Conventional wisdom says that solos and smalls should join a bar association — either the American Bar Association, a state or local bar, or a practice-specific bar (such as an association of telecommunications or criminal defense or real estate lawyers) — as a way to generate clients. Here’s but one recent article that recommends pounding the pavement at bar events to find clients.
I’m not suggesting that solos and smalls steer clear of bar membership entirely; after all, bar associations provide a myriad of practice benefits, including substantive information on practice trends, affordable continuing legal education (CLE), and advice on starting and running a law practice. But if lawyers think that they’ll find business through bar membership, most are sure to be disappointed….
But I’m really thinking about business development and, as I often do in my navel-gazing columns, simply using myself as a case study.
I graduated from law school in 1983 and published my first article (in California Lawyer) in 1986. (I’d provide a link to the article, but I’m afraid the internet didn’t exist way back when. The article was a thriller, though; trust me: “Reviewing the Unreviewable: Obtaining Appellate Review of Federal Trial Court Remand Orders.”)
Because I was a young man, I was quick to hope: I’d published an article! My phone would naturally start ringing off the hook within the next few weeks! I’d be deploying my novel thesis in cases left and right, and the partners at my firm would be dumbstruck by my ability to develop business! Life of Riley, here I come!
Because I was quick to hope, I was easily deceived: Publishing one short article — even an article with a pretty decent thesis in a journal with a fairly large circulation — does not generate new business.
Throughout 2013, along with our friends at Good2BSocial, ATL researched the social media practices of law firms. The research had three components: (1) a review of the websites and social media profiles of the Am Law 50 across all public platforms, including an assessment of each firm’s publicly available content as well as social reach and engagement (number of followers, comments, etc.); (2) a survey of the firms themselves regarding the extent to which they are currently using social technologies and practices internally; and (3) a survey of the ATL readership to glean the perspective of practicing attorneys and other legal professionals.
We are publishing the results of this research in two stages. Back in December, we published a white paper summarizing our findings and analysis. (Sign up here to receive a free download of the paper.) Our findings show that, while the majority of the Am Law 50 are established on the major public social media platforms, their presence often exhibits only a token effort. Generally speaking, there is little evidence that Biglaw is addressing the social media landscape strategically rather than using it as just another marketing channel for firm news and press releases. That said, some Biglaw firms are distinguishing themselves with the reach, engagement, and creativity of their social media efforts.
Today we publish the second component of our findings: our inaugural Social Law Firm Index, where we identify which specific firms are making the most effective use of social media…
Most every law firm — including 100 percent of the Am Law 50 — maintains a Linkedin company page. Or rather, “maintains” such a presence on that most buttoned-up of all the social media platforms. A quick look at the LinkedIn pages of the Vault top 10 shows that only two firms bothered to change their page’s default setting to display “Services” rather than the inapt “Products” tab on the navigation menu. (Kudos to Kirkland and Debevoise!) This might seem like the most trivial of nits to pick, but aren’t these firms defined by fanatical attention to detail? Yet this nonchalance is emblematic of Biglaw’s unsettled relationship with social media.
We can safely assume that Biglaw’s old guard just wants social media to get off its lawn already, but what data we have strongly suggests that, as organizations, firms believe — or act as if they believe — that engagement with social media is worth doing (paceBrian Tannenbaum). When we examine the particulars of how they are managing this engagement, firms should hope that there is truth to Chesterton’s dictum: “If a thing is worth doing, it is worth doing badly….”
Today’s Wall Street Journal reports on the growing new crop of online matchmaking services designed to help small and mid-sized business clients connect with qualified and affordably priced lawyers. The sites profiled include UpCounsel, which allows clients to bid projects, handles payments, and collects feedback (sort of like Elance for legal services); Priori Legal, which provides clients a list of pre-vetted attorneys with 5+ years of experience and negotiates discount rates; and IP SmartUp, which also charges discount rates for patent services.
From what I can tell, in the short term, these sites make money through various ethically permissible transaction fees (read: no referral fees, though some of the models tread dangerously close). My guess is that in the long run, these sites’ greater value will derive from big data gleaned from transactions that may shed insight on the factors that inform lawyer hiring (and in turn may hold value for lawyer marketing operations).
No doubt, from a small business perspective, these sites are golden. With their clean modern look and easy navigation, these platforms give prospective small business clients a far better user experience than any bar referral or local chamber of commerce site I’ve ever seen. Plus, many of the lawyers registered for the sites so far boast stellar credentials. And the price is right — the WSJ piece shares the experience of one happy user who procured legal services at a price of between $100 and $600 per project (though the average cost of a transaction on UpCounsel is around $1000, the story notes).
Ed. note: This is the latest installment in a series from Bruce MacEwen and Janet Stanton of Adam Smith Esq. and JDMatch. “Across the Desk” takes a thoughtful look at recruiting, career paths, professional development, human capital, and related issues. Some of these pieces have previously appeared, in slightly different form, on AdamSmithEsq.com.
