Nano Business Development:15 people that will make (or break) your year

Darryl CrossVice President, Performance Development and CoachingLexisNexisdarryl.cross@lexisnexis.com@darrylcross@highpercoach

5Source: 2014 Altman Weil State of the Industry

The 7 New Laws of BD

1. The world of profitable matters is shrinking2. Stick to what you know until something better turns up3. Your true competition is good/large/getting enough4. Realization is the one metric that matters5. Technology will enable or destroy your firm6. Individual lawyers must manage individual relationships7. You must make clients rich, smart and happy

The move to good/large/getting enough

Your true competitors

• Good enough• Large enough• Getting enough

Your true competitor is alternative methods of getting the work done at the lowest possible cost without sacrificing quality

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The 7 New Laws of BD

1. The world of profitable matters is shrinking2. Stick to what you know until something better turns up3. Your true competition is good/large/getting enough4. Realization is the one metric that matters5. Technology will enable or destroy your firm6. Individual lawyers must manage individual relationships7. You must make clients rich, smart and happy

The 15People

Clients

Prospects

Investors

Clients

ClientsThe individuals and organizations with a demonstrated willingness to hire you at your current prices, reputation and offerings

A healthy dose of reality

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ClientsThe individuals and organizations with a demonstrated willingness to hire you at your current prices, reputation and offerings

Measure of successRealizationRetentionExpansion

Tech must havesSocial media radarReal times financial data (the firm’s “mutual fund”)CI used like an industry analystCRM: positioned like a matter management system

MethodsRelationship brokerClient’s client entertainmentCompetitive reviewMAKE THEM MONEY

Prospects

ProspectsThe individuals and organizations that need your services, but for some reason have not chosen you. Repetitively.

ProspectsThe individuals and organizations that need your services, but for some reason have not chosen you. Repetitively.

Measure of successHow much do they look like your existing clients?Are you prepared to ask them to fire current firm?

Tech must havesFinancial and CRM integration Pipeline management and analysisCI on industry and macroeconomic levelSocial media listening posts and signal flares

MethodsFind new workOffer predictabilityLower the risk of switchingIncrease the risk of not switching

Investors

Referral SourcesThe individuals and organizations that send you business.

InvestorsThe individuals and organizations that partner with you and expect a positive return on their investment.

Investors: non-lawyersDeal makers who work with similar clients, but they are not direct competitors.

Remember, you are not their only dance partner…

Deal/matter partnersAccountantsReal estate brokersInsuranceFinanciersMedia

Tech must havesPrivate social media groupsCRM referral trackingCI on their clients

MethodsEngage in group/joint BDJoint media briefingsJoint client team meetings

Investors: fellow lawyersConflicts and a lack of specific resources demarcate their willingness to help.

They are competitors.

Questions to consider:Why do they help you? What do they expect in return?Giving you crumbs or seeds?

Tech must havesCRM with detailed practice informationReferral contact types in CRM with financialsCI on scope and depth (actual) of practicePrivate social media groups and virtual intros

MethodsHeavy social media listen/collaborate/promoteQuarterly review of progressBreak down deals/matters into components

Investors:An old colleagueA familiar face with a similar background, but not necessarily an ability to help

Questions to consider:How much has changed?Is this an easy appointment or a safe place?How do they really feel about your firm?

Tech must havesCRM alumni databaseCRM GC trackingProfile in CI/social media of their collegues

MethodsFind them an internal winIntroduce them to fellow alumni/peersGET THEM PROMOTED

Clients

Prospects

Investors

The 15 people listIt is dynamic. You have to be able to let go and move on.

ClientsBob Thrace, PfizerWilliam Anders, PolyOneLaura Edmondson, Staubach CompaniesFelix Lempkin, Dell ComputerKara Roslin, Diageo

ProspectsBrian Anderson, Belo CorporationAaron Burkett, Teva PharmaceuticalsJill Wakeman, Six FlagsAmanda Williams, AMDDeana Cain, Fortune Brands

Referral: non-lawyersHal Johnson, AccentureBrenda Gallagher, JP Morgan Chase

Referral: lawyersBert Stevins, Clifford Chance (NYC)Andrew McNally, Lane Powell (Seattle)

ColleagueSara Wendell, alumni (Ford Corporation)

The 15 people listIt is dynamic. You have to be able to let go and move on.

ClientsBob Thrace, PfizerWilliam Anders, PolyOneLaura Edmondson, Staubach CompaniesFelix Lempkin, Dell ComputerKara Roslin, Diageo

ProspectsBrian Anderson, Belo CorporationAaron Burkett, Teva PharmaceuticalsJill Wakeman, Six FlagsAmanda Williams, AMDDeana Cain, Fortune Brands

Referral: non-lawyersHal Johnson, AccentureBrenda Gallagher, JP Morgan Chase

Referral: lawyersBert Stevins, Clifford Chance (NYC)Andrew McNally, Lane Powell (Seattle)

ColleagueSara Wendell, alumni (Ford Corporation)

The 15 people listIt is dynamic. You have to be able to let go and move on.

ClientsBob Thrace, PfizerWilliam Anders, PolyOneLaura Edmondson, Staubach CompaniesJohn Temple, HyundaiKara Roslin, Diageo

ProspectsBrian Anderson, Belo CorporationBill Jenkins, DelphiJill Wakeman, Six FlagsAmanda Williams, AMDDeana Cain, Fortune Brands

Referral: non-lawyersHal Johnson, AccentureDonna Billings, Plante Moran

Referral: lawyersBert Stevins, Clifford Chance (NYC)Andrew McNally, Lane Powell (Seattle)

ColleagueSara Wendell, alumni (Ford Corporation)

Coaching: the key to getting it doneDynamic, daily interactions between leadership, practice chairs and other lawyer managers

The five key elements of successful coaching

1. Fundamentals2. Situational Planning3. Simulation4. Reflection5. Continuous Improvement

TakeawaysA lawyer’s imperatives for the next 12 months for their personal list of 15

1. Grow your 5 existing clients’ revenue by 10%

2. Convert one prospect into a client at standard rates and no less than 92% realization

3. Get 1 matter from each type of investor

4. Increase 5 existing clients’ realization rate by 5%

5. Institute coaching practices at the practice or office level

The 15People

Thank you!

Darryl CrossVice President, Performance Development, LexisNexis

darryl.cross@lexisnexis.com@highpercoach