Law firm rainmaking seminar and implementation consulting

2012-01-17T12:13:00.000-08:00

Value of Mentoring

January is National Mentoring Month. Recently, I read a great book called Halftimeby Bob Buford. It discusses how the first half of life is spent chasing successand challenges that the second half should be about chasing significance.

As a pirate looking at 40 and Halftime, I’m sure that I amnot alone when I look back and am able to see the relation between causes andeffects. Perhaps over the holidays you took time to reflect a bit on decisionsmade and people that help shape you.

I had the incredible experience of interning for the FloridaMarlins and Florida Panthers while in college. Working in the Broward Mall, Imet Bill Beck and struck up a conversation over baseball and life. For a kidthat loves baseball, talking with someone who had worked in Major LeagueBaseball for years was a treat. Turns out he worked for the Florida Marlins anda 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 fromhim. 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 Marlinsmanagement by suggesting a manager named Jack McKeon that he had worked withwhile with the Padres to a floundering 2003 team. The rest is history.

The Panthers led to the Marlins and working for JorgeArrizurieta. Jorge was tougher, butsometimes the best mentors are the ones that see potential when you don’t andpull it out of you. Jorge came from thepolitical world. He proof read everyline, corrected each gaffe (and at 20 there are plenty) smoothed the edges abit. How you addressed people, dealt with deadlines, took ownership of anissue. Instilling that it’s not what you say, it’s what people hear and feel.

Mentors hold you accountable. They take strokes off yourgame. They are also humble andvulnerable. Nobody wants to hear aboutsomeones perfect life. The best storiesare the ones where someone overcame something. Do you want to learn from the attorney that proclaims to have neverfailed or the one that has more timesthan they can count and what they learned from it?

Dr. Robert Lewis talks about “mentoring up”, and “mentoringdown”. Only you know your true blindspots, passions, and strengths at Halftime. If you want to be a better spouse, parent, attorney, maybe have astronger walk in faith, look for folks that are a few years ahead of you andare where you want to be. I have yet toask someone to teach me about what they have learned in life and been turneddown. Why learn the hard way?

Perhaps you have noticed someone that reminds you ofyourself 15-20 years ago. Take them tolunch. Ask them about their dreams and help if you can. To a 20 year old kid at the Broward Mall itmade all of the difference in the world.

2011-12-02T10:21:00.001-08:00

Book management

One of the areas that my legal recruiting and clientdevelopment consulting businesses collide is in the daily conversations about“The Book”. What I am quick to find outis that some attorneys have an encyclopedia and others have more of a magazinearticle.

Very rarely do I speak with an attorney at the 20+ year markthat has significantly more in business than they did at the 12-15 year mark intheir careers. In short, their book istheir book because how they develop business is the way that they always have. For most that was okay, until a couple ofyears ago. What was thought to be the amount of business, that seemed to comein every year, suddenly became “the guesstimate”. A chasm has formed and rainmakers haveseparated from the pack by how they manage their book.

On the recruiting side a lot of firms have doubled what theylook for in portable business. There a lot of firms that overextendedthemselves on promised business and have risk adjusted anything that they hearfrom a candidate. Second, not many attorneys can clearly identify how muchbusiness that they originate, from who, and can they really call them “theirclient”. The ones that can know their metrics for growing their business.

The attorneys that I speak with that have maintained orgrown in this economy have a few common traits:

Time is blocked every week for quality prospecting andharvesting activities: networking, referral contacts, targeted seminars, email,newsletters, anything that is where their target market is, they are front andcenter. Filling the funnel.
They qualify opportunities in or out quickly based on billrate, 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 ifthey hung a shingle on the moon the clients would follow them, and theattorneys KNOW that.

Looking toward the end of the year and setting goals for2012, how many of these traits do you practice? Now is the time to determine your metrics and what a 500k, 1 million, 2million dollar practice looks like and what steps need to be taken to getthere. Time is sacred, but there is always time for a good book…

Please contact me about how you would like to further developyour client base at: 850-893-8984, Andrew@Wilcox-legal.com

The Mad Dash

2011-09-26T06:19:00.000-07:00

9 months into the year we all look back and wonder where itwent. October 1 signifies the start ofThe Mad Dash. In many firms andcompanies also known as Q4. This is themoney quarter.

When I do sales training with companies and look over theiryearly revenues you would simply be amazed at the spike (hopefully) in businessthat is directly related to Q4. Typically though, it is the highest revenue,but lowest margin quarter. It’s whatgives management grey hair, and gives the producers a time line to clear outbad opportunities, close good ones, secure revenue, and end with the bonus thatyou had worked for.

With the shorter timeline, how do you optimize that time toget the most out of your business and maximize your bonus?

The good news is that you have 9 months of data to go offof.

Determine what has worked and what hasn’t from your businessplan 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 withattorneys about their “book” I always hear a billed hour number. If there is a gulf between those two itemsyou are working for free and with such little time to optimize your bonus it’stime 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 sawstalled into summer, clear them out if you are still working on them. If they haven’t seen the value in securingyour services by now, let someone else waste their time on them.

Talk with your clients. It’s been a tough time foreverybody. Learn things about them thatyou didn’t before. Be more than a bill they get. Help where you can. Ask for referrals. Be aninvestment for them, not a cost. If youare a cost, Q4 is when they will start figuring out if they can get yourservice cheaper next year It costs 85% more todevelop a new client than to keep an existing client. Just spoke with anattorney who had a 1.1 million dollar book and lost a client of 23 years thatmade up about 700k of that. Think youare irreplaceable..?

Meet with other practice area leaders. Is there work for their clients that you couldbe handling or vice versa? This is low hanging fruit. Depending on your compplan 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

Marketing to your prospects triggering events

2011-08-10T09:31:00.000-07:00

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

The Healthy Law Firm

2011-07-29T09:05:00.001-07:00

Getting law firms healthier

I was just working with a managing partner of an AM Law Top 25 firm in DC and I heard him make a reference to his firm that I thought applicable to the legal market as a whole. He was discussing the ways that they have had to adjust to stay competitive and actually grow the firm in this economy, and he said "It was time to get healthier."

When someone thinks of a phrase like that they begin to think of P90X infomercials, new years resolutions, and second glances at a salad bar rather than the porterhouse. This is why it was interesting the context and what lead to our engagement.

Being competive, he said, involved looking at every aspect of the way they do business and how to control costs while providing the quality of work that the firm's clients expect.

The firm had utilized a LPO in India for discovery and research. They had unfortunately cut staff and a layer of senior associates, counsel, and non-equity partners. This left them with a gap though. Clients expected the same quality of service and support and were now playing "bill rate bingo".

They needed specific types of attorneys that would integrate with their firm for a certain period of time to roll on and off work as needed. The needs were specifically in IP and tax. The attorneys matched the quality of attorney that their firm has been known for, they were able to bill them at more competitive rates, but would pay out a contract fee that enabled them to see higher margins. The period of time is established, but there is flexibility should issues resolve or get extended.

It works for the contract attorneys because it provides them the opportunity to do the work that they enjoy without the stress that partnership brings. It provides flexibility to ramp up or down quickly in certain practice areas while meeting their clients needs and staying competitive. In addition, Wilcox and Hackett worked with the firm to create a quick onboarding training for contract attorneys so that they understood their roles and policies of the firm.

Would you like to have a confidential discussion about how your firm can become healthier and more nimble in this environment? Call or email me at: Andrew@Wilcox-legal.com, 850-893-8984

2011-05-31T15:41:00.001-07:00

Establishing Trust: 3 Simple Steps

On return from a recent trip, I was making an international connection in an airport and passing through security for the second time. The security guard asked me the same standard questions, but the last question she asked me I found to be most curious. She said, “Should I trust you?” I paused and then answered in the affirmative, but it got me thinking.

When meeting with a prospect for the first time, how do you establish trust? This is not the same type of trust that you have with a family member or loved one, but the trust that allows someone to have a candid conversation about their business issues.

There is plenty written about how not to do it, such as being pushy, talking too much or just falling into stereotypical selling behavior. But in that critical window of time (some say as short as a minute) how do you make a connection that allows the prospective client to feel comfortable sharing information with you.

