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…
Anyone who has worked at a Biglaw firm understands the importance of developing business of one’s own. There is nothing as liberating for a Biglaw lawyer, nor as career-sustaining, as acquiring the proverbial “book of business” that is the golden ticket for a long and lucrative stint as a Biglaw partner.
Of course, acquiring that book of business is an all-encompassing challenge for all but the most privileged of Biglaw attorneys, many of whom resent the fact that it even needs to be done in the first place. In their view, business development is the province of salesmen, not noble professionals, a form of hucksterism that fails to reward the academic and perhaps even legal achievements that brought them into Biglaw in the first place. In fact, many Biglaw lawyers fortunate enough to have cultivated a client base of their own can sometimes be self-effacing or even apologetic about their achievements, particularly when in the company of other Biglaw lawyers — yet another example of Biglaw’s unique ability to render even the most accomplished insecure….
* 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….
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
The Tools of Argument: How the Best Lawyers Think, Argue, and Win is a highly readable 200-page book, available for about $10 in paperback or e-book. Chapters focus on foundational principles in legal argument: procedure, interpretation of contracts and statutes, use of evidence, and more. The material covered is taught only implicitly in law school. Yet, when up-and-coming attorneys master these straightforward tools, they will think and argue like the best lawyers.
For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
Take this opportunity to learn what it takes to streamline your accounting and get the most out of your time. The webinar agenda:
● The basics of accounting for lawyers.
● How legal accounting differs from regular accounting.
● Report and reconciliation issues surrounding trust accounts.
● How to pick and integrate the best accounting tools for your practice.
● Steps to prepare your tax return for your firm’s income.
Do not miss this crucial chance to optimize your accounting practices. Save time and get back to billing!
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!