At GrowthPlay, we preach the power of the G3 strategy to business development: guard, grow, and get. Using the proverbial 80/20 rule, 80% of law firm revenue is typically in the guard and grow segments. Most law firm revenue is derived from existing clients, so attorneys and firms invest in revenue retention through client experience and finding adjacencies that build off existing client relationships.
On the other hand, getting new business – while glamorized by heroic images of the stereotypical “rainmaker” landing massive new clients – is often the most difficult of the G3 strategy. Tactics for getting new business can feel elusive and are more challenging, especially when attorneys go it alone. Getting new business is often a solo sport for attorneys, and the amount of time and energy required to land new business on one’s own can be inefficient, time-consuming, and costly. Attorneys who try to get new clients on their own often search for a needle in a haystack, narrowing the scope of potential clients by hoping to find a client whose needs match the specific services they provide.
Given these pitfalls and challenges, it’s unsurprising that many attorneys focus on guarding and growing. But the “get” prong of the G3 strategy doesn’t have to be an all-or-nothing proposition.
The solution: collaboration cohorts focused on shared core values and purpose.
Collaborating with others to pursue new clients – or “hunting in packs,” so to speak – can be cost-efficient, effective, and rewarding. GrowthPlay is currently an outside advisor to a firm taking a novel approach to the “get” prong of the G3 strategy. They created a cross-practice, cross-office cohort of ten attorneys empowered and appointed by firm leadership to focus on getting new business together. At the outset of their one-year endeavor, each cohort member shared their “top 20 list” of prospects with each other to find synergies and possible “ins.” Rather than functioning as a team whose members are individually tasked with business development, there is an expectation that the cohort will act as one cohesive unit with complete transparency and visibility to contacts within the cohort.
A common barrier to team-focused business development efforts is the discomfort around billing credit. Prickly conversations about who gets billing credit and how much can dissuade attorneys from collaborating to get new business. However, because this firm has bestowed authority and recognition on the “get cohort,” awkwardness about billing credit is minimized. The cohort has an implicit understanding that any new business is a win for the cohort – and the entire firm. As a result, they are highly motivated to invent new “ins” with prospects and share insights with each other instead of holding their cards close to their vest.
Not only has the approach been effective in getting new business, but it also is yielding several ancillary benefits. The cohort has built a level of trust and camaraderie that is positively infecting the firm’s grow and guard efforts. Serving as matchmakers, attorneys in the cohort are more frequently passing work to other attorneys in the firm because they have an intimate understanding of other attorneys’ and practice groups’ strengths and capabilities. Not only can they proactively sell new services to existing clients, but they are accelerating the speed to market for new business.
Because the cohort is comprised of “rising stars” – attorneys who have achieved some business development success and have a long runway for growth – involvement in the cohort is creating stickiness with attorneys who are susceptible to being recruited away. The cohort has created relationship capital, established an identity, and built a rapport with each other that surpasses typical colleague relationships in a multi-office, full-service law firm. As next-generation leaders, the cohort also mentors junior partners and senior associates on business development strategies.
As always, ample support is key. So, in addition to GrowthPlay’s external coaching and guidance, three internal attorney coaches, who are proven rainmakers, and two internal marketing/business development experts mobilize resources to accelerate revenue opportunities.
Let’s be honest, business development can be tricky, particularly when we are going it alone. That said, business development can be very effective and enjoyable when it is pursued as a team.
