Associates: Answer These 3 Questions To Begin Your BD Plan

Sometimes the hardest part about starting a task is, well, starting the task. And if I've learned anything from nearly 30 years in the business development business, it's that BD plans are often that project: the one that lawyers know they need to do, the one they plan to do, the one that they just can't get off the ground. That can be even more true for associates, who are often juggling multiple assignments from multiple partners working for multiple clients on multiple legal issues.

The good news is that your plan doesn't have to be written in stone or particularly formal or even follow a standard format. All you really need to do is ask yourself these three questions, then write down the answers:

1. What are you doing now that you would like to continue? Take a look at the work you've done – and the clients you've done it for – over the past six or twelve months. What did you particularly like doing? What do you want to do more of? Maybe you worked on an FCRA matter that you enjoyed. Or found that helping a client resolve a particularly difficult IP rights issue was something you were good at. Perhaps you were able to work for some specific client types, like family-owned businesses, or restaurant franchisees, or companies in the sports industry, that you would like to continue representing. The idea is to identify the work you like, and develop a plan for doing more of it. Not because you'll never do anything else (you might even come up with an entirely different list six months from now), but because without a plan, your chances of doing what you want to do are reduced.
2. What are your marketing strengths? No one would disagree with the statement that some lawyers are better writers than they are networkers. Or that some can talk to anyone about anything. So why shouldn't you focus your marketing efforts on your strengths, on those things that you like, that you do well, and that you want to do more of? Of course that doesn't mean that you should completely ignore a valuable writing opportunity, for example, because articles and blog posts aren't your favorite way to demonstrate your expertise. But it does mean that, all things being equal, you should play to your strengths rather than trying to fix your weaknesses.
3. What new things would you like to try? Without taking anything away from the two previous questions, it's critical that you think about what you're not doing, too: legal issues you'd like to know more about, marketing skills you'd like to acquire or hone, client types you'd like to represent. Your BD plan is the perfect tool for setting goals and aspirations, starting with new things you'd like to try. Want to get to know the craft brewing industry? Set a goal of joining a local trade association and attending four meetings in the next six months. Need to improve your public speaking? Join a Toastmasters chapter and make yourself attend meetings. After all, it's your future.

Are Your Cross-Selling Efforts Stalling? Maybe You’re Doing It Wrong…

Whether you call it cross-marketing or cross-targeting or some other variation on the theme, cross-selling is not a new concept for most lawyers and firms. And it’s not particularly complicated to do: align the work you actually provide a client with the services they need, and implement a program for connecting their needs with your practices. Easy-peasy, right? So why is it so hard to find cross-selling success? Here’s what I’ve learned over the past 25 years:

1. You’re focused on the wrong solution. By framing the problem as “how do we cross-sell more services?” you’re unwittingly eliminating all the other ways you can derive value from your client base. Yes, expanding the scope and breadth of representation is a pretty solid way to maximize a relationship with Company X or Y. But your existing clients can provide you a wide range of other types of opportunities. Perhaps you can use expertise you’ve gained working for an industry leader to create a practice devoted to solving the problems of similar businesses. Or draw on the individual relationships you’ve developed with clients to get more referrals. Or even work with an in-house lawyer to author an article that allows you to share your insight with a new audience. Whatever the tactic, if you re-frame the problem as how to leverage the value of existing clients, you’ll have a new perspective on solving it.
2. You’re not trying hard enough. Cross-selling is hard. It requires perseverance and time, the kind that is measured in years, not quarters of an hour. You need to bring people together and ask them tough questions and find compromise and solutions that may not please everyone. There are no shortcuts to successful cross-selling initiatives. Most firms – and many lawyers – don’t have the patience and long-term vision to pull that off. Sure they’ll introduce an IP lawyer to their real estate client, but they give up on the concept of cross-selling if that single new relationship doesn’t bear fruit in a month or two. That’s not to say that you’re never going to get results with a single phone call, but if you want your cross-selling efforts to produce new representation you’re going to have to work at it.
3. You’re setting the wrong objectives. It’s true: most firms look at cross-selling as a way to grow their revenue stream, to increase profits with minimal expense. After all, the cost of expanding work for an existing client is always going to be less than that of acquiring a brand new client. And that’s a fine objective: like every other business, law firms have to make money to survive. But the firm that seeks to provide more work to current clients because that’s the best solution for the client – because it allows the client to increase efficiencies and drive down costs, because it allows them to benefit from the institutional knowledge their lawyers have of their business, because it offers them better services at a more reasonable rate – is going to be more successful than the one looking to make more money.

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What could you do to improve your cross-selling efforts?

