Despite the constant drumbeat in the legal press and within law firms, emphasizing the criticality of business development now -- no longer merely as the path to success, but now for mere survival -- too high a percentage of lawyers don’t take advantage of training and coaching offered by their firms. One theory that’s making sense to me is “delusions of adequacy.”
For most firms and lawyers, “BD training” is a catchall phrase that reflects a lack of awareness about learning and skill development. For reliable skill development and consistent application leading to measurable results, unbundle the learning mission into three stages: Education, Training, and Coaching.
There’s no chance that you can spend enough time networking to get a meaningful portion of your business from referrals. How much time does it take? Thanks to a Referral Institute study on business networking, we finally know how much networking time it takes to impact the amount of business you generate.
Generating business today requires that you abandon long-held beliefs and habits about selling, and embrace new ones that align with clients’ current expectations. Those include delivering an integrated solution to clients' problems, which means partnering with some entities that you might consider competitors.
Within the next week or so, most of you will see your business socializing schedule ramp up and continue through the holiday season. Receptions and holiday parties hosted by your firm, clients and other business contacts. Many of you recognize it as an opportunity to meet and reconnect with lots of new people. Here's how to make it enjoyable and effective.
About this time each year, law industry publications are rife with advice about “holiday marketing.” The advice tends to be about gift-giving protocols and using social events to network and create relationships.
However, today’s legal environment requires more substantial analysis and strategy, a “Holiday Marketing 2.0” if you will. Here's how
Too many lawyers waste time networking at bar associations and other lawyer-groups. Yeah, I know, you're hoping that, if you form relationships with these other lawyers, they'll refer work to you. Intellectually, that's certainly a possibility. However, over the course of your career to date, what percentage of your business has actually been referred by other lawyers? Unless you're an outlier, it's not enough to justify the time invested.
Last week, I encouraged you to free up time for BD by delegating as much as possible, i.e., firing yourself from any job or task that can be performed by someone else. Today, let’s look at the second way to free up time: Time-shifting.
What does it take to acquire a book of business sufficient to make you financially- and professionally independent, safe from the vagaries of changes in firm policy or compensation decisions? It’s been almost ten years since hoping for the best worked at all. What does today’s tumultuous legal service market require? Here's your answer.