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Ask the Experts: Business Development 101 - Increase Your Value (Part 1)

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Ask the Experts.jpg[This article was prepared by Tricia McGrath, a director in Lateral Link’s NY office. For questions please contact Tricia at tmcgrath@laterallink.com.]

This is an interesting time in the legal industry. In the past few months, we have watched the lay-offs of many strong associates and counsel. If you are one of the gainfully-employed associates, what can you do to secure your position at the firm? How can you prevent becoming a casualty in the future? By embracing the changes in the market and increasing your value to your firm!

When I was a junior associate, no one ever contemplated getting business or preparing to do so. Perhaps naively, we didn’t consider that law firms were businesses. We thought that, if we did great work, there would be a place for us at the firm. We all wouldn’t make partner, but we’d get fabulous experience and then move into an in-house position or a law firm outside of the top 20 who would cherish us for our legal skills and training. Although that was only ten years ago, it might as well be one hundred given the changes in the legal market. Today, associates at all levels need to demonstrate value and the skills that will sustain the firm’s business in the future.

Business development is about building relationships. You want to get to know people and have them know you. It is all about building a network of contacts that you can leverage in the future. No one expects a junior or mid-level associate to go out and land a Fortune 100 client – that’s not how it works. At your level, you should be building contacts and legal expertise, both of which you’ll need in the future. You should demonstrate to your firm that you have a potentially bright future in rainmaking.

More after the jump.


Here are some basics for venturing into business development. The earlier you begin to build skills in this area, the more successful you will be either at your current firm or your next one!

Increase Your Profile

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– Meet your colleagues – especially in other practices. Believe me, they are a great source of future business. Make sure that you know as many attorneys at your firm as you can. Attend firm events, lunches, and presentations. If possible, give the presentation!

– Attend professional events outside the firm. Try to attend legal conferences and other professional events. Breakfast meetings and CLE presentations are useful both for contacts and information.

– Get the word out. Tell friends and family (especially non-lawyers) what you do for a living. Practice your 30-second “elevator pitch” – summarizing who you are and what you do – on them. Definitely practice the pitch and the delivery. Don’t sound over-rehearsed!

– Write articles. As a junior and mid-level associate, you should be offering to co-author articles with partners and senior associates. These articles can be as simple as a posting on your firm’s blog, a client alert or as complex as a PLI article on a novel aspect of law. All published works increase your profile.

Network

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– Get out of the office and meet people. Engage in activities that you enjoy and meet like-minded folks. Increase the amount of people who know you.

– Keep in touch with your classmates and former colleagues. Many of your classmates and colleagues are future clients or a future source of referrals.

– Join LinkedIn and other social networking sites. LinkedIn is a terrific way to reconnect with former friends and colleagues, as well as to meet new people through its many groups. Best of all, you can network at your desk or late at night after you have left the office. I am a big proponent of social networking. It offers so many opportunities for new business and new contacts.

– Get involved with your alumni groups and considering joining the boards of nonprofits.

Next week we will be focusing on several additional ways to increase your value to the firm. Remember, it is never too early to lay the foundation for business development. As an associate, business (and potential business) increases your value to your firm. In addition to providing current job security, a book of business will open many doors for you later in your career.

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