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

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

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?

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?

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

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?

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

T-ball and the partner track

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.