Leftfoot - Legal Business Development

How ‘The Firm’ Can Assist https://www.linkedin.com/in/robertpay (Robert Pay Bio) Robert Pay is a Contract Business Development Director at Alvarez & Marsal. For consultants less comfortable with business development it’s helpful to think in terms of ‘the firm’ and what ‘the firm’ can do to assist a client. Get comfortable through role-playing. Gain a business development vocabulary that works for you. It’s just a phone call. It’s how business gets done. Today in-house legal departments are aware of what specific legal services should cost. The ability to manage projects is linked to price. Project management is still a foreign discipline in law firms. Look within existing clients and your personal network and hitch your star to someone you like – and who likes you. Professionals like other professionals. Network with others non-competitors who focus in your niche.      

Don’t get out of your comfort zone – get into it!  http://www.joshuastein.com/about_us.php (Joshua Stein Bio)  Joshua Stein is a leading US commercial real estate attorney.  He’s the author of 4 books and over 140 articles on topics including practicing law in ‘plain english’ and negotiating.  His practice focuses on ground leases, hotel related transactions and unusual forms of collateral. No lunches, no dinners, and no calls to check in. Great legal work, fast. Find what you’re comfortable doing that consistently brings in work. Do something: if it doesn’t produce work, do something else. An event invitation puts you on radar.    Don’t try to convert people into clients.  Be out there.   The clients will follow through referrals. Have a strong bedside manner – care about your clients, take matters personally, look beyond the document, express your views to the client. Be a member of the client’s team. Follow the money, pay attention and think to understand the transaction.

It’s A Skill  Michael Schmidt represents companies and management in all facets of employment law. He is the vice chair of Cozen O’Connor’s Labor and Employment Department. https://www.cozen.com/people/bios/schmidt-michael (Michael Schmidt Bio) We have limited time for business development. Take time to figure out what you do best, what you’re most comfortable doing. Mike builds relationships through communication and creating trust overtime. Surprised by the power of social media, Mike’s experience shows it’s an efficient way to connect with people you haven’t previously communicated with. The brevity of twitter is valuable in teaching how to articulate, be succinct, stand out, and get a point across.   Add value through efficiency – embrace ediscovery, electronic document review to be more efficient, and use data analytics to streamline and predict go forward trends. Recognize the realities of the market around social and embrace it.

Meeting the Cost and Cash Flow Needs of Businesses. Thaddeus Wojcik, is the Founder and Principal at the firm bearing his name.  http://www.wojciklawfirm.com (Thaddeus Wojcik Bio) Business opportunities come from reaching out. Networking is doing what you like that involves other people. Get out of your own paradigm – outside your box. Stop worrying about working. Worry about meeting people. Thaddeus’s firm uses 9 client driven billing approaches: – A strategy to be able to budget – A strategy that allows proactive legal advice – One that assists in building trust – Another that supports trusted clients in their role as a reference and referral resource… With new clients get the money upfront, it’s inefficient to chase money. Offer something in exchange – a 20% discount off the normal hourly rate. Once trust has been established, offer 2 hourly rate models: one that is cash sensitive, the other cost sensitive. If you don’t like what you’re doing, you shouldn’t

Relationships and Competency Trump Rates. Nicole talks with Steven Weisbrot, EVP – Notice & Strategy Partner at Angeion Group. Steven is nationally recognized as a class action notice expert. He is a leading proponent for the use of digital and social media in the class action notification industry. Prior to Angeion he was the Director of Class Action services at a leading class action claims administration company; following a decade in a private law practice. http://www.angeiongroup.com/steven_weisbrot.htm (Bio Steven Weisbrot)  Establish differentiation – break with the mold of the traditional market. Put out content, if your opinion matters – prospects will call you, they’ll trust you. Most over think, over complicate growth. People are out there talking about your services and your industry digitally.   Listen and participate in the conversation. By doing so you’re becoming an expert.   You become the guy/girl who talks about ‘x’ and when someone needs ‘x’ they will look to you. It’