In his recent book “The Speed of Trust”, Stephen M.R. Covey identifies trust as the one thing that changes everything. He defines trust as confidence, confidence that the words that come out of a salesperson’s mouth show genuine interest in understanding the situation before a “spray and pray” knowledge dump.

Here are a few simple steps to follow to make sure that you can earn initial trust:

Be prepared with questions geared towards the prospect’s organization and needs, not statements or brochures around your product, service or organization.
Allow the prospect to set the pace for the meeting, and only offer suggestions for items to review after they have expressed their priorities. Help the prospect discover needs by listening to what they say. A few well -constructed questions will help the prospect come to their own conclusion.
Be sincere. Being sincere means doing what you say you are going to do. The first way to establish sincerity is a prompt, written follow up after an initial meeting that captures the important components for the prospect and their organization.

Some think trust takes years to cultivate and develop. The security guard in an airport thought it could take one second, a reaction to a question. One thing is certain; establishing trust is a central component to all healthy relationships.

If you are interested in learning how other attorneys have created a repeatable process to grow their practice feel free to contact me at: Andrew@Wilcox-legal.com, 850-893-8984

Client worry vs. Client planning

2011-02-28T08:01:00.001-08:00

Can we all agree that usually when someone needs the services of an attorney that that represents a bad day in their life? A buddy in my church group owns a small business and received a letter from the IRS to audit him, his wife, and business for 2008. I met him for lunch a week after and he didn’t eat a bite of his food, looked completely freaked out, and assumed the worst.

He told me that he did his taxes using software and that his records from 2008 and earlier were lost when his computer crashed. He called a friend of a friend who does tax law. The attorney told him that he handles audits all of the time, knows how to talk with the auditors, and that this should be resolved in a couple of weeks. The attorney apparently didn’t ask many questions, he “had seen this a thousand times”. Without knowing better, he went with the attorney.

3 months later the audit had expanded into the year prior and the year after and all he had was a large recurring bill to show for it.

Over the holidays, we had he and his wife over and he had lost weight and his wife said that she wanted him to see a doctor to be treated for depression. They were all scared and he said that his attorney was a nice guy but he was falling apart. The attorney would ask for what the IRS was asking for. He would give the information and they would keep asking for more. The attorney had no luck “nuancing” the IRS. No plan, just death by a thousand paper cuts. It was simply tragic.

I saw him last week and he was a changed man. He settled on a much lower fee, about 50%, than he was billed by the attorney and terminated the relationship, changed to a tax attorney that I had placed and referred him to, and brought the audit to a close. Paid a few bucks, but not as much as he had feared.

The difference. A meeting with our pastor who told him it was time to, “stop worrying, and start planning.” Where the first attorney facilitated just enough worry to keep the process going and bill for every minute of it, the second attorney asked a lot of questions and laid out a roadmap. What to expect, more likely timeline, and to get all of the information instead of little by little. He took control of the process instead of letting the process control him. No nuance, no games, full disclosure.

I share this for 2 reasons:

The first attorney billed a lot of hours that were never collected on. Would that time have been better spent developing clients, spending time with family, or any other thing? Multiply that by other clients and that is a lot of wasted time and money.
Attorneys tell me that 85-90% of their business comes from referrals. People statistically will tell 3 people of a positive experience and 11 of a negative. Not only did the attorney lose a client and any chance of referral, they have someone that will probably actively dissuade others from using them.

Ironically, my buddy probably ended up paying the IRS the same either way. He also paid his attorney bill, wrote a reference on the attorneys LinkedIn page, and referred a couple of other small business owners to him.

Do you facilitate worry, or do you facilitate a plan? Which one do you believe is best for your client and your bill to collection ratio?

Would you rather have several clients that you have to resell your work to and justify your billing only to get half, and no referrals, or clients that actively help you secure new business?

If you are interested in learning how other attorneys have created a repeatable process that helps facilitate a plan for their clients, increase their collection rate, and increase their referral base, feel free to contact me at: Andrew@Wilcox-legal.com, 850-893-8984

Creating new revenue- Lobbying cross-marketing

2011-01-20T10:27:00.000-08:00

Creating new revenue- Lobbying cross-marketing

With a new governor in Florida and lots of new faces in the legislature, people working in and around government are awaiting significant changes. Some of which are already being established.

What does this mean to your practice and your clients goals and needs?

Having to deal with everything from construction, transportation, healthcare, education, economic development, real estate, land use, insurance, corporate taxes there are issues on the table that will affect everyone and every business that does business in the state.

Living and working in Tallahassee, I speak with a lot of attorneys and lobbyists, and many national and regional firms have offices to help facilitate their clients legislative needs. Many, however, do not, or have conflicts that precludes them from handling the legal and lobbying work. A lot of firms simply are not set up to handle how lobbyists bill and develop clients vs. how attorneys do. Some attorneys that I have spoken with don’t want to send their lobbying issues to another firm for fear that once that firm starts working with their client they will take their legal work.

Several attorneys that I have spoken with have found huge advantages to identifying a lobbyist that is outside of a law firm, however, and/or using different lobbyists to handle issues specifically with the House, Senate, agency level, cabinet, committees, and Governor’s Office.

Three reasons:

Lobbyists are your eyes and ears for upcoming legal issues that will require your services for your client. Often risk mitigation.

Independent and focused on specific legislative needs of your client.

A value-add for and deeper relationship with your clients. The more service options that you can offer, the more they will use you for their legal needs.

In full disclosure, I am not a lobbyist, and do not collect a fee from any lobbyists. If you would like to explore how this could be an additional source of revenue for your practice, I would be happy to recommend the names of lobbyists, with high integrity and several years of experience, that meet your clients specific needs within which ever branch of government that their needs rest.

Feel free to contact me at: Andrew@Wilcox-legal.com, 850-893-8984

S.M.A.R.T Goals in 2011

2010-11-30T07:38:00.000-08:00

S.M.A.R.T Goals for 2011

The holidays and completion of a trip around the Sun seem to make folks reflective. How is 2010 turning out?

Looking at this time next year, what do you want to be able to say about 2011? I’m not talking about your basic new years resolution that in many cases fails to make it through January. I’m talking about goal setting. When I sit with clients, and when I do my goals, we start with that premise and work backwards.

I use a guideline that has been around a while but is still useful, while adding in a dash of what is “really” important. The “really” important things don’t involve making money at all, but seem to keep priorities straight and ultimately facilitates overall success. Volunteering 1 hour a week, making time for a date night with my wife once a month, daily devotional with family. Somewhere down around 5 or 6 I have a financial goal that I break down into how many calls need to be made, emails sent, actions in pipeline.

S.M.A.R.T goals: Specific, Measurable, Attainable, Relevant, Time-bound. Starting with Dec. 31 2011 as your end time, what things can you do that would facilitate your career, personal, family, and spiritual growth?

Script the first plays and last plays of your day: As a football fan, you hear teams that plan the first 5-10 offensive plays. Those 5-10 plays set the foundation, build the momentum, and are practiced over and over to ensure that they provide the best opportunity to win the whole game.

Why the first and last? How much time is wasted in the morning before anything gets accomplished? By having the 3-5 things that you do everyday, is there a good chance that those will get perfected? What would 1 call to an existing or prospective client per day do for your business? A 5 minute stand up meeting with your colleagues to discuss what they are working on for that day in 30 seconds or less. Who needs support, cross-selling opportunities, networking... Have them written on your desk and check them off as you go. At the end of the day, doing those 2-3 things that clear your mind and enable you to go home and focus on something other than work.

This shouldn’t be a grind to do, but empowering. I did a top 100 list about 13 years ago before the term “Bucket List” became vogue. As I do those things, I write about them. One day it will be a fun legacy for my kids to know what I was thinking and feeling when I walked into Yankee Stadium, swam in all 4 oceans, ate a Big Mac in Red Square, and went to Mardi Gras (may keep a few details out of that one). Skydiving, learning Spanish, and learning guitar are on the 2011 list. Let it touch every aspect of your life.

What do you want to happen in 2011?

