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MARCH 2004
What's
New
1. "Who Stole My Partner"
2. Law Firms - Professional Sales
3.
Attorney Business Plans
4. Broadcasts on Rainmaking
5.
Making Rain. Chapters
1,2,3 | |
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LATERALS provides 12,659 law firm
partners with monthly information on recruiting and rainmaking
issues. We are attorney
recruiters who have lateraled and/or merged over 1,000
attorneys since 1979. As a result, LATERALS is about the
real world of lateraling and rainmaking.
Visit the Sears &
Associates web site at www.mentoringpros.com.
Visit our Media Center to learn more about our online seminars, pre-recorded
broadcasts and publications. Learn what the New York Law Journal had to say about my book, "Making
Rain" and download its first three
chapters. | |
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NEW BOOK:
PRE-PUBLICATION. CHPT 5
"WHO
STOLE MY PARTNER?"
This story is about the process of
lateraling. It follows our hero, Brad, and the new firm's
management. The story takes them through their decision making
process as wll as their secret interviews.
Do you remember
where we left off last month? If not here's the
ending:
Dave said,
"So, you think I'm too rigid ... kind of like Herb killing his
cafeteria business by being so severe?"
Jerry said,
"Your idea about always protecting the Firm is right on ...
but against what? It's not my place to tell you what your
policy should be in these matters. But I can tell you that the
methods you used with Brad this morning will probably kill
that deal and any others that you might want to do in
recruiting good attorneys."
Dave stiffened and said,
"I'm going to ask some key people on our Executive Committee
about that."
Jerry called Brad later that morning
and confirmed his impression that Brad didn't want to proceed
with the Firm. He left a message for Dave, but when he didn't
get a return call for two days, he called Paul, the Managing
Partner.
Paul said, "I'm glad you
called, Jerry. Dave told me what happened. I've been turning
this over in my mind. I have a tendency to procrastinate in
difficult situations like this, so your call brings it to a
head. You did the search for us. You know how difficult it is
to find good people in Brad's practice area and you know the
acute pressure we're under to get a senior guy in there. Where
is Brad on all this?"
"Not in a good
place. He thinks Dave is wrong, rigid and frankly not too
bright."
Paul said, "Well, he's right on
all three counts ...except when it comes to the law Dave is
very bright. My problem is that Dave has found a particular
friend on the Executive Committee, who keeps encouraging Dave,
no matter what everybody else says."
Jerry asked, "What does his friend say?"
Paul said, "That this is a great firm to work in ... that
anybody should be happy to come here ... we don't have to kiss
up to any lateral ... if a lateral doesn't see that, they're
not for us anyway ... all that stuff."
"Has either Dave or his Exec Committee friend ever been
involved in the front line of the recruiting process
before?"
Paul thought for a minute then
said, "No, now that I think of it ... nope ... neither one of
them. They've voted as partners on new laterals, but never
been out front in the process. This is Dave's first few months
as a practice group leader, so directly bringing in a needed
lateral is new to him."
Jerry said,
"Well, you know that this stuff about 'you should be glad for
the opportunity to join us because we're the greatest bunch of
guys in the world' doesn't fly. Good laterals have too many
other opportunities. They're sought after and even if Dave's
right and your firm is the greatest in the world ... he's
wrong to do it 'cause it sounds pompous and
arrogant."
Paul asked, "Is there any
chance of resurrecting this?
TO
CONTINUE READING THIS
STORY>>>
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LAW
FIRM SALES ACTIVITIES
IMPRESSIVE
RESULTS FROM USING SALES
PROFESSIONALS
There are about ten law firms that already have a qualified
salesperson and the results have been strikingly successful.
It's a trend at its inception and we're actively placing these
professional salesmen around the country.
What are some of the reasons why its happening now? Well,
first, it's kind of a chain reaction. Once one firm in one
city does it, others are pushed into it. Second, the salesman
can assume an often helpful role as the client's ombudsman.
Client's like having a friend in the firm who isn't billing
hours.
The third and perhaps most compelling reason is the high
ROI to the law firm. The attorney group most affected in a
firm is usually that partner level generating the least
originations. Thus, these "Service Partners" can become
producers. The financial result is striking; with an ROI that
can be as much as 400%. This happens because the billing
revenue produced requires no further attorney overhead and the
salesman's overhead relative to his billing generations are so
small that there is quite high income leverage for the firm.
While increased billing results from hiring experienced
sales persons can vary dramatically, an actual example of the
second year numbers from working with one 20-partner practice
group shows growth from $40 million to about $70
million. These results may appear extremely
high but a reasonable expectancy for 1 salesperson working
with 3-4 partners, with adequate support staff, is an increase
of about 6,000 billing hours the first year, increasing by a
like amount for each of the succeeding two years, resulting in
18,000 new billable hours in year three. A reasonable
expectancy is that this should increase by a similar amount
for each of the next two years. The ROI on these increases is
dramatic for the law firm.