Communicate ‘What’s Next’ vs. ‘What happened’: Sherrese Smith, a Partner in the Telecommunications, Media and Technology; Privacy and Cyber Security practices at Paul Hastings. http://www.paulhastings.com/professionals/details/sherresesmith (Bio Sherrese Smith) Help determine what a client needs and how you can address their needs in a practical way. All the easy answers have been answered. In a new field you’re dealing with legal issues that haven’t been thought through. Most lawyers are not as responsive as the corporate environment expects. Lawyers are trained to ‘get the right answer’ in most corporate environments you present the best answer you can in the time available. Determine what you want to be known for? Then make sure people within the firm and outside know you’re a specialist in that area. At the end of the day it’s necessary to stay in your sweet spot. Don’t chase everything – be thoughtful, smart, focused. Be a credible advisor, honesty goes a long way. Look at each opportunity i

The Impact You Have On Clients.   Nicole talks with Hitendra Patil the author of the recently published book Accountaneur. Hitendra has worked in the Outsourcing, IT, Finance and Accounting industries during including leadership roles in India, Thailand and the US. https://www.linkedin.com/in/hitendrapatil (Hitendra Patil Bio) https://store.cpatrendlines.com/shop/accountaneur/ (Link to special purchase opportunity for the Accountaneur)    Create measurable value for your clients. It’s not about the ‘work you deliver’ but the impact you have on the clients you secure (the human being). 4 Kinds of Buyers: 1 – Commodity Buyer – price focused – good for business as it forces efficiency and productivity gains 2 – Product Buyer – looks for state of the art product and services, has a clearly defined need and is looking for a customized set of services 3 – Solution Buyer – has a specific need and is looking to ensure their need is within your core competency, they need you to be informed and to keep th

 … asking questions is not hard intellectually.   Today our guest is Jim Hassett , Founder, LegalBizDev. LegalBizDev helps law firms increase client satisfaction and profitability by improving project management and business development. Prior to working with lawyers, Jim spent 20 years as a sales trainer and consultant. He’s the author of 13 books, has published 80 articles; and regularly speaks at law firms and bar associations. Jim has a PHD in psychology from Harvard. http://www.legalbizdev.com/aboutus/people.html (Bio Jim Hassett). Lawyers can achieve marketing progress in as little as 1 hour per week with current clients and referral sources. To get new clients the minimum per week is 3 – 5 hours – if you can’t spend that time – don’t bother. Prioritize relentlessly. There are a million things you can do.   #1 nail down current clients. Networking takes a lot of time – make sure it’s the best use of your time or do other things that are more likely to pay off. Lawyers are not trained to be t

 … out of the ‘Valley of Despair’ Nicole talks with Jill Weber, Chief Marketing and Business Development Officer at Stinson Leonard Street; and the creator Fast Forward their Business Development Coaching and Professional Services Training Program.   https://www.linkedin.com/in/jillweberbizdev (Jill Weber Bio) It’s important to understand a clients business, culture, business philosophy, and the industry in which they operate. The Fast Forward program works well with partners in ‘the valley of despair’. Second and third year Partners, who’ve gone from being an incredibly successful associate with high billable hours, loved by clients and partners, to no longer being at the right level, the right fit or the right bill rate to do the work. Meet with people in your focus industry. You may get referrals from other lawyers but it’s helpful to spend time where you’re the only lawyer in the room, with industry executives who need your services. Changes in the economy have lead to the growth of traditional in-ho

In Who Is Doing Legal Work. Nicole talks with Catherine Zinn the Chief Client Officer at Orrick. Catherine’s role is to ensure the firm is a steward of their clients’ businesses. https://www.orrick.com/People/9/E/5/Catherine-Zinn (Bio Catherine Zinn). Put the client first and acknowledge the clients interests in what you do. If you ask for feedback, act on that feedback. Does this make good use of my client or prospects time? If yes – go for it. If you don’t know ask. Most firms ask gating questions, they qualify for fit and to make sure the economics make sense. Legal industry is not flat. The responsibilities within the office of general counsel are way up – think global compliance, regulatory monitoring, and global data privacy.  It’s whose doing the work that has changed. CLOC the Corporate Legal Operations Consortium; advises the Chief Legal Operations Executives within corporations that determine who should be doing each task. Biz development is simple if you believe the opportunity exists

