I Want My Attorneys to Act More Like
Salespeople:
What Rainmakers Do to Create Success
James Paterson
Sr. Director, Product Line Management
2012 Redwood Analytics® User Conference
Analysis. Insight. Action.
We will cover…
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Why is Rainmaking more important than ever?
Who are Rainmakers and what do they do?
How does my firm start making more Rain?
How does Social CRM fit into all of this?
2012 Redwood Analytics® User Conference
Analysis. Insight. Action.
Difficult Signs of the Times
Peer Monitor Index - Q1 2012 EXECUTIVE REPORT - ISSUED 04.27.12
https://peermonitor.thomsonreuters.com/ThomsonPeer/docs/PMI_Q1_2012_v1.pdf
2
Some Clients Are At Risk
Attrition Rate (%)
80
40
Decile
Areas of Law
60
30
40
20
20
10
0
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
60
50
Attrition Rate (%)
0
Client Age
40
# of Partners Involved
50
40
30
30
20
20
10
0
10
0
0
1
2
3
4
5
6
7
8
9 10 20- >20
0
1
2
3
4
5+
Source: LexisNexis Redwood Analytics research on Client Analysis
3
Yet Lower Profit Per Partner is Temporary?
100%
80%
89%
79%
77%
66%
60%
40%
20%
Permanent
27%
Not Sure
Temporary
0%
Source: Altman-Weil Flash Survey
4
Growing Firm Revenue is the #1 Priority
1. Which of the following are the top three (3) priorities for your firm, according to
firm leaders?
c
Source: ALM / LexisNexis
5
Major Focus on Business Development?
6. How aggressively is your firm planning on pursuing these options?
Source: ALM / LexisNexis
6
The Business Development Forecast
Really, really bright …
with a high chance of rain. Get ready.
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Who is Responsible for Rainmaking?
Sales
Other (please specify)
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Rainmaking Doesn’t Need to be Like This!
http://www.youtube.com/watch?v=Lteq60AVH0M
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Everyone has an important Rainmaker role
10
The New Rainmaker?
rainmaker: n. informal
One who is known for achieving excellent results in a
profession or field. A company employee who creates
a large amount of unexpected business
• Economic conditions + technology capabilities
combine to create a powerful new role for
Business Development
• Potential “Rainmaker” position from identifying
•
New business opportunities with existing clients
•
Strengths to leverage in addressing new clients
•
The real profitability metrics behind current business
(do more of this, and less of that)
11
A Business Development Continuum
Not everyone is ready to make a lot of rain
… today
Given the diversity of legal practices and firms,
plus a good dose of business and economic reality,
BD efforts will fall on a continuum of capabilities
Ad hoc marketing tactics
No dedicated staff
Limited technology / applications
Modest budgets
Rainmaker Forecast: light, spotty mist
BD plan and strategy
Dedicated / focused personnel
Leading edge technology / applications
Funding commitment to deliver results
Rainmaker Forecast: deluge
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Some Firms Are Already Proficient
Source: International Business Development, September 8th, 2012
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Rainmaking is a Strategy
Firm Strategic
Priorities
Business
Development Plan
Tactics and
Technology
14
Five Steps to Develop Your Rainmakers
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Becoming a Business Development Rainmaker
Leadership Mandate & Backing
• The Charter and a Real Job Description
• Resources
• Access to key players and information
Important
Without Step 1, accomplishing Steps 2, 3, 4 … is
difficult, but not impossible
16
Becoming a Business Development Rainmaker
Tools of the Trade
• CRM solution – at the heart of BD: Core
capability doesn’t need to be high end; it does
start your technology deployments
• Business Intelligence: Broadens perspective to
industry, competitors, trends … a real value
add for clients
• Analytics: Enables detailed planning, “what if”
scenarios, and stress tests current value
calculations for the firm
• In an Ideal World: Fully-integrated systems
and data
Step 2 is also a continuum
Deploy whatever you can, as soon as you can,
to empower the BD function and the firm
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Becoming a Business Development Rainmaker
Rollout / Reinforce / Repeat
• Remember the Human Element in the mix
• BD is responsible for combining the people,
technology, processes and systems
• Getting “buy in” is critical, as is detailed training
• Everyone needs to understand the “why” as
well as the “how” of any new steps
• Reinforce the value and end game … constantly.
