Blog Summary: Just like any other skill, you can learn business development. It stands as a significant challenge for many diverse outside counsel. By taking control of your business development growth, combine competency, expertise with proactive daily habits, and your book of business will grow exponentially.
Question we’d like you to ponder: If you aren’t actively seeking growth and improvement in your business development skill set, are you handing over control of your future to someone else?
The Current Situation: Most attorneys begin their careers aspiring to become partners. Yet, many don’t consider the vital role of business development or the challenge of selling their services and expertise. Our Rainmaker Summit Series revealed through interviews and research that the pressure to build a consistent book of business pushes diverse Sr. associates and partners towards in-house roles.
Consider these statistics:
- Women make up approximately 20% of partners at law firms.
- African American partners constitute 2.8%,
- African American women being less then 1% (0.86%)
- Asian American partners account for 4.4%.
- Hispanic partners make up 3.3%.
The Challenge: Why does this discrepancy particularly affect diverse outside counsel so drastically? Unconscious and conscious biases play a big part of both the firms and clients. More perceived risk for Diverse partners and Sr. Associates. It is believed to be a safer bet to go inhouse. Diverse individuals might lack robust networks or family/institutional connections. Also, If you don’t see individuals resembling you succeeding as rainmakers or partners, it becomes even more challenging.
So, I will ask the question again, if you aren’t actively seeking growth and improvement in your business development skill set, are you handing over control of your future to someone else?
Silver-Lining: However, there’s a silver lining: no one can hold you back from mastering business development. You can learn and elevate your law firm career. What would happen if you increased your book of business by 10% 20% or 30% next year? What if you brought in a substantial new client every quarter? Added to this is in-house counsels now challenge their law firms to evolve and prioritize hiring diverse partners to work on their matters.
To enhance your business development skills:
- Shift your mindset and attitude: Embrace action. Even minor improvements can significantly impact your practice and client acquisition.
- Dive into corporate sales training books. I recommend starting with “SPIN Selling” (preferably the workbook), “Solution Selling”, and “Hope is Not a Strategy”. You can also search online for solution selling or consultative selling books.
- Connect with successful partners. If they’re diverse, even better! Invite them for coffee or lunch and learn from their experiences.
- Enroll your clients as a mentor or coach. Ask about their preferences and how you should approach potential clients.
- Consider hiring an executive business development coach.
- Attend the “The Diverse Rainmaker Summit: Excellence in Business Development.” It’s a unique virtual half-day summit where diverse partners and in-house counsels will share invaluable insights and proven techniques to grow your book of business.
In Summary: Diverse outside counsel often grapple with the challenges and obstacles in building their book of business to the point where they decide to go in-house instead of building a career as a partner. However, by consistently securing new clients and expanding your account base, you not only become an asset to any law firm but also carve out more opportunities for yourself. Additionally, in-house counsels now actively urge their organizations and law firms to prioritize diverse partner hires. Remember, just like any skill, you can learn and master business development by intentionally and consistently working on it. So, what steps will you take today to create and control your future?