A typical rainmaker added just over $1 million to their existing book of business since 2015. This increase is way ahead of any industry growth or other market-based phenomena. And it is 4.5 times bigger than the average partner’s increased bookings.

Unrelenting

This performance comes from one thing—unrelenting focus on clients. They understand relationships are everything and don’t consider the possibility they won’t deliver. Their clients know when budgets will change in real time, and they exude confidence to be a “turn-over partner”—a client calls in the middle of the night, shares a crisis, and can then turn over and go back to sleep, confident their rainmaker has it covered.

7% of Rainmakers Hidden and Waiting to Be Found

BTI research shows only about 7% of all partners are rainmakers in the largest 600 law firms. By contrast, 86% of partners say they lack the skills to develop new business in a meaningful way. This leaves 7% unaccounted for—these are rainmakers-in-the-making. Find them in your firm. Cull them out. Train them. Give them tools, training, and most importantly—access to your most strategic clients—where they can really build a relationship—and new business.

Unleashing Your Hidden Rainmakers

If you want to lose the 7% of up-and-comers, constrain them and don’t give them access to clients. Rainmakers and rainmakers-in-the-making hate to be constrained. They get their energy from clients—suppress the energy and you suppress the rain.

This 7% of up-and-comers are likely already high performers. But, they may not have the length of experience leadership typically expects. The risk of letting an up-and-comer loose on a strategic client is much less than the risk of keeping them from clients. Someone (think recruiter or another firm) will spot this talent and lure them away to the greener pastures of client access.

We realize this can mean hard decisions for law firms. What do to with your partner managing a strategic client but not booking new business? How to allow for more client-facing time and how to provide the infrastructure a rainmaker-in-the-making might need? And the advanced coaching, mentoring, and training up-and-comers crave. However hard the decisions, law firms will make them either passively through inaction or actively by preparing up-and-comers for outsized success. But the decisions need to be made.

MBR

Based on in-depth interviews BTI conducted with more than 160 law firm marketing leaders and 150 law firm partners between September 2016 and May 2017.

The post Rainmakers Kicking Big Time Butt: Increase Their Books 4X Others appeared first on The BTI Consulting Group.

Early seeds of change often present the best new opportunities. BTI’s new research has uncovered 5 emerging trends—2 are client driven while 3 originate from law firms. Each presents new tactics, or in some cases a new and much better version of an old tactic. But none of these are in widespread use—yet. 

1. Ratcheting Up Client Retention

Law firms large and small are working to turn “my clients” into firm clients. Law firms are developing truly robust client teams and taking deep dives to understand a broad set of client needs and how clients want their law firms to change and improve. These newly energized client teams are led by senior partners with budgets to fund them. Clients are noting these client service improvements—and the firms choosing not to make these investments—and awarding work accordingly.

2. Associates Acquiring Softer Skills

A small but growing number of firms are training associates in business development and client service, with content developed specifically for associates. Trained associates feel more engaged and deliver better client service to the partners. And the firms see long-term benefit in the change in culture as they bring client service into the career mix long before other firms. We see this in a few very large firms and many more smaller firms.

3. Full Tilt Client Feedback

The urge to institutionalize clients and develop more business is driving surging interest in client feedback. Firms are adding to their existing leadership and CMO interviews—which are always valuable—but can’t gain enough scale to drive change across a practice group or firm. By using independent, measurable and benchmarkable feedback, firms get new client traction.

Numbers Matter

Firms are reaching out to multiple decision makers within large clients, and across a large number of clients—dozens to hundreds of clients in a wave. Law firms have learned this approach not only boosts client service but drives new business—and, occasionally uncovers a previously unknown at-risk relationship.

4. Clients Asking for Succession Plans

GCs are asking their top law firms for succession planning for the senior partners. Clients see relationship partners near retirement and increasing lateral activity. Clients are not only asking law firms for succession plans—many want a voice in developing the plans. You only earn client service credit for your succession plan if you propose a plan—and ask for feedback—before your client asks you.

5. Clients Worry About Lateral Movement

Clients are now wondering aloud if their relationship partner is going to make a move. The almost fevered pace of lateral activity combined with law firms poaching practice groups is causing clients to sit up and take notice. Clients like love stability in their big, outside counsel relationships. Lateral moves are challenging this stability—especially when the client has limited experience with the new firm. Clients wonder openly about the operational shifts, perceived loss of institutional knowledge, ethical conflicts, business conflicts, and partner priorities.

The only known antidote: over communicate the most nauseating of details to your client on multiple occasions. And don’t let your client read about your move before you share the news with them.

Each of these trends signals an opportunity for your firm as change slowly unfolds. These 5 small and early trends will grow up into big trends. Each change is client centric—meaning as clients start to reap the benefits they will expect and then demand these changes of their law firm. Every law firm has a chance to jump on any, and in most cases, all of these trends. Jump now, while they’re still new and emerging.

MBR

The post 5 Trends Clients Want You To Jump On appeared first on The BTI Consulting Group.