Andrew Wilcox, President of Wilcox and Hackett, LLC, Andrew@Wilcox-legal.com, 850-893-8984

Networking Inside Your Firm

2010-10-12T13:31:00.000-07:00

When most people think of networking they look toward the outside world. People often confuse networking with sales, and thus think it is only important for the sales professionals and c-level executives. Even those with the outward focused jobs will make this mistake, and only include customers, prospects and referral sources in their networking efforts. While networking will lead to client development success, if you only look at it in this manner, then you are missing the boat.

You need to invest the time to get to know the people inside your firm with the same gusto that you look to build relationships in the external business community. Those who work with you can be amazing resources. You never know who in your life will be the person who can provide you with the next opportunity.

There are many ways you can get to know those in your company, and there is no right or wrong methods. The point is to invest the time to make, grow and keep your business relationships, and this can only happen when you make the other people a priority.

*Ask questions of those you work with to discover both personal and professional information. People want to feel important, and when you inquire about them, it shows that you are concerned with them. Many professionals get so wrapped up in their own lives that they fail to notice the people in their office unless they need them for something. Taking a few minutes on Monday to ask the receptionist about her weekend will not impact you productivity. If you really have an inflated view of your own self importance that you believe that a few moments of conversation with your co-workers is a waste of time, then YIKES!!! Get over yourself!!!

*Plan or attend office events. I know, the emails about "Cake In The Break Room To Celebrate Mary's Birthday" might seem like they are intrusive, but Mary's birthday is important...to Mary!!! Joining a group to occasionally goes for happy hour is also a chance to bond with others. The summer family picnic may not be how your spouse wants to spend a Saturday afternoon, but too bad....you have to go! If you always fail to participate with your co-workers, you can rest assured that they will notice and feel separate from you at some level. Take the time to engage in activities with those at the office. It will come back to help you in the future.

*Assist others in their jobs. Find ways to lighten the load of others if you can. Each of us has times in our jobs when we are overwhelmed. It is not fun to feel like the weight of the world is on your shoulders. When you see someone is swamped, ask them how you can help. In most cases just the acknowledgement that you recognize how hard they are working on a project will strengthen your relationship.

*Share information. Too often people see their co-workers as competition. WRONG, you are all on the same team. If you discover some industry information or other valuable knowledge that can help them excel, forward it to them or take the time to otherwise educate the rest of your office. Create and build deal teams from different practice areas to better understand the issues facing a range of clients and how you can address them together. Why get one piece of business from a customer when you can get it all!

*Be approachable. Many people put off a vibe of superiority. Co-workers fear having to go into their office or running into them in the elevator. Don't be like this. Be open to getting to know those in your company and drop the facade that you are so tough. Unless you like being a jerk (oh, I know some of these people!), then find ways to make it delightful for others to interact with you, even when dealing with difficult situations.

*Have lunch with colleagues. You have to eat anyway, if you do not have plans with clients or prospects, invite a co-worker to grab a sandwich with you or eat with them in the break room. If you find yourself eating at your desk or alone at a restaurant more than once a month, you should make it a priority to change that habit. Meals are a great time to get to know people at a deeper level. One associate that I worked with made a point of scheduling lunches with the rainmakers in his firm as a 2^nd year associate. This lead to being invited on client development calls with the rainmakers and starting to build their own book of business.

The advantage to building stronger relationships within your firm is that people will look out for you. Those who are distanced from co-workers often find them trying to undermine them. Offices where people have cultivated real friendships are more productive, have less office politics, and have less turn over. All good things.

If interested in learning more about how a plan can help you set up an effective network contact me at: Andrew Wilcox, (850) 893-8984, Andrew@Wilcox-legal.com

How to win by losing?

2010-09-23T07:57:00.000-07:00

Having a view into a cross section of law firms around the world, I see that most firms are looking for more client development results from their attorneys, are operating with a lower headcount, and are dealing with longer client development cycles or all of the above. Adding to head count is one solution but developing your attorneys to focus on the best opportunities is a better way to optimize your law firm client development effectiveness.

When I was the Senior Sales Director of a multinational company, we would frequently be asked by our Managers and reps to bid on RFP’s that were sent to us unsolicited. They were clearly written by a direct competitor and we could quickly see that opportunities like those were generally a huge waste of resources. Focusing your resources on winnable opportunities, and eliminating the others quickly is the number one way to increase your win ratio. I've identified an objective method to achieve that goal.

If you are not going to win an opportunity, the best course of action is to lose it as quickly as possible to invest as little time and resources as possible. Here are some best practices to identify opportunities that you will win by “losing”:

1) Qualify Your Prospects – If the opportunity is an unsolicited RFP, ask for access to the key stakeholders in the initiative and determine why they issued the document. If you can’t get access, or identify a qualified reason to compete, why bother?

2) Assess Your Chances of Winning - Assume a low likelihood of winning the business and seek data which would cause you to increase your odds. It is important to evaluate the opportunity in light of the resources needed to pursue other opportunities that you may have uncovered yourself and have a higher likelihood of winning.

3) Three Buyer Phases - Look for clues about your standing as it relates to where your organization enters the sales/ client development process.

Phase 1 - Needs Analysis - Straw man attorneys/firms come in at the end of this phase so if all the heavy lifting has been done that’s a pretty good indication you are wasting your time. If the buyer is pressing for price and doesn’t have any questions, that’s another clue that a competitor has this opportunity wired and the buyer is just getting bids for the file.

Phase 2 - Evaluation - Look for buyers making a bona fide good faith effort in understanding your solution. If access to key executives outside of purchasing is denied, that’s another sign that the buyer is just putting your organization through the motions. Try to schedule a review during this phase to determine if the buyer will commit resources to truly evaluate your option and identify issues other than price to be addressed.

Phase 3 – Commitment –During this phase, the buyer needs have already been identified and the proof of your solution has been thoroughly evaluated. If you feel that the buyer has not been thorough in evaluating your people and product, it may be an indication that the objective is to get a low price from you that they can use to negotiate with the wired attorney/firm.

Walking away from opportunities is difficult and anti-intuitive. Most law firms don’t have unlimited resources, and one characteristic of a mature, high performing client development organization is the ability to assess where best to allocate resources. Focusing your energy only on deals that can be won is a key ingredient that will pay dividends.

Please contact Andrew Wilcox, Andrew@Wilcox-legal.com, 850-893-8984

How do your clients measure your legal work?

2010-09-23T07:52:00.000-07:00

One of the quickest ways that I can invoke silence in a seminar is asking attorneys if they know how their clients measure the success of the legal work that they do for them.

It amazes me that this simple step of alignment, and huge opportunity, is missed all too often. The client has a legal need and as luck would have it I am an attorney that can handle that need…

In this day of alternative fee agreements, RFP’s, and the like, how does that separate you from everyone else looking to secure business?

I get asked all of the time to be measured on Client Development Process implementation. Some of the more common metrics are: Reduction in RFP’s, hit rate on RFP’s, Increased bill rate per partner, profit per partner, marketing expense pay back ratio. These are all granular items that can be tied specifically to my offering.

One of the main reasons that the answer is unknown is because the question is a business one that is not be asked of a business unit. A General Counsel has a legal need generated by a business unit. One that probably several firms in your area can handle. So they go with the cheapest or the one that appears to fit in a billing range, set by them. Without value established, it’s just a number, and a number that most likely someone will come under to get the business. Not always, but often.

You get delegated to people that you sound like. If you sound like an attorney, chances are you will end up talking with attorneys. Those attorneys from a business more than likely talk to several attorneys at several firms. Many that probably do the same or similar work as you. Do you want to play bill rate bingo?

Rainmakers talk to all levels of a business and have targeted conversation tied specifically to goals associated with each job title. A CFO has different business goals than a COO. A CMO has different goals than a VP of HR. A CEO has an eye on all of them but has their own business goals. These goals are things that they are measured and bonused on.

Having these individual conversations with each enables you to identify costs. How much product liability they have with a new product launch, merger and acquisition goals, on-boarding, turnover cost, retention. What do these things do to affect stock prices, credit ratings, etc?

