Every lawyer has the tendency to look at someone else’s book of business and feel behind. When building a niche practice, there are more useful comparisons to make.
You see a colleague land a significant client, or hear another lawyer’s origination numbers, and the natural reaction is to compare their results with yours. But the biggest rainmaker in your firm or practice area is usually the wrong comparison.
That lawyer likely spent decades building relationships, experience and name recognition. They may serve larger clients, handle more complex matters, or compete in a different segment of the market. Their book of business tells you very little about the opportunity directly in front of you.
Your Real Competition Is Narrower
Especially when building a niche practice, your competition is the handful of lawyers that the type of client you are targeting might realistically hire for the work within your reach.
The point is, at this moment in time, you do not need to be the best lawyer in your field. You need to be the better choice among that group.
That distinction should make business development feel more manageable.
When looking to hire, clients don’t compare every qualified lawyer. They usually consider a short list of options created through referrals, prior relationships or a limited search. Once you are on that list, relatively small advantages can influence the decision. Perhaps you understand the client’s business better, respond faster or communicate more clearly. Or the client already knows and trusts you because you have stayed visible and useful over time.
None of these advantages is dramatic. But since hiring decisions are often made between several capable lawyers with similar technical skills, small differences can decide who gets the work.
Winning that work, in turn, improves your position for the next opportunity.
A successful matter gives you more relevant experience, a stronger client relationship, and a useful example of how you have helped someone facing a similar problem. It may also produce repeat work, introductions and referrals.
This is how small advantages compound. Each opportunity makes you a stronger candidate for the next one.
A More Useful Comparison: Past You vs. Current You
There is another comparison that is worth making: you today versus you six months ago.
Business development can be frustrating because opportunities are unpredictable, and results are uneven. You can build relationships, publish useful content, and stay active in your market without immediately bringing in a new matter. Revenue and originations are important measures, but they are lagging indicators. They’re the harvest that arrives long after you’ve planted the seeds.
That means you need to pay attention to the progress that comes before the result.
- Do more of the right people know what you do?
- Are your relationships getting stronger?
- Are you becoming more consistent about staying in touch and following through?
Those are better measures of short-term progress because they reflect actions and capabilities you can influence. They also help you see whether your business development efforts are moving in the right direction before the financial results arrive.
That progress creates motivation.
When you feel yourself improving, it becomes easier to continue the hard work.
Comparing yourself to the firm’s biggest rainmaker, or someone who is far ahead of you, often has the opposite effect. The gap feels so large that it offers no useful guidance. It tells you that you are behind, but not what to do next.
Pay Attention to Two Things When Building a Niche Practice
First, pay attention to whether you are becoming a better choice for the work currently within reach. Second, are you improving the habits, relationships and reputation that will expand what is within reach over time?
That will help you build and grow your book of business.
Be sure to read Jay’s article “This Is How to Build a Book of Business,” and read or listen to “Why Legal Demand is Unpredictable.”
Related Resources on Attorney at Work
- Business Development and the Power of Small Gestures
- Build Your Legal Practice With Client-Centric Selling
- Solving the Business Development Outreach Dilemma: From Content to Client Touchpoint
- My Messy Process for Writing Long-Form Content
- Scale: The Three-Step Formula to Grow a $1 Million+ Legal Practice
- Get Serious About Business Development and Start Taking Action (Even If It’s Imperfect)
One of a Kind: A Proven Path to a Profitable Law Practice
BY JAY HARRINGTON
In today’s legal market, developing a profitable and consistent book of business requires a strategic approach. If you’re open to new ideas and are interested in growing your practice, this book is a great resource to kickstart the next stage in your career.
Image ©iStockPhoto.com
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