(Originally posted at Zen and the Art of Legal Networking)
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6 Ways to Make Your Attorney Retreat a Business Development Success

Most firms have an annual attorney retreat of some type: all lawyers, all partners, all associates, etc. These events provide attendees with a chance to reconnect with colleagues, learn about new client successes, hear how the firm is doing, and generally have a good time in the company of friends. But firm retreats also present a great opportunity for each and every attorney to enhance their business development efforts. Here are six ways to do that:

1. Schedule your meetings.
   Yes, you'll probably talk to most of the people you already know, those you've been waiting a year to catch up with, those who owe you a drink. But unless you actually reach out to the people you need to see – before you get there – you are probably going to miss a few of the colleagues that could be in a position to give you work one day.
2. Do your homework.
   Want to work for some of your firm's marquee clients? It's not enough to tell the relationship lawyer that “you're available.” You need to express real interest in working with her client, tell her about work you've done for other clients in similar situations, and most importantly describe how you could help solve problems that her client is currently going through. That means doing your homework, and figuring out how you could actually help her client save money / avoid litigation / etc.
3. Fine-tune your story.
   The elevator speech is alive and well. And having a good one is probably as important at the retreat as it is at any networking event: because there will be a lot of competition for the eyes and ears of those colleagues you're trying to reach, you need to be able to tell your story – that which makes you interesting – quickly and concisely.
4. Be friendly and interesting.
   Your colleagues – just like your clients – want to work with people they like. So put on a happy face, smile, laugh, and enjoy yourself, because those are the traits that will ensure you get phone calls from fellow attorneys.
5. Get out and mingle.
   Client emergencies aside, there's no reason you should spend the whole retreat locked in your room or the hotel's business center. It's OK to get away to recharge your batteries, of course, but a big part of why the firm is sending you to the meeting is to get to know and improve your relationships with your colleagues.
6. Think big.
   More likely than not, every initiative you cook up with your colleagues at the retreat isn't going to come to fruition. All the more reason to think big, and set some big-picture business development goals that are going to take time and effort and meaningful intent to bear fruit. You might not get to them all, but you'll probably find that working together to achieve some challenging objectives leads you down paths to work you might never have considered. 

5 Things I Learned at the In-House Counsel Panel at #LMA16

Last month I attended the Legal Marketing Association annual meeting, two days of presentations on how lawyers and firms can better market their services and grow their practices. The highlight of the conference was the in-house panel, which this year featured Vince Cordo, Global Sourcing Officer at Shell, Matt Fawcett, General Counsel of NetApp, and Paul Drummond, Senior Legal Counsel at AT&T. Elizabeth Duffy of research firm Acritas led the discussion.

Here's what I learned: 

1. Value matters. 

Although the panelists agreed that there was no one, standard, definition of "value," they all made it clear that they look to their outside lawyers to bring some form of value to the relationship, such as helping the company meet certain financial objectives, moving the stock price, efficiently resolving problems, anticipating legal issues, and more. The challenge for firms then becomes figuring out how each individual clients defines "value," and providing that.

2. Feedback matters. 

The in-house panelists all agreed that they wished their lawyers did more surveys. They felt firms miss out on an important opportunity to improve the relationship, to learn what their clients don't like and stop doing it, when they don't seek out more feedback from clients. What's more, they made it clear that have things to say – about delivery of service, about skill sets, about how we can make them happy – that they not telling us simply because we don't ask. 

"We don't hire lawyers. We hire law firms."

3. Teamwork matters. 

This was perhaps the most surprising thing to hear, because the idea that clients hire firms, not individual lawyers, flies in the face of what we've been told about the importance of personal relationships in the legal industry. It's important to note that their point was not that they do not expect strong rapport between the in-house and outside counsel; rather, that they give work to firms based on bench strength, on the breadth and scope of skills, on creating and maintaining an environment where everyone contributes and gets credit for their work. 

4. Fees matter. 

Although Paul Drummond told the audience that efficiency is often more important than price, going as far as to say that price is "irrelevant [and] independent of expertise, quality," and other factors, the panelists made it clear that cost continues to be a factor in evaluating the performance of outside counsel. And it was equally clear that the companies on the panel are pushing back harder on certain types of fees to restore balance, to move from a place where legal costs are based on the law firm's perception of value rather than that of the client.  

"Law firms call them 'alternative fee arrangements.' We call them 'appropriate fee arrangements'"

5. Metrics matter. 

The panelists made it clear that clients – now more than ever – are using metrics and data to drive efficiencies and cost-savings. They're all looking at a broad range of data points when evaluating law firm performance, trend that appears to be here to stay. The good news is that they're not shy about telling law firms what they're doing: all you need to do is ask. The better news is, according to Matt Fawcett, the competition hasn't started asking yet…

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So what can you learn from the in-house panelists at this year's LMA conference? That your client is probably more than happy to tell you how you can make her happy. You just need to ask.