Value and vision before service and price. Once you know an organizations business goals and what is holding them back from achieving them, you can offer a vision of how engaging in your services will help them achieve those goals. Without value, cost is the only variable. This helps you determine if this is business that is even worth it to you. Is it business that is best served by a trusted member of your referral network?

Regular meetings to review success metrics of your business relationship. So you have won the business. Every quarter, schedule a meeting to go over metrics that you all have agreed to measure the relationship on. If you things are on track or better than planned, is there a better time to leverage more business? If things are not going as planned would you rather wait until they decide to go with another firm or make adjustments accordingly?

In the race to cut costs, you have two ways to play the current environment. Buy the business and destroy your bill rate, or create value and help businesses achieve their goals, satisfy a need, or solve their problems.

I have worked with several firms to create measureable results and would welcome the conversation with your firm.

Please contact Andrew Wilcox, Andrew@Wilcox-legal.com, 850-893-8984

Client Development aka SALES

2010-05-28T11:11:00.000-07:00

So when you were approaching law school graduation, after pulling countless all nighters, eating lots of cold pizza, writing tons of papers, researching every nuance of cases you finally get to the big day.

You graduate and you tell your parents, “Mom and dad, I’ve worked so hard, made you so proud, what my real purpose in life is and what I am destined for is…SALES!”

Okay..probably not. Truth is, in effective organizations, you can call it whatever you want, but their life blood is sales. From the receptionist (some firms call, Directors of First Impressions..love that one), to the legal secretary, law clerks, associates, to the managing partners and support staff. They all play a role, whether it’s offering a cup of coffee to a waiting client, returning a call or email about an issue in a timely manner, or simply having a conversation to better understand their business issues.

In my seminar, I often hear terms associated with salespeople: pushy, liars, prone to exaggerate, insincere, not to be trusted. But, most people like to buy. So if people buy, but hate being sold to how does anyone make any money? How do salaries get paid?

Effective sales is not pushy or insincere. It’s where you facilitate the buying process by getting and staying in alignment with a prospective client with the outcome being you have helped them achieve a goal, satisfy a need, and/or solve a problem.

That’s the end result. First, you have to develop leads and a pipeline. Then, someone has to say, “tell me more”.

Next issue will discuss developing effective referral networks and qualifying opportunities in or out quickly.

Andrew Wilcox, (850) 893-8984, Andrew@Wilcox-legal.com

How do your clients measure your legal work?

2010-04-20T13:21:00.000-07:00

T-ball and the partner track

2010-03-22T06:11:00.000-07:00

On a recent Saturday I was preparing to coach a bunch of T-ball players for the first time. I realized before I stepped foot on the field that this wasn’t the same T-ball that I played as a kid. We had championship trophies. After reviewing the rules I learned score isn’t kept (except quietly by parents in the stands) There is no catcher, therefore no dramatic play at the plate, and kids bring their own helmets, in my daughters case a pink one. There were no pink helmets when I played T-ball. The best part for the kids is the snack and drink after. That is pretty much the only thing that hasn’t changed.

I grew up playing baseball in Plantation, FL. Played at a place we called “the rockpit”. Not quite the manicured fields of today, but still was awesome. Coached high school kids that went on to play D-1 ball and 2 are in the majors now.

So I prepared and set out my coaching stations. Watched all of the usual movies to get big first speech direction…Hoosiers, Rudy, Patton.

I made my first critical mistake and it’s one that some firms make when developing associates into partners.

Assuming that there was a baseline of knowledge, I broke the players out. “You all go warm up, play catch and throw, going to take some batting practice, work on some situational plays, maybe some around the horn, a quick game of pepper, and wrap it up with some cut off throws and a 2 mile run.”

As the kids were throwing “at” each other and ducking for cover from incoming balls, hitting the tee very well, but the ball not so much, and when they did creating a 10 kid pileup at the spot of where the ball rested, I realized something.

I assumed because they had been alive and functioning for 5-7 years that they were prepared for a certain level of play. Just because associates have been working for 5-7 years, a lot of firms assume that when they become partners that they can just kinda do their thing and become rainmakers.

It’s the trainer and political junkie in me that has to create themes. “Have fun, learn something, and do your very best.” I ask them after every practice if they have done these things. That’s a pretty good day if they have.

So starting with the end in mind how do I get them there? How do you get rainmakers out of associates?

Putting the fundamentals into a process. How to hold the ball. How to stand. How to hold your hands on the bat. Getting your glove on the ground. Two hands, turn your body, face where you are throwing from the side. Throw and turn your body toward the target. Little successes that lead to getting the most out of being there. Fun, learning, empowered to do your very best once you have something to build on.

For associates or junior partners that want to learn to develop clients. How to prospect. How to build a referral network. How to have a business conversation. How to create value for a client and document that conversation. How to leverage opportunities into larger opportunities. How to measure success in their efforts.

Without a process, they resemble the 10 kid pileups. Every once in a while a kid gets the ball first, throws to first and gets the out. A series of random events tied together with hope and luck.

I have worked with several firms to help them create a measurable and repeatable process. Please contact me at: Andrew@Wilcox-legal.com , or (850) 893-8984 to learn how.

Prospecting isnt for sissies!

2010-02-23T09:12:00.000-08:00

The beginning is usually a good place to start so let's talk about initiating client development cycles, aka prospecting. Boo! Hiss! Who likes to prospect? Not many, but it is a necessary evil. New client development is a numbers game and the more contacts you make, the greater your chances of success.

The primary objective for prospecting is to generate curiosity so that buyers are interested in talking with sellers. Unfortunately, caller ID, Spam filters and gatekeepers do their best to keep sellers at bay. And, how many executives are routinely available to answer their phones without an appointment? So, what can you do to increase your chances of making contact?

We recommend a campaign where you reach out to multiple people within an organization (we call this the Sphere of Influence approach) AND multiple organizations concurrently. Here are some ideas:

1. Profile your Target Market. Identify the top 3-5 titles within a prospect's organization that influence the decision to buy your products/services. Understand why they need your offering. Using case studies, quantify the potential value of your offering.

2. Build a Database. Locate contact information for prospects that meet your target market criteria. Use all available sources including existing customers, lead generation subscriptions, trade association listings, Web site visitors, social media groups such as LinkedIn, and referrals (by far the best approach).

3. Develop Issue-Based Messaging. Create 2-3 introductory letters that will be sent in advance of a phone call and close each one with a call to action. These letters are not about your services; they're about how you help your clients. The 1st letter highlights specific issues that your prospects wrestle with. Subsequent letters focus on how you helped your prospects improve their business results.

4. Deliver your Messaging. Send these letters out 7-10 days apart via email to all key influencers, letting each person know you are sending it to everyone else. If one influencer doesn't attend to your email, someone else might. You also may be told that they are not the right person, but someone else is. Bingo - now you have a referral. There are HTML applications that allow you to embed logos, images and links. They also provide stats on opens and clicks which can help you hone in on the more interested prospects.

5. Follow Up. Pick up the phone and first contact those that responded to your emails and/or clicked on an email link. The call won't seem as "cold" if you've first warmed them up with an introductory letter.

If you'd like to learn more about how we help our clients with prospecting, send us an email.

Do you have a firm retreat coming up? Looking for targeted client development training in person or via video-conference? Have you gone past training and implemented a client development strategy that integrates your firms brand with each attorneys marketing efforts?

We have worked with several organizations to help them achieve their client development goals and would like to share with you how.

Contact Andrew Wilcox at (850) 893-8984, Andrew@Wilcox-legal.com

Super Bowl of Client Development Tips

2010-01-29T06:09:00.000-08:00

Super Bowl of Client Development Tips

Legendary football coach John McKay In response to a question about his team's execution said - "I'm all in favor of it."

We are just in the 1^st quarter of this year but is momentum wearing your teams colors or are you already playing a couple of scores down?

I had a manager fresh out of college that was a Tennessee grad and spoke almost exclusively in football clichés. Was a great manager and still good friend. Although some of them were a stretch, they rattle around in my mind when thinking about client development and sales opportunities from time to time. Here are some of my favorites that I hope you will enjoy:

Getting a deal comes down to blocking and tackling: How are you on the fundamentals of planning. How are you executing on each move? What is your plan for the 1^st hour of the day? Who are you calling? What are you doing? Look at successful people and are they executing the little things all day or relying on a big play to pull them through.

