By
Terrie S. Wheeler, MBC, Founder
Vanessa K. Townsend, Esq.
More women have been graduating from law schools and becoming associates at law firms, with almost half of law degrees now going to women. Yet there is still a significant gender gap at the partner level of most law firms due to women dropping out of the partner track or leaving the field of law entirely. At the same time, law firms have been changing the way they approach business development—shifting away from relying on a few rainmakers to expecting all senior associates and partners to contribute to new business development. Because business generation is now a significant factor in determining which associates will advance and become partners, business development is a key skill for women lawyers who want to succeed.
Harry Keshet, Ph.D. is a social researcher and marketing consultant who has worked with law firms for over 30 years. In 2007, Dr. Keshet designed and conducted the Women Attorneys Business Development Study with the goal of discovering the activities, attitudes, and organizational factors leading to high origination among women attorneys. The study used a large, national sample of 423 women attorneys, 85% of whom were working full time and more than 50% of whom were equity or non-equity partners. Average origination dollars for the year 2005 for the women was $338,653 with the highest origination at $4 million.
The study found that there were 6 predictors of high originations for women lawyers. This blog post addresses the first two predictors: years of legal experience, and time spent doing business development each month:
1) Years of legal practice
The single best predictor of business development success for women lawyers was the number of years they had been in practice. As women develop their career, they build both legal and marketing expertise that helps them succeed. As their legal skill grows, so does their confidence and reputation and they increase participation in community organizations, pitch groups, and referral networks that help them grow their practice.
However, with more women leaving the practice of law, fewer women are gaining the years of experience that lead to business development success. Further, business development and origination are now being expected earlier in lawyers’ careers as firms shift away from the rainmaker business model. So what can young women lawyers do to hone their business development skills earlier in their careers?
- Develop Your Practice: first and foremost, a young woman attorney, like any new associate, must focus on developing her legal expertise. At the same time, however, she can and should practice providing outstanding service to clients and to the partners with whom she works
- Focus on Partners: work on building relationships with partners, as your current “clients.” Turn work in on time, be details oriented, and ask for feedback on your work. Take a partner to lunch and ask about how she built her practice and ask for advice on how to build your own
- Stay in Touch: Don’t lose track of your law school and college friends. Make a point of staying in touch with people you connected with (liked, trusted and respected). They will be the legal services decision makers of tomorrow. Meet them for lunch a couple of times per year. Make it a priority to stay in touch. Practice developing client relationships by developing the contacts and network you currently have
- Practice by Selling the Firm: While you can’t market yourself individually until you have solid experience to market, you can practice your marketing skills by marketing the firm. Ask to join pitch meetings or become active in a trade association with clients that interest you and your firm
2) Time spent doing business development each month
The study found that the more time spent doing business development each month, the more new business generated. In particular, spending over 15 hours per month on business generation was a high predictor of business origination.
This may seem like a lot of hours, particularly to someone who feels they are too busy practicing law to work on new business development. Yet, relationships take time to nurture and grow. If you don’t continually work on building your relationships, you may find you have very few clients and a lot of time on your hands! Be proactive in managing your relations by setting aside time each week for business development:
- Identify your top contacts: make a list of 20-30 current clients, prospective clients, and referral sources with whom you would like continue to grow your relationship. Keep a list with their names on your desk to keep them top of mind
- Meet with your top contacts: make it a goal to meet with one contact per week. Go to lunch, coffee, or a happy hour just to catch up
- Have a contact-focused agenda: don’t go with the goal of selling your services. Rather, your agenda should be focused on your contact. What can you do to help them personally or professionally? Who in your network can you introduce them to?
- Do What You Say You Will: introduce them to that contact, send them that article, etc. Keep a marketing file where you make notes of when you meet with people and list of follow-up items. Put a note on your calendar to schedule another catch-up meeting a few months down the road
Watch for Part II of this blog post that discusses how best to use a targeted approach to business development, participation in “pitch groups,” cross-selling other firm services, and asking clients for referrals.
Calling all Lawyers!
Participate in Dr. Keshet’s current research study on how attorney specialty and diversity effects business generation. The measures of diversity include gender, race, ethnicity (Asian American, Hispanic American and others) and sexual orientation.
We are seeking your assistance in informing attorneys at your firm. Our online questionnaire takes less than 15 minutes to complete. You and the participants from your firm will receive an executive summary of the study results. The study is completely confidential. To take our questionnaire click here: http://www.zoomerang.com/Survey/WEB22AEMFKQWU5
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