If there is an ideal situation it's the following: your
firm has a group of highly credentialed and experienced
service partners in a practice area that's not growing
adequately to keep up with industry trends. If you could find
a professional salesperson (AKA "as Rainmaker") to help these
non-rainmakers grow their practice, would you want to consider
it?
If you have some partners that could benefit from
'rainmaking help' and you'd like to talk, I'm available at
your convenience. We have an excellent group of professional
sales candidates in key areas of the country.
I'm
interested, call
me. | |
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MAKING
RAIN
WHAT
MAKES A LAWYER'S BUSINESS PLAN THAT
WORKS?
Is there a common ground where law firms
can help their partners organize successful rainmaking
efforts? We believe there is and we turn to the successful
model used by industry for decades. Basically it's the
quantification model. By that we mean to take each element of
your rainmaking activities and look at it separately. Then put
those elements together, the same way that big companies make
their most successful salespeople do it.
Like the screenwriter adapting a
bestseller, we just combined the best of industry into a
legal, sales format.
It works! Here are some of the testimonies
that it does work:
"I asked
six members of my practice group to give me their completed
plan by March 10th - and I got six plans. Amazing.
Now we're compiling the plans to deliver a budget to the
Executive Committee - we all feel energized. Thanks." EJ,
Illinois
"I've spent
the last three weeks meeting with old clients... and I
picked up 6 new matters that I never would have had..." JR,
California
"Three new
speaking engagements scheduled and I plan to make my
projections this year, for the first time." CP,
Maryland
"Until
reading your planning document, Business Plans were always a
big mystery to me. Thanks for the guidelines." DK,
California
"Times have
changed: attorney sales skills are not only rewarded, but
demanded. Until now I haven't had the tools to create a sales
plan. I've been listening to your Broadcasts and I've started
to "Fake it until I make it" - now I have a roadmap.
Thanks. EJ, Texas.
"I used your Plan; created
a Stragegy; gave it to my managing partner and got the dollars
that I needed -without question. Thanks." KW, New
York
GET
A COPY OF OUR ATTORNEY BUSINESS PLAN, RIGHT
HERE. | |
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ONLINE AUDIO
BROADCASTS
Each of the following Broadcasts is only
3 to 6 minute. They're easy to listen to with your computer's
MediaPlayer or Real Audio Player or, in some cases, with
Powerpoint. You can download and listen to them directly from
the Newsletter, or by visiting our Media Center at http://cl.extm.us/?fe8611777c60027870-fe5413787366027a7610.
Read
our four year study entitled, "Rainmaking in the Legal
Profession. Are Rainmakers Born or
Made?"
Each of the following
links to listen to topics of interest to all law firms
and partners - originating new business.
OVERCOMING YOUR OBSTACLES TO MAKING
RAIN
1. YOUR
FIVE PERSONAL OBSTACLES TO MAKING RAIN
2. OVERCOMING
YOUR INABILITY TO HELP YOURSELF
3. OVERCOMING
YOUR OWN FEARS
4. OVERCOMING
YOUR CLIENT'S FEARS
DEVELOPING YOUR
RAINMAKING
SKILLS
5. SUMMARY
OF RAINMAKING SKILLS
6. THE
CORE SECRET TO MAKING RAIN
PROJECTING YOUR BOOK OF
BUSINESS
7. THE
LAWYER'S BUSINESS
PLAN
8. FANTASY
VS. ACTION IN MAKING PROJECTIONS.
9. PROJECTIONS
THAT MAKE RAIN
10. MAKING
PROJECTIONS COME
TRUE
If you missed any of
the previous issues of LATERALS, you can get them right
here:
APRIL
2003, MAY
2003, JUNE
2003, JULY
2003, AUGUST
2003, SEPTEMBER
2003, OCTOBER
2003, NOVEMBER
2003, FEBRUARY
2004.
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© 2003.
2004. Sears & Associates. All rights
reserved.
Laterals is published monthly by
Sears & Associates, a national attorney search firm since
1979.
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Executive Editor: Jerry Sears jerry@mentoringpros.com
Publisher: Ellen Caravello ellen@mentoringpros.com
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LLC deb@mentoringpros.com
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Evangelist: Mark Margaretten, Second Story Solutions, LLC mark@mentoringpros.com
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Sears & Associates
RECRUITING AND DEVELOPING RAINMAKERS SINCE
1979
Delray Beach, FL USA
(561) 638-4750
phone
(561) 637-6585 fax
Web Site: http://www.mentoringpros.com
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