Goal line stand: Protect your brand. Protect your name. Protect what you are about. When it gets down to there it is who wants it more.

Punt: Risk/ reward. Sometimes the best deals are the ones that you never make.

Matriculate the ball down the field: If the goal is to score and ultimately win, what does everything that leads to that look like? It’s the actions that set up other actions, deliverables that lead to the final result. What measurable events (10 yards at a time) are you planning and executing on to get to your goal? How do you identify areas where you can do better the next time you have a chance?

Calling an audible: When faced with competition that has you matched well, change the play in your favor.

Executing the 2 minute offense: When the pace is picked up and time is not on your side, where does precision come in? It comes from preparation, teamwork, communication. Everyone has their role and everyone is dependent on each other to do their job.

Nose for the football: Know when a play is about to be on, anticipate, and make your move. Always be looking and listen for opportunities. Be in position to capitalize.

Don’t be the quarterback with happy feet: When the pressure is on, questions are flying at you, you may not have as much time as you think, slow things down in your head and rely on your ability.

Pin your ears back and go after them: When your competition is back on their heels a bit, aren’t executing, and you have momentum, go after them. You do them no favors by letting them believe they are better than what they are.

Hand the ball to the official after a touchdown: Scoring touchdowns are what you are supposed to do. Winning, growing business, executing, is why you are hired, and what is expected. Act like you been there before and just hand the ball over..

Gut check time: I’ll never forget what my manager said on a low day in his office. I had produced a few excuses for a bad sales month and he said, “Whatever problem you think you have, you will own it. If you think people won’t buy because of this reason or that, they won’t. Use any excuse you want, they all work..” If you think you can’t develop clients because you are an associate or never have before, you won’t. You have to see yourself above your plan. Everything you do from that point on is an exercise in getting there.

Have a firm retreat coming up or want to get your team all pulling in a higher revenue direction?

Looking for speakers through lunch and learns or webinars/ audio conferences? Have had tremendous feedback on customized presentations specific to individual firms goals and plans. Please read some testimonials at www.Wilcox-legal.com

Please contact me: Andrew Wilcox, Andrew@Wilcox-legal.com, 850-893-8984.

Does your firm have a client retention strategy?

2010-01-13T17:45:00.001-08:00

Does your law firm have a client retention strategy?

So much time and effort is spent on new client development. The national average on client attrition is between 12-15% from year to year. How does your firm compare to this average?

What is striking are the issues as to why clients leave at all. Has your firm measured the value of retaining each client %? How much would that mean to your bottom line?

According to a recent study by Lexis Nexis:

Clients that have more than 5 partners working with them, 90% of them stayed with the firm.
Although clients that had 100% of the work done by partners were only 50% likely to stay with the firm
Clients that stay with a firm/ lawyer for more than a year were 80% more likely to stay with them for the long term.
35% of the clients that used a firm for one area of practice ceased using the firm after the issue was completed.

Bill rates had very little to do with retaining clients. Low price shoppers were more likely to leave anyway.

So when forming your client retention strategy, how do you optimize efforts? Understanding that some clients are best not held on to for a variety of reasons.

Have business conversations with business people. Are your attorneys talking with a single point of contact (General Counsel) about legal matters? Have you considered talking with the C-suite or VP of HR about their business related legal issues? May secure labor an employment work for someone in a referral network, or products liability work, or transactional work.

Establish success metrics- How do you and how does your client want the attorney/ client relationship measured? Can you discover metrics beyond wins and losses to save your client money, time, resources? What is the value of your work to your client? Is this a client that makes sense for you to retain, or is it costing you money?

Build your bench - Associates are your future partners. What is your firm’s succession strategy to get associates involved in partner matters like client development. The clients should be comfortable with the firm’s talent and resources from the receptionist to the managing partner. Free up the time for partners to do more client development. Consider what work your associates can help with and gain greater understanding around to ultimately better serve your clients?

Qualify, Qualify, Qualify… There are 2 winners in the client development game. The firm who gets the client and the firm who got out first without spending time, money, resources that could have been better spent elsewhere. If your bill rate is $650/hr and this is a prospect that won’t pay more than $500/hr, then move on to other prospects. If this is a prospect that understands the value and doesn’t treat legal work as a commodity, they will pay your bill rate.

Do you have a firm retreat coming up? Let’s discuss how to merge your marketing plan with your attorney’s client development and retention efforts through Client Development Process.

Email me at Andrew@Wilcox-legal.com. You may also visit my website http://www.wilcox-legal.com/. 850-893-8984

http://www.linkedin.com/in/wilcoxlegal

Client development and the Earth's rotation

2009-12-21T08:37:00.000-08:00

http://www.wilcox-legal.com/Client%20Development%20Process%20Overview%20podcast.mp3

Client Development and the Earth’s rotation

Let me be the first to say I have no idea what relation the Earth’s rotation around the sun has on client development opportunities or exploration of career options.

However, it seems like decisions and planning are always made at the end of the quarter, end of the year…

As we approach that turn I am having several conversations with attorneys daily about planning. Not Y2K the world is ending planning, but what will 2010 look like. More importantly, how folks want it to look.

It can look the same or worse than 2009, or you can use the Earth’s rotation to your advantage.

5 tips on client development planning:

1. Develop goals with what you want the end of 2010 to look like and work backwards. How many seminars do you need to do per month? How many calls or emails to prospects do you need to make weekly? Who can you set up a referral network with inside and outside of your firm (think complimentary practice areas.) Most attorneys that I speak with that do not have a book of business, do not have a business plan.

2. Commit to taking a client to lunch. At least once a month. Things have been tough on everybody. Everybody is looking at bottom lines. What better time to reset a relationship. Bring a notepad. Find out what “business” issues they are dealing with. Take notes. If the issues don’t match your practice areas, what better way to provide a referral to someone in your network.

3. Referral networks are like the holiday season, better to be in a giving mood. Nothing will kill a referral network quicker than a group of people that are together to take and not give. Always be listening for opportunities to feed your network.

4. Go outside of your profession to create a network. Financial planners, doctors, real estate agents, engineers, IT, business leaders. Amazing how much you can learn about how a business works and the issues that business people deal with when you hear from them first-hand. Possibly facilitate the deal between business people.

5. Establish success metrics for yourself and qualify opportunities in or out as quickly as possible. Time management is so tough. There are two winners in a deal. The one who gets the business and the one that gets out first without commiting time, money, and resources toward a prospect that you know you will not represent.

Whether you sit on boards, give seminars, join groups, spend the time up front to determine if it is something that you can be passionate about. Do they have contacts that you can leverage, but more importantly develop strong long –term relationships with? Nothing is less inspiring than someone that is going through the motions in a chase for the dollar.

Andrew Wilcox
President
Wilcox and Hackett, LLC
Andrew@Wilcox-legal.com
www.Wilcox-legal.com
(850) 893-8984

Taking it personal

2009-10-01T16:39:00.000-07:00

Do you go to work everyday and do your job, or do you take it personal?

I speak with people all of the time who are trying to find and edge. They step outside of their day-to-day, try and do what others competing with them do not, all good things.

However, is it who they are or what they are doing? That board you are looking to be a part of, friend you are trying to make, job you are doing, is it personal or just business.

Remember the movie Jerry McGuire. Jerry told him he was "paycheck player" and that "that doesn't inspire people".

We probably know more people that do what they do for money than for passion.

I talk with people everyday that make alot of money. Alot more than most I should say. They aren't happy and want a change. I tell them if you do anything for money, you will never have enough of it. That's fine, but what inspires people?

Is it the person joining a chamber of commerce board to pass their business card out or the person feeding the homeless on a cold Saturday morning with their kids because their life is a blessing and they want to share that with the ones closest to them?

I have been very lucky to work with a broad range of companies. Some struggling, some doing well, some searching.

When I walk into a class I see something very quickly. Who is engaged and wanting to improve. Who takes it personally and who is there as if it were a prison sentence?

You see it in some peoples eyes immediately. Others have been burned before but believe in what they do. Others are paycheck players. If someone offered them more money that would trump everything else.