3 Reasons Why Every Lawyer Should Study JD Supra's Readers' Choice Awards

JD Supra just published their inaugural Readers’ Choice awards, featuring top authors and top content across 26 categories in 2015. The accompanying report provides critical insight into who’s reading what – and in which industry – that every lawyer should know. Some observations:

Clients Read What They Need To Know

First, the awards make clear that the “secret” of leading authors on JD Supra is to give the people what they want. These authors are writing about the issues relevant to the companies they want to reach. That may seem self-evident, but it’s not. Because it means you have to step away from your perspective as advisor, as someone who knows what her clients SHOULD be worrying about, and step into the shoes of those clients trying to understand a hundred different and diverse legal issues all at once. Of course you can (and should) write about issues you think your potential clients need to know. But if you’re not analyzing the developments they think are important, you’re not going to gain the credibility that will lead them to take your word for it.

This is particularly important because the issues keeping your clients up at night may not always be the ones you think. A top concern of Silicon Valley, according to the report? Immigration. Of insurance companies? Cybersecurity and data breaches. Of businesses in the broadcast media industry? Employer liability. And of course you may already know this (200 lawyers writing on JD Supra did…), but the point is the same: you’ve got to drill down and figure out what’s important to the people you’re writing for, if you want them to read your work.

Content Marketing Works

Second, the reader analysis done by the folks at JD Supra demonstrates that content marketing is working: industry insiders really do read the legal analysis and insight that you post online. A quick look at the “notable readers” makes that clear: people from Chevron, Johnson & Johnson, Amazon.com, Time Warner Cable, Wells Fargo, Cisco, Microsoft, Texas Instruments, Bank of America, Office Depot, Medtronic, etc., are going to the Internet for guidance on understanding and responding to the legal and business issues they face every day.

Less Is Definitely Not More

And finally, while it may seem obvious, the awards really drive home the point that you shouldn’t ignore a topic because you’ve already written about wage and hour law, or because your competitors have covered data breaches in the insurance industry, or because there’s nothing more to say about the Affordable Care Act. Your job – like every other lawyer – is to demonstrate expertise on the subjects that matter to your clients. A single article does not do that: you must write about the topics you know again and again and again. People are going to read your work when they need it, so your job is to make sure that when they are trying to understand an issue, your analysis is available to them. You do this the way almost every author in these awards did it: by turning up again and again and writing what matters to your readers and clients.

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First published on JD Supra

3 (More) Ways to Jumpstart Your BD in 2016

Want to do better in 2016? Give your business development a boost. Here are three ways:

1. Talk To Your Colleagues. 

Although you pass each other in the hallway 12 times a day, how often do you stop and talk business development with your fellow lawyers? Why not set aside one lunch per month to get together with one or two of them and talk business development? It doesn't have to be formal, you don't need to bring your BD plan as reference, you don't have to justify what you did or didn't do last month. You just have to talk about clients and opportunities and ways you might be able to get new work. 

2. Drop Your Clients a Line. 

You know it's true: most of the correspondence you send clients is about work – status updates, compliance questions, filing deadlines, and the like. But it doesn't have to always be that way. What if you made an effort, again once a month, to find one article or blog post that one of your top clients will find interesting? Perhaps it's an article about their alma mater, or a ground-breaking development in their industry, or even news from their home town that you can forward along with a "this made me think of you" cover note.  They'll appreciate it.

3. Make an introduction. 

No matter how long you've been practicing, you probably know several people who would benefit from knowing each other. Perhaps your accountant and your biggest client both like to sky dive. Or maybe two clients in complementary industries went to the same college but have never met. Whatever the connection, what if you made the effort to figure out who would gain from an introduction and then put them together? Wouldn't your contacts appreciate it if you made three or four introductions over the next 12 months? 

Make 2016 a great year.

3 Questions As You Rewrite Your BD Plan for 2016

The end of the year is always a good time to take a hard look at your business development efforts of the last 12 months: what worked and what didn't, where you want to spend your time and effort next year, etc. If you're going through that exercise – and you should be – here are three questions you should ask yourself:

1. What do I like to do? No, I'm not talking about horseshoes or hang-gliding (though there are no doubt many lawyers who have turned these and similar interests into BD tactics). Instead, you need to figure out what you enjoy, what you're most comfortable doing, and what you don't like, so that you can shape your BD efforts accordingly. Put another way: if you're more at home in front of the keyboard than in front of a crowd, you probably should put public speaking lower on your list than starting a blog. Because you're not going to actively engage in BD activities you don't like to do.
2. What makes me special? Obviously, you wouldn't be a successful lawyer if you didn't bring something special to the table. Something tangible for your clients. Something that makes you stand out, that makes them continue to give you work. Once you figure out what that is – you might even consider asking one or two of them – you can start figuring out a way to exploit that strength, to determine who will be most interested, to articulate that which sets you apart from the competition.
3. What is the market telling me? Staying on top of trends in the market – what regulators are doing in your key clients' industries, what's going on in China, how the presidential election is likely to change the way your clients do business – is essential at all times. But as you're trying to figure out where your biggest opportunities will lie in the coming year, you should be paying closer attention. A good place to start is BTI's recent Mad Clientist blog post reporting on a survey of more than 300 General Counsel on the areas in which they plan to spend their legal services dollars in 2016.