A typical rainmaker added just over $1 million to their existing book of business since 2015. This increase is way ahead of any industry growth or other market-based phenomena. And it is 4.5 times bigger than the average partner's increased bookings.
This performance comes from one thing—unrelenting focus on clients. They understand relationships are everything and don’t consider the possibility they won’t deliver. Their clients know when budgets will change in real time, and they exude confidence to be a “turn-over partner”—a client calls in the middle of the night, shares a crisis, and can then turn over and go back to sleep, confident their rainmaker has it covered.
7% of Rainmakers Hidden and Waiting to Be Found
BTI research shows only about 7% of all partners are rainmakers in the largest 600 law firms. By contrast, 86% of partners say they lack the skills to develop new business in a meaningful way. This leaves 7% unaccounted for—these are rainmakers-in-the-making. Find them in your firm. Cull them out. Train them. Give them tools, training, and most importantly—access to your most strategic clients—where they can really build a relationship—and new business.
Unleashing Your Hidden Rainmakers
If you want to lose the 7% of up-and-comers, constrain them and don’t give them access to clients. Rainmakers and rainmakers-in-the-making hate to be constrained. They get their energy from clients—suppress the energy and you suppress the rain.
This 7% of up-and-comers are likely already high performers. But, they may not have the length of experience leadership typically expects. The risk of letting an up-and-comer loose on a strategic client is much less than the risk of keeping them from clients. Someone (think recruiter or another firm) will spot this talent and lure them away to the greener pastures of client access.
We realize this can mean hard decisions for law firms. What do to with your partner managing a strategic client but not booking new business? How to allow for more client-facing time and how to provide the infrastructure a rainmaker-in-the-making might need? And the advanced coaching, mentoring, and training up-and-comers crave. However hard the decisions, law firms will make them either passively through inaction or actively by preparing up-and-comers for outsized success. But the decisions need to be made.
Based on in-depth interviews BTI conducted with more than 160 law firm marketing leaders and 150 law firm partners between September 2016 and May 2017.