakers are effective at all of these things and more. A lot of business gets left on the table, however, because while trying to secure new business, attorneys listen for active needs rather than latent issues that may arise from a prospects day-to-day operations.
These molehills that become mountains are known as triggering events and by being first to help a client or prospective client identify and navigate these events, you have the greater opportunity to be the one who they ultimately choose to help solve the problem and achieve their goals.
There are several services beyond the local business journal that provide this information and it doesn’t take long to set your Web 2.0 strategy to deliver information to you: Insideview.com, CorporateAffilation.com, LinkedIn, RSS feeds ,Twitter, and my new favorite NimbleCRM.
In fact, just like playing in the RFP world, by the time it’s hit the business journal, it’s too late. Everyone knows and everyone is trying to get in.
Would you rather compete with everyone to get the meeting after, or be the one that gets the call from a prospect when they don’t want the news hitting the papers?
Below are examples of triggering events. Think about: 1) What are the issues driving the change? 2) What business level job title would be responsible for making decisions? CEO, VP of Sales, COO, VP of HR,etc. 3) How have I helped other clients with these issues in the past? 4) Do I have any contacts that I could leverage into a business discussion with the key players involved?
Internal Triggering Events
• Poor quarterly earnings - or stellar results
• New product/service announcements
• New management or ownership
• Name changes; new positioning
• Venture capital funding
• Expansion into new market segments
• Opening up new geographies
• Real estate and construction activity
• Layoffs, downsizings or rightsizings
• IPOs (initial public offerings)
• New relationships, affiliations, partnership
activity
• Personnel changes in key positions
• New customers; lost customers
• Job openings
• Corporate relocations
External Triggering Events
• Legislative changes: new laws, regulations
• Natural disasters
• Changes in the competitive landscape
• Trends impacting customer base
• New technologies
This is where your network and cross-marketing comes in. In previous blogs, I have talked about feeding your network. What triggering events would help your network or team? Is that the open door to that prospect that you have been looking for to secure business in your practice area?
If you are interested in learning how other attorneys have created a repeatable process to leverage these types of events and grow their practice feel free to contact me at: Andrew@Wilcox-legal.com, 850-893-8984
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