Can Using Business Development Effectively Give You a Competitive Edge? by Lindsay Griffiths
T
he obvious answer to the title question is of course, yes. Last night, I had the opportunity to join William McLaughlin, the Business Development Manager for Southeast Asia at ZICO Law, on a webinar for NEXL, a business development platform. We had a robust discussion around this topic which I’ll share when the recording is available, but in the meantime, let’s delve into some of the questions that I’d considered in advance and where lawyers and law firms are today when it comes to business development.
Is Business Development Different from Marketing? I really hope that everyone reading this already knows that the answer to this question is yes. Historically, law firm professionals (meaning those in your marketing departments) have always understood the difference, but lawyers and law firms have expected them to wear both hats. However, over the last several years, firms have begun to understand the difference and are heeding the professionals’ advice to segment out these two functions within firms. Although some smaller and mid-sized firms still have only one person (or one person per function) in many cases, you’re seeing more finely delineated actions associated with both roles. This will also be dependent on geography (as we discussed during the session last night).
How Have Clients’ Expectations Changed Over the Last 1-3 Years Regarding Business Development? Firms don’t do anything unless their clients drive it. And while we still do business based on the adage that clients want to do business with those they know, like and trust, there is an expectation and understanding now, depending on the type of work and clients, that some firms will begin that process or include in that process a business development and, in some cases, operations professional, who is responsible for the “professional” side of the transaction. That person understands the clients’ business, the industry, the market factors, and will then bring in the relationship partner when the timing is right. As firms become more sophisticated and recognize that they are more profitable and efficient when run as businesses, and their clients demand this more and more, this will and has become more common. 10
Attorney Journals San Diego | Volume 219, 2021
What Are Some Effective, Competitive Business Development Strategies? Is there anything new when it comes to business development? Not really—the tried-and-true methods are successful for a reason. Sally Schmidt, President of Schmidt Marketing, Inc. authored a fantastic piece for Attorney at Work on “Six Business Development Strategies for Lawyers,” which suggests how traditional methods can be adapted for pandemic times (or dare we say “normal” times?). These ideas are ones to lean on and hone to be successful and effective—I’ll delve into a couple, but first and foremost, you need to come into any business development activity with goals and a plan—what is it that you want to achieve and why? Know who you want your clients and potential clients to be, and the techniques and strategies you’ll use to get them will become evident. • Cross-selling: I know a lot of lawyers hate this term, and so we’ve changed it to become a lot of different things, but let’s all be grown-ups and admit that when we put down our swords and share the table with each other, these tactics actually work. Take an honest look at your existing clients and referral sources (this includes those of you with a membership network like the ILN) and do a gap analysis— Sally discusses this in detail, saying that you want to look at where you’ve represented them in the past, both substantively and geographically. Then, put together a client team that can cover these services and jurisdictions. If your firm doesn’t have that coverage, look at your referral partners for those teams—clients don’t care about the details, they just want you to get the work done effectively and efficiently. If you already work well with your referral sources (again, think membership networks!) why not leverage them in this way? • Stay visible to clients: People often think of content as “marketing” and it often is, but you can easily translate it to business development. Is there a particular client that you’ve been trying to get more work from or a meeting with? Ask them to co-author an article or be a guest on your podcast. Look at what their company has been doing lately and write about some of their issues (broadly, of course), and then drop them an email with a link and why it might be useful. Content isn’t just for marketing.