Ask yourself in what you do. Do I worry about my job responsibilities or do I mentally check out at some point in the day? When others stop, do I do a bit more, honestly?

Do you dive into the new initiatives or find the person/ people that is griping in the corner about how bad the new idea is?

Do you give more than you get? Are you committed to the development of others? Part of a team or a bad month affect "you".

What would inspire you in others?

Client prospecting checklist for attorneys-podcast

2009-05-22T10:46:00.000-07:00

http://wilcox-legal.com/Client_prospecting_checklist_for_attorneys.mp3

Identifying your brand and marketing it (click for podcast overview)

2009-05-07T12:21:00.000-07:00

Okay so you have read blogs about what other firms are doing, maybe spoke with other marketing executives at other law firms, perhaps even hired a consultant to come in and do training. Now what?

There is a reason why training without an implementation plan is called “drive by” training. It comes at you fast and furious and you get a few points that you or the attorneys at your firm can use. The shelf life is a matter of a few days to a couple of weeks though if there isn’t a process or plan of use after it is all said and done.

When was the last time that you had a cross section of employees sit in a room and identify what is unique about your firm. Better yet, when was the last time you asked your clients what is unique about your firm and why they use your services?

Does your perception meet the reality? You may think that it is the amount of rated or ranked attorneys that you have, diversity, geographic footprint, relationships, personal service, and it may very well be. But what if your brand doesn’t match your firm.

As recent as a couple of years ago, the term “brand” hardly ever came up when discussing firms goals. It was important to have websites and brochures match in color. Maybe even a firm logo or slogan.

Your brand comes from:

How do you engage clients, prospective and existing?

What value do THEY see in using your services?

What is the common theme and culture that your firm delivers on?

The quality of work that is delivered.

What do you do better or more unique than other firms, and why is that so?

All of the rest of it is marketing. The websites, blogs, seminars, trade shows, tweets, Web 2.0, yellow page, etc. Those are all vehicles to deliver messaging, but more importantly begin to ask questions.

Pick up your yellow pages or do a web search in your local area. How many times do you flip through and see: Personal Injury, Criminal Law, Family Law. What is unique in any of the 100 plus pages, besides the ones closest to the front that got hoodwinked into buying yet another double truck ad in the 20^th version of the local yellow pages? NOTHING.

Many times there is a disconnect between the real brand and how it is marketed.

First, avoid marketing jargon. You know who you are. Second, uniquely position your brand by asking questions that would lead others to either engage that as important to them or not.

Diversity may mean everything to one prospective client. How do you know if it’s not asked? A smaller firm where a client may get more personalized attention and reasonable bill rate may be more or less important than a firm with international offices and hundreds of offices.

Most importantly, are you asking questions to better understand your clients or do you assume that you know. The answers may shock you. It’s also the real brand that you have.

Market that and measure the results.

Andrew Wilcox, Andrew@Wilcox-legal.com, 850-893-8984

Client Development Process Overview-podcast

2009-04-24T11:37:00.000-07:00

This is a brief overview of the course.

http://www.wilcox-legal.com/Client_Development_Process_Overview_podcast.mp3

Good pitchers start in the bullpen

2009-04-22T10:04:00.000-07:00

Growing up playing baseball there was a few different types of guys that would end up on the mound. The ones that practiced and really tried to improve with each pitch. Ones that their dads complained to the coach enough that their kid deserved to pitch. Players that just were thrown in to eat up innings to get a game over with a big lead or big loss.

As a pitcher, I spent hours more in the bullpen or throwing to live hitters in practice than in the game itself. Every pitch learning a little more. Ball went high, bend your back more. Curve is hanging, snap it off more. This guy has an open stance, this guy crowds the plate. What do I need to do to match my strengths to best defeat his weaknesses. A pitcher thinks this way.

A thrower gets up and just wants to throw strikes. They don’t know how. Just throw and hope that it crosses in the strike zone. Maybe throw a curve because in warm ups you though it was cute to do and lets just give it a shot in the game. They don’t have a process to improve. What success they may get is from a random series of events tied together by hope and luck.

When going after new business which one are you?

How many times have you been to a sporting event and say, “Wow, they make that look easy.”

Easy comes from process of improvement. It comes from doing the same little things over and over.

I enjoy seeing ads for “Pitch Manager for large NY firm” and wonder what that entails for that firm. Are they pitching or throwing?

When putting together a pitch do you fully understand your strengths? More importantly where your prospective customers are weak? Why do they want to engage your services?

Are you pitching the same pitch no matter who you are attempting to secure as customers?

This is where fully understanding a prospective customers needs come in. What are they hoping to accomplish? How much is it costing them today to do it the way that they are doing it? Who does this involve? What percentage of time is being taken up by doing it this way..?

How much better could they do if you provided them the capability? Have they agreed to that or are you taking ownership of the solution?

Pitchers are an investment, throwers are a liability. The good pitchers invest the time to learning about their prospective clients more than anyone else. They treat each one as individuals.

How much time are you spending in the bullpen understanding, preparing and improving, versus just throwing at anyone that will listen?

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

2009-04-16T15:31:00.001-07:00

now on Ping.fm

Spring clean your client and prospect list

2009-03-16T14:13:00.000-07:00

In a down economy is it a good practice to fire bad clients?

For the attorney or business person that is looking to use this current environment as an opportunity rather than a curse I say, absolutely!

In any environment you have to make choices. You have time, resources, and money allocated. I have been working with a lot of clients who are being asked for significant discounts on their bill rate. Of course, those clients will be more than happy to pay their current rate when the economy turns positive again…right?

Are there prospective clients that simply are not going to come to fruition? A lawyer or firm may have pumped out lots of proposals, answered RFP’s and you haven’t heard back.

I am firm believer in holding on to good clients. Your definition of good will vary. Mine is one that we have mutual respect, they look at what I do as an investment and not a cost, and one that pays when they say they will pay. Simple definition and one that you can consider a 3 legged stool. If they don’t have one, the other two will fall.

If your service has value that doesn’t mean that you won’t be asked for a discount. These are tough times and that is a decision that you will have to make. It is also a decision that you will own for a VERY long time. It is a decision that will not only affect your rate with that client, but since there are few secrets, be prepared to have to stand by that rate for others. A study was done by Gartner a few years back that for every 10% of discounting, that an organization loses 33%. Those dollars being discounted are pure profit dollars.

Now may be a good time to have these conversations with clients. Asking business questions, developing success metrics tied to value. If 85% of business comes from existing clients that seems a pretty good place to start. Setting up mutually agreed upon metrics by which you and they measure the investment is like stacking the deck in your favor when they come calling wanting to trim rates. Make yourself invaluable or give yourself a measure by which you decide if this client is in fact worth it to you. Mutual respect.

Existing clients ask yourself:

Is this a rate that I can live with?

Am I buying the business?

What are the clients expectations?

How much time is spent managing the clients emotions?

Do I respect them and do they respect me?

Am I/ or is my firm having to wait for payment past our agreed upon schedule continuously? How much time and resources am I committing to this?

Am I the best counsel for my clients needs? (Am I taking this client on effectively when my real niche of practice is something else?)

Are there other issues that I can be assisting them with across other verticals and practice area?

Prospective clients are a different reality. A lot of lawyers and firms commit a lot of time, effort, and resources to the sunshine pump. Keep pumping because hope springs eternal. When in fact after all of this commitment you realize that you have a septic pump. No one wants to clean out that pipeline and fill it back up with new prospects. So you follow up, call, email, text message, sit outside their building and bang it out on jungle drums. Still nothing. Meanwhile, who has the power, and when will they start to use it?

Take some time and put together a list of all prospective clients that you have sent some form of proposal to that is more than 30 days old.

Send a letter effectively pulling that proposal off the table. A lot may have happened to them and to you over a period of time. Circumstances change. In the letter, explain that you would like to pull the proposal off the table and have the opportunity to meet with them and discuss their needs in more detail. Maybe there were areas of value that we not covered before or you simply did not ask the business questions to determine value. If they were shopping for price do you want to play?

