Published in the Association of Legal Administrators Magazine
Your firm spent $50,000 sending 20 attorneys to a conference with little new business to justify the investment. Sound familiar? That’s probably because only 5 of the 20 attorneys enjoy networking. Others might be natural closers or great analysts, but this doesn’t mean they like attending social events, public speaking, wining and dining prospects, or bringing in leads.
Law firms often aim to create a culture of business development where client service and revenue generation are top priorities to remain competitive. Attorneys are often financially incentivized to bring in work. Time and resources are committed to networking events, conferences, public relations initiatives and firm retreats — all with the goal of serving as thought leaders, nurturing client relationships and bringing in new clients. Partnership tracks often rely on an attorney’s ability to bring in work; some excel and are promoted early in their careers. Others struggle to find a foothold in a discipline they’re either not cut out for or aren’t adequately trained in.
“The reality is that while the intention is to build a firm where revenue generation is done by many, a great deal of time and money is wasted if people are not in the proper roles or are not provided with the coaching they need,” says Peter Johnson, a former managing partner and Founder of Law Practice Consultants. “[U]sing biodata [helps] inform decision-making surrounding who is best suited to focus on PR, lead generation, creative thinking, analytics to measure success and closing a deal.”
To read the article in full, click here.