Large firm equity partners are the rainmakers who consistently bring in revenue by attracting new clients and maintaining and growing business with existing clients. Business development has become more important in recent years, as firms compete for market share in a legal industry where clients are cutting legal budgets and looking for increased cost efficiency. While doing good legal work is expected, rainmaking is typically a characteristic lawyers need to display before being invited into a large firm’s ownership ranks.
“You have to define what is comfortable for you; it [business development] does take systematic and continued connection,” says Jane Smith, equity partner in and head of the U.S. real estate department for Houston-based Norton Rose Fulbright. “You can’t form a relationship if it’s sporadic.”
