Leigh Jones recently wrote an article in American Lawyer about how the current economic uncertainties have forced large law firms to tighten the reigns on bonuses. But does that mean firms should back off of bonuses completely? No. More and more, I am garnering interest from my clients to help make their incentive systems more contemporary, an example of which would be to reward newer partners and associates for bringing in new business.
 
Here is the magic of implementing such a system: associates, and seniors, and newer partners are motivated to further your firm’s business development and business generation efforts and as a result, the pipeline expands. A strong pipeline will help to offset the financial ebbs and flows of the economy in the future.
 
Relationships are the key into the Red Zone. Make training and bonuses in this arena part of your law firm’s culture, rather than an extraneous project. Rewards beget more effort in winning new business, which translates into a bigger bottom line, even in lean times such as these.

PROBLEM: What do we do with our up-and-comers?
 
RESPONSE: A true business generating pipeline includes ideas for deploying junior partners and associates. Take them to sales meetings. Encourage them to get their names out there via articles and speeches. With younger lawyers, the key is to encourage business development without undue pressure. Whatever they bring in is gravy, and you’re making a great investment in the future as well.
 
RESULT: Some firms are creating a true sales culture, from top to bottom. You can too.

PROBLEM: Our office has terrific attorneys but our revenue is flat.
 
RESPONSE: Organize and attack. Indoctrinate the lawyers in a basic business development truism: clients and prospects do not care about how great the attorneys are. They assume that to be the case. They care about what those great attorneys can do for them.
 
RESULTS: The effect of such an enhanced client service mentality will not only unearth new prospects but also develop new business from existing clients.

PROBLEM: I just lost my largest client!
 
RESPONSE: Setbacks should catalyze action, not cause paralysis. The firm should monitor and evaluate all such occasions where clients fall by the wayside to ensure that the lawyers responsible jump back into the business development fray with a new three-month action program.
 
RESULT: A crisis should spell opportunity. Losses should pump the collective adrenaline. If that kind of response becomes ingrained in the firm’s culture, odds are that the bottom line will actually improve at a reasonable point in time after every loss.

SO YOU WANT TO MAKE RAIN is the title of our new, 50 minute pro bono seminar offered to law firms, LMA chapters, professional associations, etc. It’s focus on business development is that rainmaking is both an art and a science. Not everyone who succeeds as a rainmaker has the innate qualities to do so. Not everyone who develops business even necessarily enjoys the process, at least not at first.
 
But there are systematic steps that can be taken to build and close more business. Let’s begin by taking a look at some of the basics, and then, over the next several weeks, move on to other skills and techniques. Some strategies and tactics seem obvious to anyone who’s already building a book of business. For others, these approaches need to be enumerated.
 
If, for example, you are not tracking and stayng in touch with law school colleagues or past classmates at your law firm, start doing so now.
 
Knowing what your competitors are doing is essential.
 
Looking for possible new areas of action in your professional specialty areas should be a regular part of your workload. Every time a legislature sneezes, you’ve got an excuse to contact clients.
 
Are you asking in-house counsel to introduce you to their colleagues? Are you offering to host a lunch where you can pick their brains to identify their future needs? In-house counsel like it when you do.
 
Join foundations and local boards of directors as a way to contribute to your community. But do give decisive preference to those with which in-house counsel or senior executives are already involved.