Talk about scarcity.
Only 25.86% of attorneys in law firms enjoy engaging in business development. Another 8% say they have a strong interest in learning. Interest takes a nosedive from here.
We found 5 big influencers on attitudes towards engaging these BD enthusiasts, these include:
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- Personal motivation — certain people enjoy the business development process. It’s s in their DNA.
- How the firm talks about business development — BD discussions vary from celebrations to silence except for performance reviews.
- Access to watching rainmakers in action — watching these masters in action is motivating and educational — and rainmakers admit to learning by including less experienced attorneys.
- Care and feeding of these rainmakers. Some rainmakers will tell you they succeed in spite of their firm while others get all the resources and support, they need. The outwardly supportive firms have more enthusiasts — it is a more inviting approach to most.
- Firms, where rainmakers encourage less skilled (and often more junior attorneys) to help, are also more engaged.
Firms celebrating business development have proportionately more BD enthusiasts than others. These firms spread the word widely about wins and pursuits and point to team wins.
Contrasting Firms With High Attorney BD Enthusiasm
The majority of attorneys tell us they are left on their own to develop their BD skills — they get minimal training and guidance. This is in stark contrast to the firms with more BD enthusiasts. It takes time and energy to create the environment fostering BD engagement — but well worth the investment.
Please join me in congratulating the following 44 firms for developing, keeping, and engaging the most BD-enthused attorneys:
Arnold & Porter
Baker Botts
Baker Donelson
Ballard Spahr
Banner & Witcoff
Blank Rome
Constangy, Brooks, Smith & Prophete
Cozen O’Connor
DLA Piper
Dorsey
Eckert Seamans
Fenwick & West
Fish & Richardson
Foley Hoag LLP
Galloway, Johnson, Tompkins, Burr & Smith
Goldberg Segalla
Greenberg Traurig
Honigman
Jackson Lewis
Jones Day
Kelley Drye
Lane Powell
Latham & Watkins
Lathrop GPM
Lowenstein Sandler
McDermott Will & Emery
McDonald Hopkins
McGuireWoods
Morris, Manning & Martin
Pillsbury
Polsinelli
Quinn Emanuel Urquhart & Sullivan
Reed Smith
Ropes & Gray
Rutan & Tucker
Severson & Werson
Seyfarth Shaw
Skadden
Spencer Fane
Stinson
Vedder Price
White & Case
Wilson Sonsini Goodrich & Rosati
Winstead
Boosting the Number of BD Enthusiasts in Your Firm
Any firms wanting to boost BD efforts can start the process today. I recommend:
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- Celebrating all major wins by practice and office — with names of the full team who supported the effort
- Discuss major wins at the start of firm meetings
- Encourage interested attorneys at all levels to get involved in pursuits
- Seek out and nurture attorneys with interest in BD
- Double down on BD training for the willing and interested while training the rest in client service
Law firms can find more BD enthusiasts by looking inside. They will make themselves known as you increase the BD’s visibility.
Few law firms have too many business developers — and the coming market suggests they will only need more. Start with your firm — and watch these efforts convert the BD interested to enthusiasts — increasing this strategic cohort by up to 1/3 in your firm.
Space is already filling up fast for the BTI Market Outlook and Client Service Review webinar — now in its 15th year. Learn where clients are spending, the law firms clients recognize as the Leading Edge Law Firms — ready for whatever crazy thing the future throws at them — and so much more. This is a sell-out event — register today!
Best in the market ahead –
MBR