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….
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 six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.