One of two things will happen. They will not respond in which case how good of a prospect were they? They will respond and provide you an opportunity to reengage the process, maybe leverage you and your firms offerings more effectively.

This shouldn’t be rude. You are simply establishing mutual respect in the beginning of a working relationship, or identifying if you are simply a commodity that has little to no value to them but a high cost. Better to know that up front.

Questions for prospective clients:

Do I fully understand their environment and can I provide the best service to them?

Do they see the value in my services?

How will success be measured in this business relationship?

Is this measurement mutually agreed upon?

Is this business worth winning?

Is this an opportunity that I can/ should refer to another?

Why are they looking for (new) representation?

Do they fit my target market?

Is my bill rate in their range? If they are used to paying workers comp rates and you are billing $500 + an hour don’t waste your time.

If my main contact leaves, do I have other contacts that are strong within the organization?

You may end up with few customers, but they more than likely will be better ones. You will end up with fewer prospects, but they will be more qualified opportunities. Just like spring cleaning your house gives you more space, spring cleaning your clients or prospects will give you more time. More time to develop or manage your customer base, take in your kids ballgame, dinner with your spouse…

According to my watch the time is now…

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

Relationship selling

2009-03-10T14:09:00.000-07:00

As the Jimmy Buffett song goes, “Relationships…we all got them, we all want them, what do we do them…”

In my career, I have often been in rooms of people that have done very well selling by relationships. They have been in a market for a long time, met a lot of people, attended countless rubber chicken dinners, walked hundreds of miles on golf courses, and had enough coffee meetings to keep the Colombian coffee market afloat single-handedly.

They usually listen to people talk about “new” ways to prospect and secure business and smile.

Early in my career, I would camp out next to these folks and learned a lot. They came from the Dale Carnegie school of building business. Shake enough hands, meet enough people. The one question that I never got an answer to was, “So what about the opportunities that you are missing because you don’t have a relationship?” In this economy, the question has become a statement in many cases, “So we have a relationship, I expect a better deal. You are my friend, but I have to cut costs. I hate to do it but…”

Relationship selling by itself relies on a few assumptions:

1. You are the only person or firm that has a relationship with the client or prospective client. Do a Martindale search of how many attorneys are in your area of practice just in a certain geographical area. Divide that by how many companies/ potential clients there are. Look at how many people either have relationships with someone or are actively trying to have a relationship with a potential client and realize you ALWAYS have competition.

2. Relationships are rock solid and nothing can get in between them. When over 50% of marriages end in divorce and these are people that share families, homes, bank accounts, and proclaimed “til death do us part..”Something can always come between you. Gee Mr.(s) Prospect…you don’t talk to your attorney that often but get bills from them, and wow those are high bills. What if you can cut costs? Would a lower rate entice you…

3. Those relationships will always be in a position of power and be able to buy your services. What happens when that relationship leaves the company and now you have to start over with a new contact? What if that company is a big client and the new contact is used to dealing with another lawyer or firm?

4. That you are in fact comfortable selling to people that you have relationships with. Not everyone is comfortable have a business conversation with a friend or asking for referrals from a friend. Building referral networks is a process and a skill.

So what if someone is using another lawyer/ firm for their legal work? Does that mean that the relationship is stronger than the need to change or use other firms? What makes you any different from anyone else that speaks at a Chamber meeting, does a seminar, or exchanges cards at a civic function?

If you went to a doctor for a check up and they spent five minutes with you, told you you looked good and to pay on your way out of the office, how would you feel? That is what many working relationships have become.

My daughters pediatrician is thorough and you hope to secure his first time in the morning. He asks questions, listens, spends time. Answers every question that you have. Researches if he doesn’t know an answer off the top of his head. Will sit quietly and think about my daughters individually and practically has to be kicked out because you feel bad for the long line of folks waiting to see him. He recently diagnosed a since resolved issue that baffled everyone. He managed our risk as parents and still had enough personality to joke with us when the mood was light.

I changed health insurance plans. Price was an issue. I looked at a few plans that his office did not work with but did cover my wife and my doctors. We paid more to keep him as a doctor and changed doctors ourselves. THAT is a relationship.

Are prospective clients looking for a buddy, or are they looking for someone to manage their risk? Are they looking for the cheapest attorney or the one that takes it personal and is the best?

When prospecting, assume that they have heard it all. Assume that they have relationships with other firms. Assume that their “active” needs are met although probe to confirm.

Where can you provide value to them and to their organization? Asking business questions that help identify “latent” needs. Where are they exposed or where is their upcoming risk? You will only find out by asking. When you are done asking, find others in the organization that you can ask questions of.

Separate yourself by the questions that you ask and the value that they see, not just by being an entity that assumes the answers and generates bills.

By understanding the entire situation of a company from legal, products, employment, real estate, finance, operations, etc. you insulate yourself from losing clients by having the ear of many within an organization. Become an investment rather than a cost by proactively bringing solutions to issues that they may face months or even years in advance.

Approach your client development from the clients side and there in lie the relationship.

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

All hands on deck client development

2009-03-02T10:49:00.000-08:00

One of the things that I amazed to hear from senior partners at large law firms is that client development when it is netted out falls to a certain percentage of the attorneys within a firm. The shortsighted ones go as far to believe that if their associates begin to develop business that they will want to leave and take the business with them.

Is it any wonder why the loss of a few key clients causes the daily announcement of layoffs.

Large law firms are in many cases living a self fullfilling prophesy. The bill rates and overhead price out good potential clients. The arms race for associates that delivered jaw dropping starting salaries over the past few years. The acquisition binge of some firms that has caused alot of miscommunication within firms, among other things.

Some partners and most associates lives have revolved around billing hours originated by a few.

Meanwhile, alot of firms that have run themselves as businesses are still doing well in most areas. I have seen a trend over the past couple of years of attorneys that I have placed from larger firms to smaller firms. The money in many cases is comparable, sometimes have better benefits plans, but the number one reason that the attorneys have made the move is that they want to do more than sit behind a desk and bill and research. They want to be part of growing the firm. They want to have a sense of culture and community within a firm.

Firms that are not utilizing every person from the receptionist, to the legal secretary, summer associate, clerks, associates to partner in the client development part of their business do so at their own peril.

My background is in sales. After college I joined a financial services company and went through extensive training. My brother was the million-dollar roundtable financial planner that they decided to put me next to. I brought alot of misperceptions into that role. None more false and abruptly corrected as, "I am fresh out of college, why would someone want to invest or buy from me when they can have someone that has been doing this for years?"

I sat across from the managing partner at the firm and he told me if I believed that was my problem, I would own that.

I speak with associates and counsel all of the time that state they can not sell until they become a partner because no one will buy from them. I find that especially interesting when I speak with a young associate that has a few hundred thousand dollar book of business and growing. If you believe that you can't, you wont. If you believe people will leave your firm if they are doing well then they will. I can’t begin to say how many attorneys that I talk with that are perfectly happy where they are and that it would take “more money than they are worth” to get them to even think about leaving.

Client development is a process. Partners taking associates to lunch with clients is a good gesture but how do they know how to get clients of their own that they can take to lunch someday?

Great law school grades, research dynamos, can write so perfect that it can almost be considered 15th century literature, but they have never had a business conversation with anyone to learn about their business. Not legal issues, about their business.

You have administrative staff that has relationships with people across a wide spectrum of interests but they are never engaged in business conversations with a spouse or friend that happens to be a VP at a regional company, or Operations Director at an international company.

Partners who have worked their way to that role and are great attorneys, but do the legal work generated by someone else.

Are your employees a cost or are they an investment?

When investing in the growth of your firm, how much of a return would you see in that investment if everyone added incrementally to the bottom line?

How to start:

Identify who you are and who you are not: Most attorneys that I speak with generate 80-90% of their business through referrals. Identifying what clients are a better fit for another firm and referring them to that firm is a HUGE head start on receiving business in return. It also protects your brand on the work that you do. You have a better chance of doing work well that you do all of the time than simply “taking whatever comes through the door”.

