The legal profession has shifted dramatically. In today’s highly competitive environment, lawyers are expected to possess a broader skill set. It’s now not only about legal acumen but also demands a level of business savvy. Business Development (BD), once viewed as an optional task if time allowed, has become an indispensable aspect of the job.
In fact, the BD approach taken by both current and future partners holds the key to unlocking fresh opportunities and driving revenue. Lawyers and law firms alike must embrace this shift in mindset. Those who invest not just time, but also resources into BD, are poised for success in this evolving legal landscape.
A recent in-depth study conducted by DCM Insights, as featured in the Harvard Business Review, delved deeply into the habits of rainmaker partners. This research provided illuminating insights into the specific behaviours that distinguish successful partners in the modern legal world.
The research
The study identified five distinct partner profiles, each with their unique approach to business development. While each partner exhibited traits of multiple profiles, they excelled in one.
It’s absolutely fascinating and no matter your role in a law firm, whether you’re a lawyer or a BD exec, you’ll undoubtedly recognise these traits from the partners/lawyers in your team/firm.
So, what are the five partner profiles?
The five partner profiles
1. The Activator
An activator is proactive in building networks, converting prospects into clients, engaging on platforms like LinkedIn, organising events, and fostering connections across the firm.
2. The Expert
The expert is a reluctant networker. They’re often reactive in their BD approach, relying on their expertise to attract clients.
3. The Confidante
The confidante is the trusted advisor lawyer, who has a small group of loyal clients, handles all the work they bring in personally, and is reluctant to share it with their team or to cross-sell to other departments – they want to keep control of the relationship.
4. The Debater
The debater is opinionated and they seek to challenge clients’ perspectives and reframe their thinking to create unique differentiators in the market.
5. The Realist
A realist partner is transparent, honest, and pragmatic, managing client expectations realistically.
Which partner profile achieves the best outcomes?
The research showed that partners falling within the ‘activator profile’ – those who proactively build networks, actively engage with clients, and create meaningful connections – outperform other profiles regarding performance and revenue.
Interestingly, partners in law firms are heavily weighted toward the confidante profile. Yet it’s the experts and confidantes that are most likely be be in the low performers category, indicating room for growth within the legal industry.
Of the high-performing partners (in terms of revenue and performance), the majority were activators, while the lowest-performing bracket contained very few activators.
Times have changed, and while some clients may still routinely go back to their existing firm based on familiarity and long-standing personal relationships, many are now reevaluating and instead want to choose the best provider. So, adopting some ‘activator’ behaviours is essential.
How to become an activator partner
1. Commit
Don’t let your day job overshadow your BD commitments. Dedicate specific time to your business development efforts and structure that time purposefully. We recommend starting small. Commit to 15 minutes a day for networking activities. Be specific and actionable, like engaging with three new connections on LinkedIn every Monday and following up on business cards from events on Wednesday.
2. Connect
Set goals for making new connections and attending relevant events. Following up after events is crucial and using LinkedIn to do this is often a great way to do this. Sending a quick follow-up message post-event is a great start.
Look for opportunities to connect your clients with colleagues who can add value to their businesses. Make introductions that matter, demonstrating your commitment to their success. For example, if a connection has recently moved to your city, offer recommendations and support, building the connection beyond the professional sphere.
3. Create
This is where you start to ‘activate’ the network you’ve created – and it’s all about being proactive without being salesy. A good rule of thumb is to try and help them personally, introduce connections and assist others genuinely without the expectation of getting new work.
This could include proactively bringing relevant information to your clients and checking in with them regularly, sharing articles or news stories that might be of interest, and offering to discuss them further over Zoom or coffee.
Becoming an activator partner requires commitment, active networking, and a proactive approach to client engagement. By following these steps and embracing the activator mindset, you can elevate your business development efforts and create a positive impact on your firm’s growth.
But what about the firm itself?
BD and networking isn’t something taught at degree level or as part of the training process so it can’t be expected that all lawyers are born networkers – but it is absolutely something that everyone can be taught.
Firms must invest in BD training, enabling activators at every level and for the best results, As with most things, practice makes perfect so starting at the associate level makes for fantastic future activator partners.
Thinking about how the firm structures events to encourage meaningful conversations, how it rewards activator behaviours, and creates a healthy organisational culture that supports proactive networking are all things that can help foster a community of activators, driving success in the competitive legal landscape.
Need help on putting this into practice? Feel free to reach out to us for support and guidance.
