Clients are the lifeblood of any law firm. However, many firms-“local attorneys near me”, for example-have no systematic incentive to encourage their lawyers to develop business or work with other people to attract those ideal clients. Even worse, the policies and behaviors of many law firms discourage new business. Rainmakers are often the founding partners of a firm, the senior most partners and a select few up-and coming individuals. Everyone else has to work hard in order to serve clients brought by someone else. There are even firms built around one or two “rainmakers” – get more info.
This is sustainable for a short time, but it falls apart as soon as a rainmaker or big client defect.
It is in fact justified, given the impact and outbreak of COVID-19’s economic crisis. Law firms should seriously consider other ways to deploy talent for their own profitability.
Take a proactive approach to business development Many law firms are upset that their lawyers don’t do enough business development, and they blame the ones who fail at it. Is it really their fault, though? Most law firms instruct their lawyers not to do anything but legal work, as they have no training in business development. Your firm already has a business development culture, whether you like it or not
You are mistaken if you believe that there is no business development culture in your company. If you don’t create a culture for your organization, one will develop organically. A culture created accidentally, rather than intentionally, is not likely to be helpful in achieving the goals of the company, whether it’s attracting and retaining top talent, grooming the next generation of leaders or protecting the financial future. Who succeeds by accident?