7 Ways BTI Business Development Badasses Are Different

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Attitude and behavior win you BTI Business Develop Badass status. It’s not only what you do, it’s how you do it—specifically. BTI research reveals 7 key differences between the BTI Development Badass (BDB) firms and everyone else.

1. Advance Notice of the Pitch

Knowing the pitch is coming before everyone else is a real advantage. BDBs carefully plan out the best team with both knowledge and chemistry. They know how to do the business development equivalent of synchronized swimming. These firms have a process and approach—and follow it when leads come in the door. They have more time to do it—because they knew before everyone else. And, they mostly don’t respond to surprise RFPs.

2. Mobilize Quickly

Swift and clarity are the only worlds to describe a BDB’s approach. They know who they want to lead the pitch (and it may not be the person who generated the lead) and who they want as the supporting cast. Everyone embraces their role. They spend little time sweating anything other than the best fit for technical skills, chemistry, and ability to win.

3. Play to Win

BDBs pullout all the stops and do whatever it takes to win the clients they want. And they pass on those they don’t.

4. Ignore the Rules

The RFP may say “don’t contact the client”, but BDBs don’t care. They reach out, ask questions, propose ideas and strategies - even ask what types of personalities clients prefer. Again, they do whatever it takes. As a side note - clients tell us they are surprised at how many law firms obey this rule.

5. Do Something Unexpected

BDBs focus on questions, strategies, goals, and issues. Any firm statistics about number of wins and deals closed are supplied in an appendix. In effect, BDBs treat the pitch as a kick off meeting - using information gained in the banned contact discussed in the paragraph above.

6. Differentiates Themselves

Telling a potential client a story with their needs as the center point is different. The themes include how a GC’s problem will be solved; examples of how life will be better, all the ways they deliver to budget, and new angles on old problems. The story includes the strategies to convince a client this firm won’t think of missing a deadline. Most importantly, they share industry and company insights and link these to legal issues their prospective client may face.

7. Rainmakers Lead–and Have Fun

BDBs bring in the rainmakers for the win. The pitch does not automatically go to the partner who gets the lead. The originator still gets the credit and rewards, but they may not be the best to close the business. The rainmakers share credit and love the pursuit. The thought of a big win is a source of energy and strength—and BDBs have found a way to put these partners out in front.

Your firm can be a BTI Business Development Badass law firm. It’s not as daunting as it seems. Most firms who make the changes ask themselves why they didn’t do it earlier. Contact me to discuss how to make this happen at your firm—and have your attorneys think it is a great idea.

 MBR

Where Law Firms Think They're Great, and Where They Ain't

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The B players outperform the A players.

They are hungrier, want to make change and are ready to fight city hall (aka management), if need be. These law firm marketing leaders are focused on blocking and tackling issues such as: client service, client feedback, basic business development skills, client teams, and an occasional industry group.

This is from the results of more than 160 law firm marketing leaders’ self-assessment of 15 key areas of performance.

B Players are Building with the Basics

The B players are much harder on themselves—offering a self-ranking of 8 out of a possible 10. But, they sport the highest 3-year growth rate of all law firms, at just over 5%. It pays to be just a bit humble and focus on the basics.

A Players are Building Strategy before the Basics

The self-ranked A players show the slowest 3-year CAGR, at a 1.2%. The self-ranked top performers are focusing on the strategic. They are emphasizing legal prowess, technology, innovation, content marketing, industry groups, and collaboration—all important. But these programs rarely show results without training in the basics. These strategic programs are highly effective in attracting clients—but don’t turn into business unless partners can turn these leads into clients—using the basics which remain the focus of the B players above.

Doing What Works – the Self-Ranked 7s

Law firm marketing leaders ranking themselves 7 and below receive less institutional support than the self-ranked 8s, 9s, and 10s. The 7s put all their energy into getting programs, tactics, or a single effort in place—but they are making forward progress—at the 3-year CAGR of 4.3%.

These 7s are like the 8s—they focus on basics and building blocks. And don’t let go until their program is up and running—and working.

