Business development

I wrote last week about ideas to build a book of business. My main point was to start small and branch out from there. I mentioned how, as a young and naïve (ok, ignorant) associate, I was quickly disabused of the idea that I would soon be able to waltz into Pfizer and pick up some strands of litigation.

Then I received the following email in my Gmail account. It is a well-written counterpoint to my argument. A partner in New York City argues that starting small is a recipe for staying small.

I reprint his email (largely unedited) below….

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Tom Wallerstein

Some attorneys think they are unable to transition from Biglaw to opening a solo or small firm boutique because they lack the ability to generate business. They might think, “If I can’t generate business at my current firm, with all of its vast resources, goodwill, and prestige behind me, then how could I ever hope to generate business on my own?”

This kind of negative thinking is pernicious, and based on a number of fallacies….

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In this new year, since there have been several columns of late of the “confessional” type, I thought I might join the bandwagon. Since the overwhelming majority of inquiries from readers regard how best to market themselves to start to build a book of business, let me tell the truth: you can’t. At least not through me, or anyone in a position like mine.

I just passed my fifth year anniversary with my company, and in that time period, I have assigned a relatively low five-figure amount of work to outside counsel. And of that amount, only a small portion went to a former colleague in my network. The rest went to counsel from a list of approved firms for particular regions of the country. My intent is not to depress you, senior associates who have just realized in 2013 that you really don’t have a book to speak of, it is to get you to read between the lines.

In other words, find the differences from whence I speak, and fill in the holes. Those spaces in between are where opportunities exist for you to start to gain your own clients….

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Tom Wallerstein

For as far back as I can remember, the arrival of a new year has been an occasion for me to reflect on my life, where it has gone, and where it appears to be going. Many times I would spend New Year’s Eve simply being grateful; more recently, it has been an occasion to try to see a little furthur [sic].

This year, for the second consecutive year, our firm was approached by an Am Law 100 firm to explore the potential of our being acquired or otherwise merging. These overtures are flattering. They also intensify my annual ritual of considering my path and the choices I have made.

I have written before about some of the differences between Biglaw and small. My perception of those differences, however, has changed quite a bit in the nearly four years since I left Biglaw to help start a boutique firm. Our firm also has changed so much from one year to the next that my calculus of the pros and cons of Biglaw also has changed….

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A decade ago, I sat in the midst of hundreds of lawyers at a firmwide partners meeting. The managing partner explained that most of our revenue came from our 25 largest clients, and we should focus on expanding those representations. He then noted the conflicts problems posed by tiny clients, for whom we did essentially no work. He urged us to get the tiny clients off the books. To illustrate his point, his PowerPoint slide showed the clients to whom we had sent the smallest bills in the previous year. The firm’s smallest client had been billed a total of $3.25.

The managing partner scoffed: “Three and a quarter? Three and a quarter? Can’t we at least be as selective as the neighborhood bar? Maybe we should set a $25 minimum.”

I’ve inhabited law firms both small (for five years) and large (for twenty). Business development efforts at those firms are similar in some respects — “get famous; make contact; get lucky; repeat” — but differ in other ways. I’m thinking today about the ways that business development efforts differ depending on whether you work at a big firm or a small one….

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A correspondent recently posed this question: I’m a litigation partner at a big firm. If I go solo, will my corporate clients continue to use me for their smaller matters?

I’ll use this column to do two things. First, I’ll offer the customary answer to all legal questions: It depends.

Second, I’ll ask my in-house readers at large corporations to let me know (either by posting in the comments or sending an e-mail to the link in the shirttail below) whether their corporations use sole practitioners.

Will big corporate clients follow an individual lawyer who jumps ship and goes solo?

It depends . . .

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Is this just my weird perception, or are law firm managing partners being surveyed constantly? It seems that every other week, some law firm lender or consultancy or recruiting firm is touting the results of a managing partners survey. Managing partners have things to do other than respond to surveys — like, well, managing law firms.

Despite the proliferation of such surveys, we do appreciate the information and insight they contain. So let’s check out the recently released results of one of the most prominent surveys, the American Lawyer’s annual Law Firm Leaders survey….

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* Just in case you haven’t seen enough responses to the Case Western Law dean’s New York Times op-ed, here are some more. (Plus, with this, you’re getting the additional bonus of an incredibly sad letter from a young lawyer.) [Associate's Mind]

* Oh mon dieu! Dominique Strauss-Kahn’s legal team is now denying that that there was ever a settlement in the hotel maid’s sexual assault suit civil suit, and especially not a $6M settlement — because that’s apparently “flatly false.” [Slate]

* You’ve probably led a sad and lonely existence if you’re laying on your death bed and worrying about who will inherit your iTunes library. Don’t worry, they’re headed to a “legal black hole,” anyway. [Legal Blog Watch]

* The Supreme Court might be taking the phrase “don’t judge gay people” a little too literally. [WSJ Law Blog]

* And in other news, some teenagers are so obsessed with their tech gadgets, like cellphones, that they’d allegedly be willing to kill their family and pry the damn thing from their cold dead hands. [Legal Juice]

* Please remember to vote for your favorite law blog (coughcough Above the Law coughcough) in the Blawg 100 in the News/Analysis category, and all the rest of the sites you read in other categories, too! [ABA Journal]

* After the jump, Bloomberg Law’s Lee Pacchia speaks with law firm consultant Tim Corcoran of the Corcoran Consulting Group about the future of rainmaking and business development in Biglaw….

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What was the most anxiety-ridden ten minutes I’ve experienced under an editor’s gaze?

I had finished the manuscript of The Curmudgeon’s Guide to Practicing Law. My then-15-year-old son, Jeremy (who, like any teenager, would as soon spit in his father’s eye as praise him), said: “So, Dad, you wrote a book, huh?”

“Yes, Jere.”

Long pause. “Let me see the first chapter.”

I knew exactly what the kid was thinking: “I guess, if my Dad wrote a book, I should take a look. But this is going to be unbearable. So I’ll read a few pages and be done with it.”

Jeremy sat in the family room reading chapter one. I paced anxiously in the kitchen. My wife didn’t understand my anxiety: “Why are you so nervous? It’s only Jeremy.”

“Don’t you see? Jeremy’s my first truly neutral reader. He’s not a lawyer. He’s not inclined to read the thing. He won’t cut me any breaks. If Jeremy likes it, there’s a chance there’s actually an audience for this thing.”

After a few more anxiety-ridden minutes, Jeremy walked into the kitchen. After a seemingly endless pause: “Let me see chapter two….”

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Previously on Moonlighting, we considered some common mistakes that law firm attorneys make when pitching their firms to seek work from new clients. It featured such dramatic gems as: find out who our enemies are; BS sounds like… gee, whaddya know… BS; and cameos from other need-to-know concepts making their appearance on the big (computer) screen.

In this week’s episode article, we’ll look at the other side of the coin, with a remake that focuses on the in-house lawyer’s perspective. What are some ways that in-house lawyers can ensure that they get the most out of those pitch meetings?

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