Careers
Worried Partners Secretly Seek Business Development Help
Posted Apr 28, 2008 1:45 PM CST
By Martha Neil
Worried about drastic cuts in compensation and possible de-equitization, many partners at major law firms in the Philadelphia area are trying something new to enhance their marketability. An unprecedented number reportedly are secretly seeking help from career counselors with their business development skills.
"Pretty much 100 percent of marketing consultant Stacy West Clark's clients were law firms up until the first attorney came to her about two years ago. It was really in January, however, that Clark started seeing a number of high-profile attorneys seek marketing help on their own dime, without the knowledge of their law firm," writes the Legal Intelligencer, in a lengthy article reprinted by New York Lawyer (reg. req.).
"People are very, very hungry for help developing a book of business," she says.
Even those who have a substantial client lists are interested in adding to them to make themselves more marketable as lateral hires at other law firms, experts say. Smaller firms like to see a book of at least $500,000, while many others expect $750,000 to $1 million. At the upper end of BigLaw, $2 million is desirable, but $1.5 may be acceptable under some circumstances.
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Comments
JR
May 2, 2008 8:01 AM CST
Wny the secrecy? Firms and partners should devote time and effort to marketing. Many firms have a formal structure for that endeavor.
dw
May 2, 2008 10:01 AM CST
JR, I think that, ” to make themselves more marketable as lateral hires at other law firms,” answers your question.
the women lawyers coach
May 2, 2008 11:43 AM CST
I think the secrecy is more hype than not. I’ve been working with lawyers for 17 years in professional and business develompent. Currently I have 16 coaching clients. None of them keeps it a secret from their respective firms. On the contrary, they let their firms know that they are investing their own time and money into developing their practice, which will ultimately benefit the firm. (Note: If the partners who hired a coach in January have a secret wish to make a lateral move, they had better get hopping, because business development requires a pipeline that is built over time.) The part I find intriguing, is that the partners pay out of their own pocket. Every single one of my clients pays out of pocket also. It amazes me that firms will reimburse a $300 dinner or $500 for sporting event tickets, but not $195 of individual coaching to close the deal or find an effective way to approach a new prospect. Lawyers understand that one-on-one coaching works (or they wouldn’t foot the bill for it), but many of their firms aren’t quite there yet.
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