Have the Courage to Ask the Hard Questions Nicole talks with Deana Calvelli, Consultant and Vice President at the Lockton Companies in the Northeast.  http://www.lockton.com/newsroom/post/lockton-expands-philadelphia-office-opens-retirement-practice (Bio Deana Calvelli) 3 Cs – Connect with the right people; Communicate in a concise and credible way; Coach prospects authentically. More interesting selling experiences occur in the situations that are not ‘an easy ride’. It’s OK to feel discomfort in the room – that may be the opportunity with your prospect to discuss a solution they haven’t thought of. 60% of the buying decision has been made before they contact you. Less meet and greet time allows you to use your time more efficiently. Develop rapport and then stay in touch – you need to ‘come to mind’ when they’re ready to buy. Clients and prospects do business on their schedule.          

Don’t Waste People’s Time  http://berneropress.com/aric-press/ (Aric Press Bio) Nicole talks with Aric Press a name partner at Bernero & Press. Read the situation and meet the client where they want to be met. ‘Take your Plaintiff as he comes.’ Get beyond the legal matter and talk about the client’s business. You don’t want to be a mid-career lawyer who doesn’t know how to develop business. Successful rainmakers are obsessive about keeping relationships going. For god’s sake don’t do anything you’re not comfortable with.                        

If Not Predictively Nicole talks with Melissa Croteau, Senior Director of Strategy & Marketing at Catapult Growth Partners  https://www.linkedin.com/in/mcroteauconsulting (Bio Melissa Croteau)  Set the strategy for your practice then operationalize it. Effectively communicate what you do and explain why a client should work with you versus another firm, another lawyer. Meet with the business people versus the legal team at your clients. Communicate with your clients and jointly discuss a fee that the client is comfortable with. Pricing czars and other business people are now critical additions to the legal client team. Data analytics allow law firms to look at trends and respond to trends. Speak to clients in a language they can understand.   Present information with a call to action that business people can respond to. Anyone can sell. Have conversations; focus on the client and their business.

And How They Help Your Business Development: Nicole chats with Janet Markoff a partner in the NY office of Major, Lindsey & Africa.   http://www.mlaglobal.com/legal-search/recruiterlist/janet-markoff (Janet Markoff Bio) Strengths/habits that have led to success: Persistence, resilience, responsiveness and not taking things personally. Growth strategy: Having a work spouse. The most significant benefit is emotional. It’s having someone in your corner in a competitive industry. Tactical best practices: Gain the tools to be able to ask for business in a way that is part of your authentic self. Changing market conditions: Loyalties have changed. Today it’s more about the lawyer than the law firm. You need to be so much more than a good lawyer Advice to those starting out: Nothing can replace actual face time in business development.     Get out there and participate within organizations. Practice your face-to-face relationships. What do you enjoy about the work you do: Being around smart people and mak

The Industry and Market is Ever Evolving.  A conversation with Laurie MacDonald, Director of Business Development at Hinckley Allen. http://www.hinckleyallen.com/laurie-w-macdonald/ (Laurie MacDonald Bio) Strengths/habits that have led to success: Knowing the partners and the strategic direction of the firm well, also resiliency and good listening skills. Growth strategy: Identifying opportunities for growth within current clients and getting recommendations from current clients to other potential clients is one of the most powerful ways of getting new business. Tactical best practices: Created a Business Plan Development Program for partners. Includes a 3 to 5 year business plan customized for each partner. This includes check-ins quarterly – and a yearly check-up. Plans are specific to the partner’s future vision for their practice. Follow-up is to ensure they get there. Success story: A partner wanted to be a ‘go to environmental attorney’. Got him focused on what he needed to do, speaking, writing,