Facilitate asking questions. You can have anyone in your firm ask an open ended question of a contact and one that usually opens the flood gates. What does your business do? How many people does your company employ? What are your company’s goals for this year? Over the long term? Has your company acquired any companies over the last year? Who uses your products/ services? Are you a publicly traded company? Who handles your legal issues internally?

Messaging. It is crucial for an organization to have the same message. Having someone stating that the firm can or cant do something or represent something that is a stretch, even with the best of intentions, can damage everything and drive wedges in relationships internally and externally.

Communication process. How does a contact become a lead and a lead become a client? Who at different levels of power within a firm needs to be involved for levels of commitment. For deals over X size that will involve X resources who needs to sign off.

Habits of rainmakers. If 20% of the firm is generating 80-100% of the business, what are they doing right? Facilitate lunch and learns. Accountability partners. Create an environment where everyone is encouraged to prospect without fear of a client being stolen by someone else in the firm. Nurture trust and a team approach to client development. Remember the internal referrals.

When your investment begins to pay off you still may lose some to another firm. You just might have more work than you know what to do with working with a close knit group of people that has each others best interests in mind.

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

When the gravy train comes to a halt

2009-02-26T07:50:00.000-08:00

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

Welcome to the world of RFP's

2009-02-26T06:01:00.000-08:00

Welcome to the world of RFP’s

So the RFP hits the streets and you begin to read all of these specs that a company has and wonder how interesting some of the specifics are.

Need a firm with offices in 12 states.
Board Certified ERISA counsel
AM Law Top 50 firm
Recognized diversity program
Specific technology requirements
Reporting requirements

You begin to say, that kinda sounds like “that” firm. Well you got it.

If you are an attorney or law firm and are just now engaging in the process your choices are few.

1) Try and schedule a meeting with a contact and secure meetings with key decision makers to rework the specs into your favor.

2) Choose not to respond

3) Dedicate enormous and expensive resources to respond to a document that was written for someone else to win.

Client development is sales. Congratulations. When you were pulling all-nighters in law school and working through holidays, weekends, special occasions to meet deadlines only to come up for air at brief intervals. You think back on your decision to be an attorney and say, “You know what, I really wish I was in sales!”

You are in luck. You are. So is everyone in your firm if you want to survive in this economic environment.

In sales, there are two winners. The one who gets the business and the one who got out first without commiting a lot of resources toward a losing endeavor.

The RFP process is just that. Unless you read the RFP and the specs are written with you in mind your chances of winning are slim. The relationships that you have developed all come down to a purchasing agent who does not care who you are or what awards your firm has won. They are there to get the lowest price.

Questions to ask after the RFP has hit the street:

1) Is my/ our firms work a commodity?

2) Is there a way to leverage relationships with this company to rewrite the specs and ultimately win the business? Ask stakeholders what the business drivers are for the RFP. Without a business reason for an RFP it is usually just price. Refer to point #1.

3) With the internal cost of responding to RFP’s, is the cost vs. benefit worth it? How many losses in responses can you absorb for the one that you win?

4) Is there a way to effectively subcontract with the winning firm?

How to write the specs:

1) Get beyond the GC and identify other stakeholders from a company.
a. If a GC leaves you now do not have to start over fresh with the company
b. You do one area of practice but a VP in another area may have other issues, latent needs. (maybe heading off products liability issues, employee comp) why have a piece when you can get the whole.

2) Value based questioning. Asking business level questions that focus the conversation on the specific business line. Talk legal issues with legal people, finance, marketing, operations issues with those stakeholders.
a. How are they doing it today? How many people is that taking? How much is that costing? Who else is affected?
b. Find discrete areas of value and tie numbers to it. What would it save in reduced time on reporting, compliance, reduced fines, etc.

At some point you will have to deal with purchasing. However, if you have every key decision maker from various business units saying that you are the one that they want, and more specifically, you can show them a cost vs. benefit of using your services rather than your competitors you can avoid becoming a commodity.

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

Client Development Process

2009-01-16T11:30:00.000-08:00

Client Development Process is a 4 hour course that approaches client development from the client side. The course is taught in half of a day with individual coaching available over the second half and follow up coaching via conference call for 90 days.

The top 3 goals that law firm management have shared with me are:

"We are looking for a way to attract and retain a quality client base and leverage existing clients more effectively."

"I would like to increase our profits per partner."

"We would like to develop senior associates and existing partners into rainmakers."

How does your firm market? Is there a common process to be shared and understood or do you rely on lunches, white papers, and press releases?

Do you have a way of looking at every phase of your client development and identifying strengths and opportunities for improvement in your approach?

We have provided the capabilities for attorneys and firms to address these and other issues and I would like to explain how.. Please call me at 850-893-8984 or email me at Andrew@Wilcox-legal.com. You may also visit my website http://www.wilcox-legal.com/

Client Development Process-Course Agenda

1 hour
Introduction to Client Development Process
Client Development Issues
Management Issues
No Decision
Traditional/ Process Sellers
Competency Components
Value Knowledge
Market Knowledge
Vision of Usage

Client Development Skills
Alignment with Buyers
Personal
Buyer Starting Point
Buyer Behavior
Interrogatory Engine
Value and Vision Before Service and Price
Buyer Qualification
Power Line
Opportunity Approvers
Sphere of Influence
Opportunity Qualification and Control
Qualification Elements
Prospecting and Business Development
Conceptual Client Development Territory
List of Requirements
Self-generated vs. Competitive
Main Concepts
You get Delegated to People You Talk Like
People Buy from People
Success Story format
Don’t Give without Getting
Bad News Early is Good News
Value of Usage

1 hour
15 minute break between sessions

Goal Identification/ Menu of Goals/ Success Stories
Questioning Etiquette
Targeted Conversation
Sample Questions
Value Questions
Value Measurement
Call Debrief
Letter to Advocate

Opportunity Organizational Chart
Buyer Qualification
Why engage other Key Players?
Follow up to the Advocate Letter
Joint Client Development Calls

Qualifying the Advocate
Choosing to compete
Competitive sanity check
Competitive Strategies
Reasonable Scenario
Competitive Differentiators
Qualifying the Opportunity
Solutions develop over time
Key Player call- Targeted Conversations

1 hour
Opportunity Control
Determine Evaluation Process
Chain of Events Template
Define proposal process
Chain of Events
Opportunity Control
Draft Implementation Plan
Cost vs. Benefit Analysis
Define Success Metrics
Close and Negotiation
Buyer Tactics
Negotiating Tips
Navigating the Negotiation
Negotiation Stands

1 hour
Prospecting and Business Development
Planning
Qualifying Unsolicited RFP’s
Gaining Access to Senior Execs
Telephone Prospecting
Organizing to Prospect
Habits of Rainmakers
Setting up Your Network
Referrals
Voice mail/ Admin
Sample Prospecting Letter/ Fax
Email Prospecting
Seminars/ Trade Shows
Management Tools
Allocating your Time
Activity Balancing
Opportunity Difficulties vs. Seller Problems
Getting Started with Client Development Process
30-day Tasks
Dealing with Stale Proposals
Proposal Withdrawal Letter

About the instructor:

Andrew Wilcox’s experience with client development process began in 1996 as a sales representative for a Fortune 500 company working his way up to Senior Sales Director for the southeast. There he implemented a process that grew his region’s sales by an average of 57% per year for the next 3 years. Andrew went on to Thomson West where he achieved the award of President’s Club for the next 2 years as the only small market manager.

Since 2004 Andrew has been working with Fortune 500 companies and law firms to teach sales and client development process working with such companies as Business Objects, IBM, Rockwell Automation, VWR International, Aspen Tech, and Thomson West. Andrew held corporate sales and sales management positions where, in addition to achieving individual awards as top revenue producer and sales manager, he managed special projects such as implementing sales measurement & reporting systems, designing incentive & compensation programs and opening new sales regions. Andrew is a graduate of Florida State University where he majored in marketing and minored in international business.

Andrew is the owner of Wilcox and Hackett, LLC, a legal search and client development consulting firm since 2004 where he has worked with small law firms to firms in the AM Law Top 5. Over that time, Andrew has helped place shareholders and associates and has worked extensively on firm mergers. Experience including working from the discovery of interested firms, through merger, developing business plan to training partners and associates on client development process.