Leverage every early success to encourage
good behavior
See, it works!!! Let’s keep it up
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Becoming a Business Development Rainmaker
Share Information Liberally
… as much as your internal
“continuum” will allow
• Practical considerations govern the degree of
information transparency
• Management access versus general access
• Details for “my” clients versus the “firm’s”
clients
Share what you can
Knowledge truly is power; more really is better; and
success does breed success
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Becoming a Business Development Rainmaker
Set your KPIs (Key Performance
Indicators)
• Deciding what to measure is really important:
- Broad business objectives for the firm
- Granular details tied to individual initiatives
• Baselines are needed to determine change
• Measuring and quantifying are necessary
“evils” for making improvements and
determining what happens next
What you measure gets done
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Becoming a Business Development Rainmaker
Make It Personal!
“…don’t let anybody kid you. It’s all
personal, every bit of business”
– Mario Puzo,
The Godfather
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Legal Has Always Been a Personable Business
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Social CRM – Building Profitable Relationships
It’s About Being Personal, In The
Social Media Age, and it’s More
Important Than Ever!
23
Who Is This?
24
Of Course, it’s “Dooce”, aka Heather Armstrong!
http://www.forbes.com/2009/09/02/twitter-dooce-maytag-markets-equities-whirlpool.html
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Social CRM Defined
“Social CRM (Customer Relationship
Management) is use of social media services,
techniques and technology to enable
organisations to engage with their
customers”
---http://en.wikipedia.org/wiki/Social_CRM
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Social CRM Defined
… from Brent Leary
… from Lithium
… from Laurence Buchanan
27
Social CRM
Media
28
Social Media Marketplace
29
29
Global Phenomenon
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With Healthy Interest Among Law Firms
Source: ALM Legal Intelligence:
Fans, Followers and Connections – Social Media ROI for Law Firms: February 2012
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Individual ‘Rainmakers’ Are Taking The Lead
Source: 2012 American Bar Association Technology Survey Report
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Some Preferred Platforms Are Emerging
Source: ALM Legal Intelligence:
Fans, Followers and Connections – Social Media ROI for Law Firms: February 2012
33
Social CRM
Lessons
34
A Tipping Point for CRM Evolution?
Social CRM
Contact
Management
Systems
Sales Force
Automation
CRM
Industryspecific CRM
35
Link Tactics to Strategy to Accelerate Along the
CRM Experience Curve
Business
Development
Strategic
Analysis
Marketing
Automation
Contact
Management
Set specific BD goals
36
CRM – Key Success Indicator Audit
Measure 14 Areas to Gauge Success
Goals
Data Quality
Ownership
Marketing
Measurement
Business Development
Communications
Reporting
Relevance
Support
Contact
External Knowledge
Segment firms based on impact
Staffing
Integration
“Who Makes More Rain?”
Management
37
KSI Audit Results vs. Benchmark
180%
160%
140%
120%
100%
Quadrant 1
Quadrant 2
80%
Quadrant 3
60%
Quadrant 4
40%
20%
0%
Business Goals
Relevance
Business
Development
Integration
Reporting
38
CRM is a Strategy
Firm Strategic
Priorities
Business
Development Plan
Tactics and
Technology
39
How Can We Take Advantage of
this to Make More Rain?
40
“We have technology, finally, that for the
first time in human history allows people
to really maintain rich connections with
much larger numbers of people.”
-Pierre Omidyar, eBay Founder
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42
43
Developing Thought Leadership
44
Choose Wisely to Support Your Business Strategy
Resource
Commitment
Client Interest
Measuring Hard
and Soft ROI
45
Anticipate
Prompt
Target
Connect
Guide
Collect
&
Analyze
46
Make It Personal
Make More Rain
Anticipate
Prompt
Target
Connect
Guide
Collect
&
Analyze
47
“Figure out the people part
and the technology gets a
whole lot simpler.”
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Q&A
James.Paterson@LexisNexis.com
@LNInterAction
@jamespaterson73
+1.919.297.1859
2012 Redwood Analytics® User Conference
Analysis. Insight. Action.