Business Development Requires an Understanding of Business
Relationships lead to successful legal sales. In the annual 2009 Inside Counsel Survey on Legal Department Operations (PDF) builds on the importance of understanding business. The survey found that the top three attributes that in-house counsel find most important to managing their departments are business acumen, legal department knowledge, and financial acumen.
Want even more proof of just how important relationships are to successful legal sales and ongoing relationships? Consider something Janet Langford Kelly, Senior Vice President and General Counsel for ConocoPhillips recently said in a Special Section to Inside Counsel (December 2009): “My direct reports who serve our business divisions have dotted reporting lines to the heads of those divisions and sit on their management committees.”
Relationship building and gaining and understanding of a client or prospect’s business are areas of law selling that aren’t often fully explored. However, they are key elements of the business development training workshops and seminars presented by The Closers Group.
Having spent many years working for in-house counsel and as a trial consultant, I was fortunate to learn how important understanding business is to the client selection and client retention processes. “Go, Read, Know” may be the traditional marketing bromide, but when you get to “know,” make sure that you’re not just learning what seems like key information about your clients and prospects. Focus on getting to know their business, learning what your clients and prospects need to know about their industry, and take the time to know how they serve their clients.
Good fences might make good neighbors, but business development success takes forging strong relationships – and developing a keen understanding of business.
