When the gravy train comes to a halt

In my daily conversations, I speak with attorneys that have sizeable books of business and attorneys who are fed by others.

Reading article after article on firms that are letting attorneys go and reviewing my inbox of resumes from 10-15-20 + year attorneys without any business I would not relish the idea of relying on anyone but myself to create and develop a client base.

One of the problems is perception. Understand that in this environment there is no such thing as “not expendable”. The other emotional hurdle that some attorneys may face is the reality that without any business you have more than likely been overpaid to this point.

I recently spoke with a few partners around Florida that are making over $350k without any business. They are asking to make a move to another firm because they feel like their firm will cut them but are not willing to take a significant cut in pay to do so. When that day comes that the ax falls, and that day unfortunately draw neareth, nothing from nothing leaves nothing in salary.

So if you have been fed by others and have had you’re a-ha moment that it is time to start developing business here are some ideas and some expected roadblocks.

Start with talking with the decision makers that you know. Roadblock: If you knew them and have not developed business from them as partner, shame on you, someone else probably has. Just because they have a relationship with you doesn’t mean they don’t have relationships with others. It’s a start but while you are trying to secure a small piece of business that may lead to more, use them as a the starting point to a referral network.

Time management is the foundation for client development. No one is more reluctant to start prospecting than someone that hasn’t had to do it for a very long time. Set aside sacred prospecting time and have goals around that time.

Develop a network to start:

Internal (within firm)- You would be surprised how many times that I hear attorneys say they have work in other areas of practice but don’t know who to give it to within their own firm!

Reach out to:
Members of same practice area (regionally, nationally, internationally)
Members of complimentary practice areas (regionally, nationally, internationally
Form deal teams
Update others on business and involve where you can (grow your deal)

External
Develop small groups with other professions and meet at least once a month to share references, opportunities
Offer references on your work (names, case studies, publications, etc.)
Ask how you can assist them to grow their business
Commit with them to bring 1-2 new members in per month
Become a speaker with a vertical market and add a vertical each quarter
Research and meet with attorneys from other firms as part of your plan. One meeting per week. Bring them business if possible.
Blogs, writing forums, e-newsletters
Facilitate client meeting groups

Develop measurable success stories that you can deliver to people with different job titles. Power buys from power. Make sure that you are identifying decision makers and talking with them. Otherwise you are just wasting time.

Success story model:

“I was working with…” Key decision maker job title, VP, GC, C-level, etc

“whose critical issue was….” Business issue, not necessarily legal issue

“the reason was…” why that was an issue

“he/she said they needed”… capabilities (firm, practice areas, business need)

“we provided them with that capability..”

“and the result was…” if at all possible a measurable result. Reduced reporting, compliance, savings, cost reduction, etc.

Just because you start having these meetings and doing these things doesn’t mean that rain will start immediately falling. It’s the start to a process. For some attorneys that have seen their book dwindle it’s getting back to the fundamentals.

Written by: Andrew Wilcox, Andrew@Wilcox-legal.com, 850-893-8984