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Darwinism article Feb-2016
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Darwinism article Feb-2016
1.
W hat would Darwin say about
an attorney’s ability to survive in business today? Which species of lawyer will evolve and which will become extinct? “Survival of the fittest” is a phrase relating to competition for survival or predominance. Currently, there are three species of attorneys competing for survival in the marketplace. The first is the worker bee attorney. This class of attorney is a skilled professional who bills a tremendous number of hours and primarily assists the busier attorneys at the firm. The second type is the rainmaker attorney. This is the big hitter who brings in the whales and drives business into the firm. Without this type of attorney, the mid-market and larger firms wouldn’t exist. They are also difficult to replace when exiting the practice of law. The last type of attorney is what I refer to as the “dreamer.” This motivated class of attorney envisions becoming the rainmaker someday, but doesn’t typically have the knowledge, skills or discipline to make the conversion. While the worker bee’s future is at risk based on the hours regularly handed off, the dreamer has the opportunity to not only survive but also thrive in growing a successful and pros- perous practice. He or she sees the road ahead and understands that building a book of business is mission critical to a sustain- able future. So, who will survive or become extinct in a harsher and overly commoditized industry? The answers to these questions are being answered every day in the news as law firms break apart, merge and new law school graduates struggle to find jobs. It has never been more obvious that the attorneys without books of business find themselves wondering what the future may hold. There are a number of approaches that attorneys can use to ensure future security and freedom in their practice. Here are four solid strategies for any attorney aiming to thrive in a competitive marketplace: Utilize your strongest relationships for introductions. They say in business, “It’s all about who you know.” The truth today is a little more specific than that. It’s really about “How you leverage the people you know.” Let’s take a moment to look at the importance of leveraging existing clients and strategic partners to obtain more business. As I’m sure you recognize, there are no better avenues to drive new business than a referral from a happy client. That being said, many attorneys don’t ask for referrals due to the fear of coming across pushy or salesy or desperate. Mainly, this is what I call “head trash.” The reality is that your client is probably happy to refer you, but just hasn’t been asked. Most attorneys feel awkward asking for introduc- tions primarily due to a lack of a proper process and appropriate language to get the desired response. While there may be some fear in leveraging these relationships, it is crucial to developing a bigger book of business. The first step is to clearly identify your best referral sources and simply ask them to lunch, coffee or dinner. Be prepared to discuss ways in which you can add value for them to ensure this is not a one- way street. A few examples of adding value for a client during this lunch would be to provide her or him with a quality intro- duction to someone that can add value to his or her business. This could be a potential client, vendor or consultant. Another way to make it easier is to first help solve a problem that is unrelated to the law. For example, ask questions about her family or other interests she has. You might find she’s looking to remodel her home and needs a good contractor. If you know one, offer the name. Whether the contact is a client or a good strategic partner, invest time with him. In addition to building goodwill, you will have a better opportunity to obtain a referral or uncover an opportunity to cross-market. In times like these, you are always better off utilizing existing relationships to find the most qualified new ones. Work to become a specialist. Bar rules state that an attorney cannot call herself a “specialist.” But when you are a true specialist, you won’t need to label yourself as such. The market around you will handle that directly for you. With more than 1.3 million attorneys in the United States, competition has never been fiercer. When survival is a factor in the marketplace, nothing compares to being well known and respected in a niche area of law. Take a moment and think about some of the attorneys you refer. In many cases, it’s because something came across your desk and you knew the best person to hand it off to. Many attorneys have shared concerns with me about focusing their practice and the possibility of missing opportunities that don’t fall under their realm. The reality is that the short-term gain of staying a generalist will not outweigh the long-term benefit of becoming famous in one specific niche of the law or a specific industry. There are two easy ways to find a niche that might work for you. First, think about the area of law that you have become really talented in. Second, think about something that you are very passionate about. For example, a very talented estate planning attorney who also has a passion for charity could become successful working with non-profits. Or a health care attorney who truly cares about the elderly could focus in the eldercare law. Take some time and research the industries or related niches where you have an interest. Try to better understand how many attorneys have a similar focus in that niche and how crowded the space may be in your particular locale. Lawyers that are known for particular areas are memorable and become highly referable by their peers. By focusing and eventually leveraging the Copyright © 2016 Law Bulletin Publishing Company. All rights reserved. Reprinted with permission from Law Bulletin Publishing Company. Darwinism in the marketplace: Worker bees and dreamers Volume 162, No. 29 CHICAGOLAWBULLETIN.COM THURSDAY, FEBRUARY 11, 2016 ® Serving Chicago’s legal community for 161 years ORIGINATION STATION Steve Fretzin is the author of “Sales- Free Selling” and the upcoming “The Lawyers Networking Handbook,” which will be released in early 2016. Fretzin has worked with hundreds of attorneys who struggle with daily job responsibilities, while attempting to keep a well-balanced life. His clients appreciate his “sales-free” approach to business development and his overall commitment to their success. STEVE FRETZIN
2.