For years, I’ve been hearing firms describe their cultures as “entrepreneurial,” and I hardly paid the slightest attention. Like “collegial” or “collaborative,” it just seemed like so much white noise. Then finally I heard it once too often and had to face cold reality: I had absolutely no idea what these people — a lot of smart, articulate people — were talking about.
Let’s go to the dictionary, where we find:
1. characterized by the taking of financial risks in the hope of profit; enterprising
Other notions orbiting around the concept of entrepreneurism include engaging in genuine innovation and invention (to the extreme of shattering the status quo), proceeding decisively in the face of profound ambiguity and uncertainty, and shouldering the personal risk of sacrificing years of reliable income provided by others for whatever rewards you can persuade the market to deliver — with a meaningful risk those rewards could be nonexistent.
This is an audience participation column, so I ask you this: Would you describe your own firm as “entrepreneurial?” Are there firms you admire or look down upon that you’d describe as “entrepreneurial?” What mental image or behavior, what cultural archetype or partner personality type, pops into your mind when “entrepreneurial” is used to describe a firm?
What do you do when the demand for legal services falls into the gutter? Did you answer: make up a new, unnecessary service to artificially drum up business? Then congratulations, you’re well on your way to making partner!
A Biglaw firm is pitching a “second opinion” service, asking clients to throw a couple of bucks their way to confirm or reject the conclusions of the client’s primary lawyers. Lawyers love being second-guessed, so this practice makes firms and clients alike more than a little nervous.
However, it’s all about how you pitch it, and with the right spin this just might be the best idea anyone’s had to shore up some business in a while….
“Being a partner at an elite law firm isn’t what it once was,” as I recently wrote in a Wall Street Journal book review, but “while the brass ring might be tarnished, it still gleams brightly for many.” And with good reason: even if it’s harder than ever to become (and remain) a partner, for those who do manage to make it, the pay, perks, and prestige are plentiful.
The American Lawyer just released its latest New Partner Survey. The magazine heard from almost 500 lawyers who began working as partners between 2010 and 2013. About 60 percent of the survey respondents are non-equity or income partners — which makes sense, given the proliferation of two-tier partnerships, as well as how junior these partners are — and the rest are equity partners.
What are the most notable findings from the survey? Here are five:
As we have discussed the past twoweeks, Biglaw business development is not easy. The available flavors at the Biglaw business development ice cream stand are hardest (cold calls), harder (intra-firm networking and beauty contests), and plain old hard. As in turning referrals and unsolicited contacts from prospective clients into engagements. That is hard to do, but nowhere near as difficult as trying to land the matter when the prospective client has not invested in contacting you beforehand, or at least heard about you from a source that they trust. There is a reason rainmakers take the largest share of the Biglaw pie, even at white-shoe lockstep firms.
Getting other lawyers to refer you matters, even from within your own firm, is hard. The foundation one needs to generate referrals is the exact same one that is required to have success generating business through other methods. But there is an extra ingredient, or at least a greater emphasis on a particular ingredient, that needs to be there if you hope to get referrals. That ingredient? Let’s call it likability. No matter how skilled a lawyer you are, or how hallowed your reputation, you simply must be likable in order to generate referrals. Of course, the definition of likability becomes quite a bit more expansive when applied to lawyers considered at the top of their fields. Simply put, the person referring you has to feel good about making the referral, and they are much more likely to feel good if they consider you an agreeable person, at least to do business with.
Unsurprisingly, the definition of likability in the Biglaw context is quite different from the standards we normally apply when talking about the real world. For those who like analogies, consider that Biglaw likability is to indisputable real-world likability as Biglaw “hot” is to indisputable real-world hotness….
Last week we discussed the high-risk, high-reward approach of making cold calls to develop business. Because of the low percentage of success even the most personable and sales-skilled Biglaw lawyers have when adopting that approach, any business development effort that relies on cold-calling exclusively is almost impossible to sustain in a Biglaw setting. And there is a valid argument that one does not really need Biglaw if they are able to establish a strong track record developing business through cold calls. In fact, the successful legal “cold-caller” would likely thrive without the artificial constraints the Biglaw business model (e.g., rates, types of matters) places on its partners. Again though, it is the rare Biglaw attorney who generates a single matter via a “cold call” (or a single new client for their firm actually), and rarer still to find one capable of doing it with enough regularity as to sustain a Biglaw career.
So while trying a cold call on occasion is an important element of a comprehensive business development approach, you need to “work” the resources of your firm to try and generate business. That means selling yourself to existing firm clients, participating in client pitches for new business that are generated by the firm, and making a good impression on your colleagues. The latter is important, because you never know which of your colleagues will go in-house and be in a position to give you work down the road. In many ways, trying to use your firm’s resources for business development is the traditional Biglaw approach to business development. As the contracting ranks of Biglaw equity partners suggest, it is a hard way of generating business — and getting harder…
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.