Without announcements. Without memos. Without fanfare. And it only took 2 years.
After surveying corporate counsel for more than 30 years – we uncovered 3 big undisclosed flips in corporate counsel roles. They are living in a different world than just 2 years ago.
Tapping into these undisclosed changes is the difference between slogging for leads and igniting a flurry of high-rate work.
And it’s why a select group of firms are hitting capacity while others look on.
Our most recent survey of more than 350 corporate counsel reveals the new roles more than ½ of corporate counsel find themselves in:
Flip 1: The Shift to Trusted Adviser in Residence
Fully 88.7% are now C-Level advisors – up from only 50% last year.
Corporate counsel are now operating as de facto C-suite advisors
New technologies and digital transformation are joining business decisions and legal decisions at the hip. CEOs realize they need a legal perspective to inform their business decisions to grow. They naturally reach out to their corporate counsel for guidance.
These CEOs expect quick, succinct insight. They want to know what they can do; legal theory is secondary – but enough to inform the business decision. Corporate counsel are expected to answer as best they can with the information they have.
The clients work with the firms sharing their best ideas based on a combination of experience, intuition and creativity. And their deep understanding of the client. Corporate counsel know they won’t get the full briefing – but the initial thinking is more valuable here.
Flip 2: The Rise of the Growth Enabler
38.7% of corporate counsel now see themselves as growth enablers – more than doubling last year’s 14.3%.
These corporate counsel are sitting at the intersection of regulations and growth – tasked with finding the key to unlock new revenue streams, acquisitions, acquihires, protect IP and more. They want smart partners to brainstorm.
They relish new ideas and solution-building. Growth is no longer someone else’s problem – it’s on their desk.
Flip 3: No Longer Company Defender First
Defense didn’t disappear – it lost its monopoly.
Company defender dropped to 48.4% of corporate counsel – from 71.4% last year.
This trend can turn business development upside down – as years (and sometimes decades) of experience become less important than coming up with credentials to prove you can help companies grow.
Company defense is still a top priority – but enabling growth may be equally as important.
Savvy law firms are embedding themselves in client dialogue to learn how they can take a more active role in defending the company. This not only creates business, it brings you into the heart of client thinking – before needs arise.
Clients are not announcing these role flips. The successful business developers spot them in a heartbeat.
What winning firms are doing differently:
- Listening for the subtle changes in client requests and inquiries
- Treat any question as an invitation to learn more about the business needs – and where they intersect with law
- Offering up thoughts and opinions no matter how little information, whenever the opportunity arises
- Redesigning client feedback to tap into these issues
- Relying on dedicated business development executives to create meaningful ongoing dialogue on a regular basis
The day clients have been waiting for has arrived. So many corporate counsel want to be part of the business – and this is their chance.
They not only will throw this lucrative business to the firms who help them be successful – they will stick with you for a very long time.
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