experience of working
in a niche, attorneys can build a little empire by concentrating in one area. Embrace technology. Take a moment and think about how far technology has taken us in the past 20 years. We have gone from fax machines and corded phones to memory sticks and smart phones in what seems like a blink of an eye. One of the best and most underutilized tools from the past 10 years is LinkedIn. Most attorneys I work with tell me, “I’m on there, but not really using it.” While I understand that social media is scary and can be seen as a tremendous waste of time, there are some silver linings within the gray cloudy mass. The truth is that most social media platforms are not right for most attorneys. However, LinkedIn may be the exception as it is widely known by its successful users as the best networking tool ever created. There are three key elements to being successful in leveraging this technology to your advantage. First, you must develop a solid profile. People are watching you and you may not even realize it. Having a profile that is incom- plete or inaccurate can hurt your image. It’s similar to a resume that is riddled with typos. Invest 20 minutes and look at some creative and more elaborate LinkedIn profiles of your peers. Mimic what they are doing and update your profile until you reach 100 percent complete. Second, develop an appro- priate strategy for what you are trying to accomplish. If you aren’t looking to meet or talk with anyone, don’t set up a profile and stay off the site. If you are looking to get out there and promote your expertise, connect with the people who can help you advance your interests. If you’re like me and want the world to see you, be more open to allowing a variety of new people to connect with you. That being said, I don’t want to connect with total strangers. Unless they write and tell me why connecting would be of value, I will usually not accept their request to connect. The third and most important element of using LinkedIn is to use it to leverage your best connections to get quality intro- ductions. The greatest benefit of this platform is being able to actually see who your connec- tions know. For example, let’s say I have a client who has become a friend. I can go into her profile and pull up all of her connections. If there is one that seems like the perfect introduction for me, I could simply ask her what she thinks. Based on his response, I would follow up and ask her to make a call on my behalf to his friend and introduce me. It’s just that simple. I have been teaching LinkedIn for years, and it’s been a proven winner for new lead generation for attorneys. Find help. If you were to take a trip through Africa, from the bottom of the continent to the top, would you do that alone? How many people are able to become an expert at playing an instrument without a teacher? Business development is a learned skill. If you fall into the dreamer category and want to build your book of business today, it should be mission critical that you ask for help. This might be a mentor internal to your firm or an ally in your marketing department. Another option is to try to find an experienced lawyer outside of your firm who might be willing to invest some time in helping you develop some skills or a special- ization. One obvious choice is to research and select a coach or consultant that can help you directly in growing your book. There are many qualified people that you can hire to assist you. My only word of warning is to thoroughly research and vet the right person for you. Research him or her online and review recommendations on LinkedIn. Speak with his past clients to ensure he is driving results to the clients’ book of business. While there are many ways to improve your law practice during turbulent times, most people are moving along slowly, as if a car crash is holding up traffic. The idea behind Darwinism for the legal business is simple. The fittest will survive and the weakest will die. Try to utilize your relationships, become specialized and get whatever help you might need to ensure success. Copyright © 2016 Law Bulletin Publishing Company. All rights reserved. Reprinted with permission from Law Bulletin Publishing Company.
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