Making Rain in a Dry Economy


Melissa McClenaghan Martin
New York Law Journal
December 10, 2008
Rainmaking is probably the last thing on many attorneys' minds these days. Instead, they are concerned about job security, slow practice areas and clients that are being downsized or curtailing outside legal fees.

However, as successful rainmakers know, uncertain economic times are all the more reason to focus on business development. And, for rising rainmakers, this is the time to develop your relationships, gain the loyalty of your contacts and lay the groundwork for when the economy turns around.

So what do you need to know to take your rainmaking to the next level?

• Business can come from anywhere.

Adrienne Chapoulie, a third-year litigation associate at Kasowitz Benson Torres & Friedman, was hardly expecting to meet a potential client when she attended a social event with friends.

"We were socializing with a few people, and my friend and I struck up a conversation with the person standing next to us," she said. They exchanged pleasantries, and he told Chapoulie that he owned a company that had recently patented two products.

"I asked him what lawyers he currently used, and, after he named another firm, I said he should bring his intellectual property work to my firm," said Chapoulie. They exchanged business cards.

When they spoke next, Chapoulie asked him for more detail about his company, its daily business issues and legal needs. She learned the company also needed a firm to maintain its corporate records, and she suggested that Kasowitz handle that as well.

Within two weeks after their initial meeting, Chapoulie had introduced her contact to partners in the firm's intellectual property and corporate practices. Just a few weeks later, her contact became a client, bringing in several matters.

Chapoulie notes, "I didn't expect to find a client at a social event, but, when we began discussing his work, I recognized and took advantage of the opportunity to pitch my firm and ask for the business."

Because business can come from anywhere, it is important to be prepared. Always carry a business card and be comfortable promoting your work and that of your firm.

• Reinvigorate your network

Each week, set aside at least one hour to reconnect with contacts you have not spoken to recently. With upheaval and uncertainty on Wall Street, now is an excellent time to touch base with your contacts at banks, hedge funds and private equity firms. Frozen credit markets mean there is little deal flow so many clients and contacts have time on their hands and would welcome the diversion. Call or e-mail them and offer to take them out for lunch or coffee.

You probably also know people who have been laid off recently -- maybe contacts at clients or former colleagues who were in-house. E-mail them, let them know you are thinking of them, and offer to help in any way possible. Introduce them to your contacts at other firms and companies that might be able to hire them when the market turns around.

Online networks are another opportunity to reconnect with contacts and create new ones. LinkedIn, the pre-eminent online network for over 30 million professionals, can search mail systems like Outlook and automatically upload your contacts. Merely select the contacts, and LinkedIn invites them to connect with you online. When people accept your invitations, call or e-mail them to catch up.

Lastly, be patient. Too many lawyers expect immediate results from networking, but the average relationship requires six to eight substantive contacts over a sustained period of time to result in business, said Catherine Alman MacDonagh, president of the Legal Sales and Service Organization.

• Make a habit of helping your contacts

As Keith Ferrazzi says in his book "Never Eat Alone," "The currency of real networking is not greed but generosity." Good networking is not about making a hard sell. It is about developing relationships and being a resource to your contacts without asking for anything in return.

Set aside time each week dedicated to business development. Learn about your clients' day-to-day responsibilities, what they are working on and what difficulties they face. Stay current on developments at your clients' company and in their industry through weekly or daily news alerts through Yahoo Finance or Google News. Forward your contacts relevant articles and firm updates that impact their business.

As Alison Greenberg, a former partner at a large New Jersey-based firm who recently started her own practice explains, "You need to be aware of, and look for, ways to be helpful to your clients, even if it is beyond the narrow scope of your representation."

Susana Betancourt, a commercial litigator who recently left a large Florida-based firm to start her own practice, sets aside two afternoons each week for client and business development.

Betancourt makes it a practice of visiting her clients' offices once a quarter.

"I learn about the mechanics of their daily work, familiarize myself with their products, and observe the dynamics of the organization," she explained. "Because of these visits, I can offer better advice and possibly save them money."

Many visits are off-the-clock, especially if Betancourt is getting to know the client or a new product. If the visit is solely related to a case or project, she bills for the time but only after discussing it with her client.

Betancourt also routinely checks in with her clients.

"It's important to know what's going on in their lives and to figure out how you can help them, personally and professionally. I want to have a client for life, not just for one case," she explained.

• Diversify

A recent Legal Sales and Service Organization study found that successful women rainmakers who bring in, on average, roughly $540,000 in annual revenues, engage in a wider variety of networking activities than their peers who bring in about one-fourth that amount.

The most successful rainmakers do not only network with lawyers or attend bar association events. They also are involved in business associations, seek out speaking engagements, and take leadership roles in nonprofit organizations. And they focus heavily on networking within their firm.

Thus, for rising rainmakers, it is important to make yourself visible to potential clients and referral sources. Become more involved in bar and alumni associations, industry groups, volunteer activities and nonprofit groups.

During an economic downturn, it is also particularly important to increase your visibility within your firm. Write an article for a legal or industry publication, provide a presentation to your department on a recent legal development, or organize a CLE program that the firm can provide to clients.

Above all, as most successful rainmakers know, business development requires time and consistency. According to the Legal Sales and Service Organization study, most successful women rainmakers spend more than 11 hours a week on business development.

As Betancourt said, "It's more important to spend time developing relationships that will last the length of your career than to be worried about making your billables for the month."

For these rising rainmakers, developing relationships with their clients and contacts is an essential and non-negotiable part of their practices. And, for others who hope to follow in their footsteps, now is the time to make a habit of networking and lay the groundwork for years to come.

Melissa McClenaghan Martin, a former practicing attorney, is president of Career Women's Initiative, which provides diversity consulting and professional development training to law firms. She can be reached at melissa_martin@careerwomensinitiative.com.