What do you have to offer your future employer?

Here’s some practical advice for senior associates, of all practice areas, looking to make a lateral move: start thinking about your business development prospects and what you can do to market yourself to potential clients once you make your lateral transition.  While this advice is of particular importance when considering lateraling from a large national or international law firm to a smaller national or regional law firm (as these firms almost uniformly ask about a candidates business development plans prior to or during the interview process), it also holds true for senior associates looking to transition to larger firms as well.

Consider putting together an informal business development and marketing plan that explains to law firms what you have done in the past to network and establish your presence in the market, as well as what you plan to do in the future. For example, be prepared to discuss your prior and future publishing activities, including articles, client alerts, blog postings, and white papers. You will also want to discuss any conferences you have attended and/or presented at, as well as online networking activities (again, blogging comes to mind).  You should also consider prospective client contacts, both among existing firm clients, law school classmates, personal contacts and other possible sources of referral business.

You should offer to provide this information to potential employers even prior to being asked for such information. Presenting this information to prospective employers in a thoughtful and concise written format will often make the difference between receiving and not receiving an offer. Although law firms don’t necessarily expect senior associates to come in with a book of business, they do want the assurance, particularly at smaller or more regional law firms, that prospective hires are business-minded and are thinking about their potential long-term contributions to the firm.

Math for Lateral Partners

The lateral partner market is a flurry of activity right now. We are currently working with a number of lateral partner candidates. The most frequent concern among partners conducting a search? How to value their book of business in strange economic times. My colleague, Dan Binstock, just wrote a fabulous article on this very issue. In We Were Told You’d Bring Billables, Dan addresses the most effective way to value your book so that you are representing yourself in an honest, accurate and marketable way.

Are You A Partner Contemplating a Move?

Recently, we have seen a surge in the request by law firms for partners with business. Partners with significant portable clients probably will not find it very difficult to transition effectively in a market like this. However, partners with smaller books of business need to convince a firm that they can add future value to the firm and have plans for developing business. If you are a partner contemplating a move, a well written business plan can greatly enhance your marketability. For a link to an article which discusses the key elements of business plans and may help you prepare your own business plan, click here: http://www.bcgsearch.com/crc/partner-business-plans.html

Build Your Book, Build Your Stable Future

First, your stability as an attorney in a large firm is directly proportional to the amount of business that you bring in. The more business you bring to your firm, the better your chances are that you will be allowed to stay. Despite glossy brochures touting pro bono programs, law firms are business machines driven solely by the bottom line. You may be a terrific legal writer with enviable courtroom presence, but if you’re not bringing in business by the time you’re a 6th-8th year, your position at your firm becomes precarious.

Second, with a book of business comes leverage and with leverage comes options. “Up or out” is a phrase we often hear to describe the progress of attorneys within their firms’ hierarchy. If you are moving “up” that means that you are developing business contacts and bringing in clients while billing the requisite hours and producing sound work.

For those attorneys that have failed to move up and keep pace with their business developing peers, then they will be pushed out. The career lifespan of a big firm associate is relatively short, about 8 years, so it is extremely important to start developing business as soon as you know what a stipulation is and how to get one. Having your own book of business gives you leverage in your partnership negotiations and it gives you options should those negotiations leave you wanting.

Third, building a sizable book of business will earn you the respect of your colleagues. It shows that you understand that new business is the life blood of your firm and that you’re willing to make that extra effort to keep it pumping. Given the competitive market and the daily mega-mergers, it may come to be that “of counsel” and “non-equity partners” become relics of a bygone era. Making the extra time to network shows your firm that you’re committed to them which will, in turn, make them commit to you.

Fourth, building your book is not only financially rewarding, but also personally satisfying. One of the junior partners I used to work with at my old firm was a dynamo at bringing in new clients. He took pride in his talent and felt that it helped make up for some other areas of his practice where he wasn’t as strong. Plus, working on your own cases that you personally staked gives you some freedom and elbow room. In many cases, you will be the senior decision-maker which can be a very empowering experience.

Finally, building your book doesn’t have to be drudgery. With the advent of Facebook and LinkedIn, it’s become easier to re-connect with old contacts while developing new ones. So seek out your former classmates, take them to the Watergrill and get cracking!

(Check out the following website for some excellent tips on how to develop business: http://www.clientfocus.net/)