What sets successful business developers—aka rainmakers—apart in today’s legal landscape? Inspired by a Harvard Business Review article and a recent conversation with a friend, Tyson breaks down a study that identified five different types of business developers and explains why only one type actually leads to sustainable firm growth.
Key Takeaways:
- The Declining Client Loyalty Trend: In 2018, 76% of clients stuck with their law firms; by 2023, that number dropped to 53%, and by 2028, it's expected to be just 37%.
- The Five Business Development Profiles:
- The Expert – Focuses solely on skill mastery, assuming clients will come.
- The Confidant – Builds strong client relationships but lacks a structured growth strategy.
- The Debater – Challenges clients and pushes hard for innovation but risks alienating them.
- The Realist – Offers brutal honesty but can be perceived as pessimistic.
- The Activator (The winning strategy) – Proactively builds and leverages relationships, making strategic connections and driving business growth.
The Activator Playbook – How to Grow Your Firm Like a True Rainmaker:
- Commit to Business Development:
- Set aside dedicated time (at least 2-3 hours per week) for networking, outreach, and lead generation.
- Balance time between nurturing existing clients and acquiring new ones.
- Expand and Leverage Your Network:
- Attend industry events and engage on LinkedIn.
- Introduce clients to other attorneys and create strategic partnerships.
- Set a goal to make three new connections per week.
- Create Value Before Clients Ask:
- Send legal updates, trends, and strategic advice without waiting for clients to request it.
- Offer proactive insights tailored to your clients’ needs.
- Choose 5-10 key clients and send them something valuable this week (a checklist, legal update, business tip, etc.).
Action Steps:
- Start blocking time for business development on your calendar.
- Actively seek and make three new connections each week.
- Find ways to provide unexpected value to clients to reinforce your authority and relationships.
Connect with us!
- Text Tyson at 314-501-9260 with your thoughts or questions.
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