In the professional landscape, effective business development (BD) remains fundamental for a flourishing legal practice. Successful BD opens new doors, builds beneficial relationships, and fuels growth across diverse markets. However, developing effective approaches to reach a vision and objectives can often seem overwhelming. Despite these challenges, many attorneys have managed to turn their goals into successful outcomes by harnessing insightful strategies and targeted approaches.
I recently had the opportunity to discuss this subject with two of my clients – Alexander “Alex” Davis of Mayer Brown and Kathryn “Katy” McConnell of Littler Mendelson. During our conversation, they shared some of the common mistakes they have made when formulating their BD strategies. Interestingly, the most frequently made error was overestimating the time they could dedicate to non-billable efforts, which often leads to frustration and abandonment of goals prematurely.
Reasons Why BD Plans Fail
One prominent failure leading to ineffective BD plans is not explicitly defining the goals and objectives. Professionals often stumble to drive desirable outcomes without a clear direction. Additionally, striking a balance between achievable goals and challenging targets is essential. Taking an overly ambitious approach or not being ambitious enough can both throw a spanner in the works.
Overzealous individuals risk discouragement and giving up on goals ahead of time due to unrealistically high expectations. At the same time, those with less ambitious goals might complete them sooner than planned and then ponder why their efforts aren’t producing significant traction.
Poor time management is another pitfall leading to the failure of BD plans. It’s crucial to be honest and realistic about the time you can devote to non-billable activities. Only then can you determine which goals are achievable. In the pursuit of professional success, remember not to overcommit. Burnout is real and counterproductive.
Understanding Market, Client Feedback, and Accountability
Working in a vacuum, or plying ahead without market research and client feedback, can result in missed opportunities and ineffective positioning. Davis points out that many BD plans fail because attorneys do not take into account the expertise within their own firms. Therefore, it’s crucial to identify opportunities based on the strengths of peers within the firm. This not only adds value to the services offered to clients but also enhances the client’s interaction and experience with the firm.
Remember, no BD plan is bulletproof without accountability mechanisms in place to track progress and effectiveness. Tracking is challenging but essential to measure success and to make data-driven decisions. Whether it be through a business coach, mentor, or regular check-ins with colleagues, knowing someone will hold you accountable can help you stick to your goals.
In conclusion, try something, even if it fails. Using a strategic approach to business development, informed by the experience of others and past missteps, can pave the way for a robust plan. A well-executed plan not only promotes your practice and retains current work but also attracts new clientele and cultivates a career trajectory reflective of your long-term goals.
While this piece does not necessarily reflect the views of Bloomberg Industry Group, Inc., it has been authored by Heather McCullough, co-founder of Society 54 and Society Tech, organizations dedicated to providing consultative services to professional firms and marketing & business development teams respectively.