Breaking Down Law Firm Business Development Cultures: Struggle or Strategize

A BTI flash survey of almost 700 attorneys reveals decidedly different law firm business development cultures. Underappreciated and maligned by some — worshipped by others — business development is creating the next strategic and cultural divide.

We asked these attorneys to describe their business development culture — the results look like this:

46% indicate their business development culture is strategic, focused, well-resourced, and a priority within the firm.

The strategists talk about their firm boasting:

• • Account-based management
  • Client teams with budgets
  • Industry sectors with accountable leaders
  • Ongoing training
  • Strong partner support
  • Offer tools and guides
  • Redesigned origination credit systems
  • BD metrics in their strategic plans

54% suggest their BD culture is inconsistent at best and ranges to apathy and indifference.

Firms with inconsistent BD talk more about:

• • Inconsistent interest and enthusiasm
  • Partners selecting their own strategies and approaches
  • Partners avoiding business development
  • Attorneys preferring to be service partners
  • Individuals hoping to inherit clients from retiring partners
  • No collaboration between attorneys

The inconsistent firms can change the culture within their firm by:

• • Making BD part of the firm dialogue
  • Celebrating wins
  • Training the willing and interested
  • Offering tools and guides for all attorneys
  • Training associates to start the BD conversation and awareness early
  • Offering CLE with training
  • Training in skills before BD process

Business development is only going to get harder — we discuss here. And then even harder again. The firms investing and building now will enjoy a significant advantage over the others.

Firms building business development into their culture will gain more of the clients who pay premium rates — and are most likely to develop a long-term relationship with their outside law firms.

Clients are becoming more frustrated and burnt out on RFPs and pitches. This brings business development skills into the spotlight as clients become even more selective.

No amount of lateral partner recruiting will overcome a fundamental BD deficiency — and most of the top laterals prefer firms with strategic business development. This is not a coincidence.