Legal Marketing & PR

Where New Business Comes From ... And How You Can Get It

By Larry Bodine

First, let me share some truths about rainmakers. They have achieved mythical status because of their seemingly magical and effortless ability to generate new business. It takes only a small number of rainmakers (10 percent to 20 percent of all lawyers) to keep an entire law firm busy. They are the lawyers who run the firms they're at, they control their own destinies, and they have high job satisfaction.

Now let's dispel the myths. Rainmaking:

• Is not a dark art, voodoo, or the ability to hypnotize prospective clients;
• Does not require a charismatic personality, good looks, or 'silver hair at the temples';
• Does not require pitching, hitting on people, or having a 'sales' personality;
• Can easily be done by introverts (the gift of gab is not required); and
• Has no downside; rainmakers do not risk getting hung up on or having doors slammed in their faces.

I've interviewed dozens of rainmakers and found that they all have one thing in common: they have a lot of relationships. Everyone in town seems to know them, and they have everyone else's phone number and email address.

More important, rainmakers have an owner mentality. This means they are very good at what they practice, but they also realize they must keep themselves – plus a few other lawyers – busy. They are entrepreneurs who do not have an employee mentality; that means, they don't regard coming to work as a job at which someone else will give them assignments. They've evolved from worker bees into the lawyers who give out the assignments.

Any Lawyer Can Be a Rainmaker

The good news is that any lawyer can be a business developer without changing his or her personality. All the skills that make a person a good lawyer – being a good listener in a deposition, having an analytic mind when writing a brief, being a skilled questioner in court, being organized enough to juggle multiple files, and being hard-working – are the same skills required for being a rainmaker. Rainmakers:

• Are good listeners in a new-business meeting. They ask clients and prospective clients business questions and listen to the answers. They take a sincere interest and remember what they hear. Some of the best rainmakers are introverts who hate to be the center of attention; they deflect the spotlight by simply asking questions.
• Have analytical minds that can spot business development opportunities. For example, when a client mentions problems with 'credit disputes,' the rainmaker hears 'potential litigation.'
• Skillfully ask business questions like 'how are you coping with the recession?' or 'are your board members happy with the company's results?' or 'do you have a lot of foreign nationals working for you?' These questions are designed to get other people talking about their business problems.
• Are organized and have a checklist of clients, referral sources, and prospective clients to meet with.
• Equate business development with billable work. They know that the time they bill will determine their income, but the time spent on business development will determine their future.

The Four Best Sources of New Business

Good business developers also know where to look for new files and clients. Those sources are, in order....

For the rest of the story, visit the LawMarketing Portal at http://bit.ly/dAtceP

Full post as published by Larry Bodine's LawMarketing Blog on May 10, 2010 (boomark / email).