10 Tips for Developing Associates into Rainmakers
Today most law firms, large and small, expect partners to bring in business. In determining whether an associate makes partner, the firm usually considers whether the associate has the capability to bring in business.
Some firms don’t do a very good job of communicating this expectation to their young lawyers, however. In fact, some partners may actively discourage associates from spending time on business development activities, if that takes any time away from doing billable legal work. The firm then unrealistically expects a new partner to support himself with his own business like turning on a water faucet.
While firms that think longer-range may not begrudge the time an associate spends on client development, they don’t all have a policy for reimbursing associates for business development expenses. Young lawyers still trying to pay off student loans are expected to pay for any marketing lunches or other outside activities, bar association and section dues, and community association dues. Asking associates to lay out their cash to benefit the firm they are not yet members of can have a significant tempering effect on their efforts. Finally, some savvy law firms actively support mid-level and senior associate efforts to develop clients by providing time and financial resources, but very few provide real guidance to young lawyers about how to market themselves.
If you want the associates in your firm to one day become contributing rainmakers, here are 10 things you can do to promote and encourage their rainmaking efforts:
1. Take an associate along on lunches and other events for business development purposes, especially if that lawyer does work for that client. Introduce the associate to clients and prospects whenever possible, and allow her to witness your business development style. Debrief with her afterwards to explain why you approached the client or prospect in the way you did.
2. Talk to associates about what your firm expects of them. Share with them your experience in successful business development, including how long you knew or courted your clients before first getting business from them.
3. Encourage associates to get involved in state and local bar association activities, and reimburse local and section dues if they actively participate on committees. Attorneys give referrals to people they recognize. Speaking at bar association events increases credibility and visibility, but those opportunities tend to go to the lawyers who work to support the section.
4. If an associate does the research for a speech you give or an article you publish, share the authorship credit. Invite the associate to attend the speech and publicly acknowledge him.
5. Suggest topics that an associate might write an article about or give a talk on for a community organization. She may not realize that she already has sufficient expertise to be an author or speaker. Provide her name to program chairs and editors as a potential contributor.
6. Encourage associates to maintain contacts with former classmates. Some of them will one day be the CEO, CFO or GC who makes or influences decisions about where to purchase legal services. They will have more trust in lawyers who valued the relationship with them before they gained such power.
7. Invest in business development training for senior associates and newer partners. The old maxim that “you can get business just by doing good work” doesn’t hold true anymore. There is too much competition today. If training costs exceed your firm’s budget, insist that your associates read about client development. One of the best books for lawyers is Rainmaking Made Simple: What Every Professional Must Know by Mark Maraia. I must disclose that I do follow-on coaching for Maraia’s training programs, but my opinion preceded my work with the Maraia organization.
8. Ask your experienced associates to develop a 3-year marketing plan. Help them to see that business development requires sustained effort and delayed gratification, so they should start sooner rather than later.
9. Acknowledge the efforts your associates make, even before they result in new clients. Their business development activities make take years to really pay off, and they’ll need your encouragement to persevere.
10. Track business development hours and provide some sort of associate bonus for successful efforts that bring in work fitting your firm’s guidelines for new clients. People do what gets measured and rewarded.
The health of any law firm depends upon its ability to continually develop new business. The number of lawyers has more than doubled in the last few decades, significantly increasing competition. To keep ahead of the pack, good law firm management dictates grooming associates to become full financial contributors at their earliest opportunity.