Now think of the best attorneys that you know (other than
yourself of course). Why are they great?
In his book, Start With Why, Simon Sinek asserts that the
organizations that outpace all others start with the Why (Purpose), then ask
How (Process), and end up with What (Result).
https://www.youtube.com/watch?v=sioZd3AxmnE
However, law firms and potential lateral candidates usually
are at inverse ends of this model.
Law firms want to know “what” portable business an attorney
has. If it’s big enough, then “how” is
it built. Types of clients, practice
areas, bill rates, leverage. If a
candidate passes through those hoops then, “Why” would they be lucky enough to
join such an amazing law firm as ours filled with such legally skilled
rainmaking firepower.
The question becomes, why would anyone that has that kind of
practice and book of business ever be compelled to leave their firm? Certainly, firms do their homework. They know what the market bears in
compensation. Some pay higher base,
lower bonus. Others pay lower base,
higher bonus, but the days of going across the street for substantially more on
a book of business are fewer and fewer.
In fact, so many firms have been burned on promised or historical
revenue that the chances are you may have to take the same or less than you
currently make.
Past performance doesn’t guarantee future success as the
stock disclaimer reads. Firms are buying
a snapshot of when an attorney is trading at their highest returns, rather than
picking based on fundamentals and investing in their professional growth.
The attorneys that make the move have to know WHY. WHY is
the story that reduces the risk. The
painting of the picture in that firms model that gets them from where they are
to where they want to be. The How and
What of a firm is a Google search. Websites with city pictures, attorneys
smiling looking busy while standing in front of bookshelves, and accolades. Drop down boxes with office locations, practice
areas, and snappy graphics.
Chances are when I asked, why you thought a firm was great,
it wasn’t because they have 20 offices and a thousand attorneys.
Just like when you think of a great attorney, it probably
has little to do with their revenue.
The WHY is the alignment of firm and attorney with culture,
values, aspirations, practice, clients, colleagues, etc. It’s not the secret sauce, it’s the reason for
the secret sauce.
With more firms going to a teaming approach, less certainty
can be given on who and what clients would leave with anyone. Smart if you are the firm, but it also means
that they are going after a shrinking percentage of legitimate rainmakers that
everyone else is trying to lure.
Last week I spoke with an AM Law 50 client that gets
it. They said find us the best talent
that we can catch on the way up, and we will give them the resources or the
“how” and we will watch “what” grows.
That takes time and investment. A
10-20 year vision rather than a 1-3 year.
Clients can buy WHAT you do from a variety of
attorneys. Firms can hire rainmakers for
HOW they develop their business. Both
can be commoditized. If you don’t
believe me, raise your bill rate by $100/ hour or demand a big raise.
Silek states “People don’t buy what you do. They buy WHY you do it.”
So WHY do you do it, and are you with a firm that gets it?
