In an evolving legal landscape marked by heightened competition for clients, a new study suggests that aspiring rainmakers should focus on becoming ‘Activators’ to excel in business development. The study, detailed in “The Activator Advantage: What Today’s Rainmakers Do Differently” published by the Harvard Business Review Press, elucidates how legal professionals can improve their business development strategies.
This study, conducted by Dr. Matthew Dixon and his team from DCM Insights, surveyed nearly 3,000 professionals from more than 40 firms, including lawyers who formed the largest segment of respondents. Their research identified five distinct profiles of business developers: Experts, Confidants, Debaters, Realists, and Activators. Of these, Activators are deemed the most effective in generating business due to their proactive approach to leveraging professional networks.
The concept of the Activator revolves around being a ‘super-connector,’ where maintaining and capitalizing on an extensive professional network is key. As a tool for aspiring rainmakers, Dixon highlights three essential practices of Activators: commitment to business development, extensive and deep networking, and proactive value creation. These practices are discussed in-depth by Dixon, who is a well-regarded consultant in the field though not a lawyer himself (DCM Insights).
Given the market dynamics, where client loyalty is less assured than in the past, legal partners need to allocate time for business development—a challenging task given their unpredictable schedules but essential nonetheless. Dixon suggests creating a list of tasks at the beginning of the week to manage business development activities effectively whenever free time presents itself. This adaptive scheduling can crucially enhance a lawyer’s ability to engage clients.
The research underscores the importance of platforms like LinkedIn for lawyers to connect broadly and deepen relationships with clients. Dixon describes how outreach, inspired by client issues publicly shared on such platforms, can lead to valuable business opportunities that might otherwise be missed.
Creating value proactively involves anticipating client needs and providing them with insights before issues arise. Clients have indicated that one of their main complaints is the inadequate frequency of communication from their legal advisors, a gap that aspiring rainmakers can bridge by acting as indispensable consultants who offer valuable insights on pressing concerns.
This guidance offers a roadmap for legal professionals aiming to transition from traditional rainmaking practices to becoming Activators, thereby aligning with shifting client expectations in a competitive market. For further insights on this topic, visit Bloomberg Law.