Influence by Osmosis

At a self-ranking of 6, the law firm marketing leaders are making an impact at the partner level. They may get a firmwide program or 2 off the ground (usually client feedback) and will use the feedback and their coaching skills to drive improvement and change. These CMOs take on the one-to-one relationships with the vested partners—and drive change with each one. The good news—the vested partners are typically the most interested in building client relationships and new business—so it’s well-placed leverage.

The self-ranked 6s deliver a CAGR of 2.8%.

The Disenfranchised

Ranking their firm’s performance at 5 or less—these CMOs are most likely to be in the market looking for a new gig—they try—but can’t get a lot of traction. They are pushing water up hill and want to make more progress. Usually, somewhere other than their current firm.

Few Areas of Greatness

Only 3 areas really stand out with a self-ranking of 10—with more than 20% of CMOs ranking themselves a 10—these are:

-        Cultivating Work from Existing Clients
-        Setting Strategic Direction
-        Providing Tools for BD

Conversely, more than 50% of CMOs rank their firms at 6 or lower in 4 areas: 

-        Partner Accountability
-        Using Metrics to Drive BD
-        Attracting New Marquee Clients
-        BD Training for Attorneys

You can see the full results of how CMOs rank their firms in each of the 15 activities by clicking here.

The best performers show a bit of humility and hunger. They show how mastering the basics beats the strategic at this stage of the market. But, it won’t always be this way. Business development is going to become a lot more difficult—and those firms who mastered the basics will be the first to really get benefits from a well-crafted strategy.

 
 

Based on in-depth interviews BTI conducted with more than 160 law firm marketing leaders between September 2016 and May 2017.

Complacency Epidemic Hits Law Firms as Growth Returns

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Wishes do come true. Legal spending is up. The existential crisis is over. And, urgency is retreating as success is just a little easier to come by. One year of renewed growth is bringing complacency back to law firms.

Complacency Makes a Comeback

Complacency now stands as the number-one source of insomnia for law firm CMOs, at 24.9%*. This rate rivals 2005 complacency levels when demand started to exceed supply. The current number of complacent law firms has virtually doubled last year when it was 13.6%.  

These CMOs at complacent law firms see their firms happy about their new-found wealth but are unhappy and deeply concerned about their firm’s lack of action to make sure growth continues—or in some cases—returns.

The worry comes from 3 main complacency related threats:

          1. Prey for Aggressive Firms

The most aggressive firms are scooping up new business from complacent firm clients: Latham; Kirkland; Paul, Weiss; Greenberg Traurig; Quinn Emanuel; Dechert; Jones Day, and the rest of the BTI Business Development Badasses, who all are making big moves to carve out new business and not just ride the wave.

2. Failure to Engage

Most partners in the complacent firms have no real interest in client teams, client development, industry groups or other proven programs to build, strengthen, and keep client relationships. They don’t show up for training, don’t consult with the CMO on pitches except to make the PowerPoint, and otherwise keep their distance from marketing and business development.

3. No Strategy

These sleepless CMOs say their complacent firm has no strategy and doesn’t want one. The firms don’t engage in planning beyond the budget. Partners are largely left to define their plans with little specificity about how. They have no defensive strategy (keeping rainmakers, keeping clients) or offensive strategies (grow clients, target new clients).

Complacent firms are likely to be victims of both market changes and the more aggressive firms who are on the prowl for clients—and laterals.

By Contrast, Other CMOs Less Stressed than Last Year

Last year, almost half of all CMOs were on the road to burn out. Thankfully, this number is shrinking.

CMOs losing sleep over getting all the work done shrank to 20.69% from 25.3% last year. At the same time, more CMOs stay up worrying about performance—at 18.82% from 14.9%—suggesting a shift to more strategic initiatives.

Urgency Retreats While Success Creeps Back into the Market

Relentless and aggressive firms are using new demand to expand business with current clients and grab new ones. They are also spending more than ever on these efforts. All law firms, complacent or not, are off the aggressive firms – whether they want to or not.

Complacency just makes it easier for everyone else.

MBR

*Based on in-depth interviews BTI conducted with more than 160 law firm marketing leaders between September 2016 and May of 2017.