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I Want My Attorneys to Act More Like Salespeople: What Rainmakers Do to Create Success

I Want My Attorneys to Act More Like Salespeople: What Rainmakers Do to Create Success. James Paterson Sr. Director, Product Line Management. We will cover…. Why is Rainmaking more important than ever? Who are Rainmakers and what do they do? How does my firm start making more Rain?

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I Want My Attorneys to Act More Like Salespeople: What Rainmakers Do to Create Success

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  1. I Want My Attorneys to Act More Like Salespeople: What Rainmakers Do to Create Success James Paterson Sr. Director, Product Line Management

  2. We will cover… • Why is Rainmaking more important than ever? • Who are Rainmakers and what do they do? • How does my firm start making more Rain? • How does Social CRM fit into all of this?

  3. Difficult Signs of the Times Peer Monitor Index - Q1 2012 EXECUTIVE REPORT - ISSUED 04.27.12 https://peermonitor.thomsonreuters.com/ThomsonPeer/docs/PMI_Q1_2012_v1.pdf

  4. 40 Attrition Rate (%) 80 Decile Areas of Law 30 60 20 40 10 20 0 0 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 60 50 Attrition Rate (%) Client Age # of Partners Involved 50 40 40 30 30 20 20 10 10 0 0 0 1 2 3 4 5 6 7 8 9 10 20- >20 0 1 2 3 4 5+ Some Clients Are At Risk Source: LexisNexis Redwood Analytics research on Client Analysis

  5. Yet Lower Profit Per Partner is Temporary? Source: Altman-Weil Flash Survey

  6. c Growing Firm Revenue is the #1 Priority 1. Which of the following are the top three (3) priorities for your firm, according to firm leaders? Source: ALM / LexisNexis

  7. Major Focus on Business Development? 6. How aggressively is your firm planning on pursuing these options? Source: ALM / LexisNexis

  8. The Business Development Forecast Really, really bright … with a high chance of rain. Get ready.

  9. Who is Responsible for Rainmaking?

  10. Rainmaking Doesn’t Need to be Like This! http://www.youtube.com/watch?v=Lteq60AVH0M

  11. Everyone has an important Rainmaker role

  12. The New Rainmaker? • rainmaker: n. informal • One who is known for achieving excellent results in a profession or field. A company employee who creates a large amount of unexpected business • Economic conditions + technology capabilities combine to create a powerful new role for Business Development • Potential “Rainmaker” position from identifying • New business opportunities with existing clients • Strengths to leverage in addressing new clients • The real profitability metrics behind current business (do more of this, and less of that)

  13. A Business Development Continuum Not everyone is ready to make a lot of rain … today Given the diversity of legal practices and firms, plus a good dose of business and economic reality, BD efforts will fall on a continuum of capabilities • Ad hoc marketing tactics • No dedicated staff • Limited technology / applications • Modest budgets • Rainmaker Forecast: light, spotty mist • BD plan and strategy • Dedicated / focused personnel • Leading edge technology / applications • Funding commitment to deliver results • Rainmaker Forecast: deluge

  14. Some Firms Are Already Proficient Source: International Business Development, September 8th, 2012

  15. Rainmaking is a Strategy

  16. Five Steps to Develop Your Rainmakers

  17. Becoming a Business Development Rainmaker Leadership Mandate & Backing • The Charter and a Real Job Description • Resources • Access to key players and information • Important • Without Step 1, accomplishing Steps 2, 3, 4 … is difficult, but not impossible

  18. Becoming a Business Development Rainmaker Tools of the Trade • CRM solution – at the heart of BD: Core capability doesn’t need to be high end; it does start your technology deployments • Business Intelligence: Broadens perspective to industry, competitors, trends … a real value add for clients • Analytics: Enables detailed planning, “what if” scenarios, and stress tests current value calculations for the firm • In an Ideal World: Fully-integrated systems and data • Step 2 is also a continuum • Deploy whatever you can, as soon as you can, to empower the BD function and the firm

  19. Becoming a Business Development Rainmaker Rollout / Reinforce / Repeat • Remember the Human Element in the mix • BD is responsible for combining the people, technology, processes and systems • Getting “buy in” is critical, as is detailed training • Everyone needs to understand the “why” as well as the “how” of any new steps • Reinforce the value and end game … constantly. • Leverage every early success to encourage good behavior • See, it works!!! Let’s keep it up

  20. Becoming a Business Development Rainmaker Share Information Liberally … as much as your internal “continuum” will allow • Practical considerations govern the degree of information transparency • Management access versus general access • Details for “my” clients versus the “firm’s” clients Share what you can Knowledge truly is power; more really is better; and success does breed success

  21. Becoming a Business Development Rainmaker Set your KPIs (Key Performance Indicators) • Deciding what to measure is really important: - Broad business objectives for the firm - Granular details tied to individual initiatives • Baselines are needed to determine change • Measuring and quantifying are necessary “evils” for making improvements and determining what happens next What you measure gets done

  22. Becoming a Business Development Rainmaker Make It Personal! “…don’t let anybody kid you. It’s all personal, every bit of business” – Mario Puzo,The Godfather

  23. Legal Has Always Been a Personable Business

  24. Social CRM – Building Profitable Relationships It’s About Being Personal, In The Social Media Age, and it’s More Important Than Ever!

  25. Who Is This?

  26. Of Course, it’s “Dooce”, aka Heather Armstrong! http://www.forbes.com/2009/09/02/twitter-dooce-maytag-markets-equities-whirlpool.html

  27. Social CRM Defined “Social CRM (Customer Relationship Management) is use of social media services, techniques and technology to enable organisations to engage with their customers” ---http://en.wikipedia.org/wiki/Social_CRM

  28. Social CRM Defined … from Brent Leary … from Lithium … from Laurence Buchanan

  29. Social CRM Media

  30. Social Media Marketplace

  31. Global Phenomenon

  32. With Healthy Interest Among Law Firms Source: ALM Legal Intelligence: Fans, Followers and Connections – Social Media ROI for Law Firms: February 2012

  33. Individual ‘Rainmakers’ Are Taking The Lead Source: 2012 American Bar Association Technology Survey Report

  34. Some Preferred Platforms Are Emerging Source: ALM Legal Intelligence: Fans, Followers and Connections – Social Media ROI for Law Firms: February 2012

  35. Social CRM Lessons

  36. A Tipping Point for CRM Evolution? Social CRM

  37. Link Tactics to Strategy to Accelerate Along the CRM Experience Curve Set specific BD goals

  38. CRM – Key Success Indicator Audit Measure 14 Areas to Gauge Success Goals Ownership Measurement Staffing Communications Relevance Contact Management Data Quality Marketing Business Development Integration Reporting Support External Knowledge Segment firms based on impact “Who Makes More Rain?”

  39. KSI Audit Results vs. Benchmark

  40. CRM is a Strategy

  41. How Can We Take Advantage of this to Make More Rain?

  42. “We have technology, finally, that for the first time in human history allows people to really maintain rich connections with much larger numbers of people.” -Pierre Omidyar, eBay Founder

  43. Developing Thought Leadership

  44. Choose Wisely to Support Your Business Strategy Client Interest Resource Commitment Measuring Hard and Soft ROI

  45. Anticipate Target Connect Prompt Guide Collect&Analyze

  46. Make It Personal Make More Rain Anticipate Target Connect Prompt Guide Collect&Analyze

  47. “Figure out the people part and the technology gets a whole lot simpler.”

  48. Q&A James.Paterson@LexisNexis.com@LNInterAction@jamespaterson73+1.919.297.1859

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