It’s like Speed Dating   https://www.linkedin.com/in/vivia-chen-b0a9412 (Vivia Chen Bio) Nicole chats with Vivia Chen, a lawyer; Senior Columnist at The American Lawyer; and writer of the monthly column and blog ‘The Careerist’. It’s about being persistent. Don’t pester but stay on radar. Anticipate client needs, stay a step ahead. Don’t forget the personal side people want to work with people they like and have rapport with. It builds trust. Networking taps into primal fears.   Entering a room of strangers and looking to make a connection. You immediately become self-conscious. You have something to offer. Think of yourself as a source of information. You have something to say, something to offer. Networking is like speed dating, talk to someone for 5 or 10 minutes, then move on. Go to events where you have something in common with others – events based on an affiliation. Fear of rejection is inherent in networking and business development. Be methodical about business development but also be

Don’t Sell, Create and Share Content Nicole talks with Adrian Dayton the Founder and Chief Innovation Officer at ClearView Social.  http://clearviewsocial.com/team/adrian-dayton/ (Adrian Dayton Bio) Adrian is an attorney and a top social media consultant within the legal industry. There is a significant difference in the ability, mindset and personality of rainmakers versus the average lawyer when it involves social media for content delivery and networking. People you know today will lead you to who will buy tomorrow. You have to stay top of mind. Best place for lawyers to stay top of mind? Data shows, is Facebook. While content shared on Twitter gets more clicks than LinkedIn and Facebook.   Twitter is all about sharing content. Lawyers are smart people and have the capability to create content and make a name for themselves and their firm. It’s about the content you create; and how regularly you create and share it that builds a reputation. Unlike LinkedIn and Facebook, Twitter is a completely ope

– Focus Your Time, Effort and Interest – Nicole chats with Karen Kahn – Psychologist, Strategic Coach to Lawyers, and author of Daunting to Doable:  You can make it rain! In exploratory conversations find the questions that feel good to you:  What occupies your time?  How did you get into that? Comfortably use personal relationships for business by not selling:  Offer to assist.  Be aware, curious and helpful. Growth strategy:  Pick an area that you’re interested in.  Become the best in the business.  Find a group that represents potential clients, can pay your rates and ‘gathers’.  Then participate. A ‘simple’ Business Development Model:  what is your definition of success; who will help you get there; how will I develop sustained valuable relationships with that produce business. Last Word:  You may be fascinated by ‘the work’, business is about ‘bringing in money’.                              

Law is a Customer Service Business: Nicole chats with Basha Rubin, CEO and Co-Founder of Priori Legal. Technology is changing access to legal services: Priori is working to remove aspects of finding and working with lawyers that impede efficiency. How did you come up with the idea for Priori: We felt a marketplace solution would help businesses: identify high quality lawyers, understand pricing, get a transparent look at what their purchasing; while using technology to make managing the relationship easier. Clients’ value that Priori seriously vets their lawyers: Improving on the legwork businesses typically do themselves; they set mandatory minimum requirements; vetting is done by people who are expert at vetting lawyers; as are reference checks; and face-to-face interviews. Lawyers value the business acquisition channel: Unlike other services – no bidding is involved. Lawyers get ‘pinged’ when a client is looking for services tailored to their experience, background and practice. Priori handles b

Focus on Effectiveness vs. Efficiency  Nicole chats with Ron Baker, author and VeraSage Institute – Think Tank Founder http://verasage.com/ronald-j-baker/ (Ron Baker Bio) Value Pricing:  Setting a price commensurate with the value you’ll create for the customer before you do the work. Value Pricing:  Is pricing certainty and reduced risk.  When you offer a fixed price with options – customers love it. Value pricing: Is NOT using an estimate of costs calculated out to a fixed price. Repetitive tasks have been replaced by technology:  More can be done in less time. Businesses that sell time (the billable hour) are being forced to change their business model. Time doesn’t determine value: Value is a feeling not a number. Define the business problem:  Assign a value and get to work. Give the customer pricing options:  To differentiate service expectation levels. For more information:  Go to http://www.verasage.com/ (www.verasage.com) or http://www.thesoulofenterprise.com/ (www.thesoulofenterp