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….
One of the good moments in the practice is when you see the result of a networking event, online introduction, “hit” on that marketing blog that you’ve never written a post on, or God forbid, a happy former client.
The result being a referral.
A real referral. A real case, a paying client who wants to meet with you “as soon as possible.” This person calls and says they got your name from someone you know. They read your canned post on the latest fatal accident, they think your automated Twitter feed with links to your website is awesome, or they heard you did a great job for their good friend and now they need you (but I hear that never happens anymore and that lawyers that rely on doing a good job and getting referrals as a result of that are part of the past and are going to go out of business very, very, very soon).
So this is all very nice. It shows that something you are doing is working. It may for a while take your mind off suing your law school for lying about getting you a job.
But then there’s the call that goes something like this….
For those ignoring the unemployed “future of law” idiots typing away from their kitchen table in some crap city with a regional airport and instead still living in the universe where you believe practices can be built and survive on the referrals of others, I have some advice on maintaining your referral base. Some good stuff here, so keep reading if you actually practice law and have to bring in business instead of living off the originations of lawyers who people actually hire.
A referral base is sometimes, but not always, a two-way street. This is where honesty comes into the equation. There may be a lawyer who refers you business, to whom you would never refer business. There may be those lawyers who refer you business, but you have never had the opportunity to send them any. On the other hand, there are those lawyers to whom you send business, who haven’t sent you anything.
Referrals from other lawyers happen for two reasons, either the lawyer is your BFF, or because they know your reputation in the practice area. Sad news for some of you, your reputation, as I’ve said before, is not based on how many people have accepted your begging them invitation to write online testimonials about you….
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:
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.
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.