2012 Redwood Analytics® User Conference Analysis. Insight. Action. I Want My Attorneys to Act More Like Salespeople: What Rainmakers Do to Create Success

2012 Redwood Analytics® User ConferenceAnalysis. Insight. Action.

I Want My Attorneys to Act More Like Salespeople: What Rainmakers Do to Create Success

James PatersonSr. Director, Product Line Management


We will cover…

• Why is Rainmaking more important than ever?• Who are Rainmakers and what do they do?• How does my firm start making more Rain?• How does Social CRM fit into all of this?

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Difficult Signs of the Times

Peer Monitor Index - Q1 2012 EXECUTIVE REPORT - ISSUED 04.27.12https://peermonitor.thomsonreuters.com/ThomsonPeer/docs/PMI_Q1_2012_v1.pdf

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0

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20

30

40

1 2 3 4 5 6

Areas of Law

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e (%

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40

60

80

1 2 3 4 5 6 7 8 9 10

Decile

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40

50

0 1 2 3 4 5 6 7 8 9 10 20- >20

Client Age

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0 1 2 3 4 5+

# of Partners Involved

Some Clients Are At Risk

Source: LexisNexis Redwood Analytics research on Client Analysis

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Yet Lower Profit Per Partner is Temporary?

89%79% 77%

66%

27%

0%

20%

40%

60%

80%

100%

Permanent

Not Sure

Temporary

Source: Altman-Weil Flash Survey

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Growing Firm Revenue is the #1 Priority1. Which of the following are the top three (3) priorities for your firm, according to firm leaders?

Source: ALM / LexisNexis

c

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Major Focus on Business Development?

6. How aggressively is your firm planning on pursuing these options?

Source: ALM / LexisNexis

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The Business Development Forecast

Really, really bright … with a high chance of rain. Get ready.

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Who is Responsible for Rainmaking?

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Rainmaking Doesn’t Need to be Like This!

http://www.youtube.com/watch?v=Lteq60AVH0M

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Everyone has an important Rainmaker role

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The New Rainmaker?

• Economic conditions + technology capabilities combine to create a powerful new role for Business Development

• Potential “Rainmaker” position from identifying• New business opportunities with existing clients

• Strengths to leverage in addressing new clients

• The real profitability metrics behind current business (do more of this, and less of that)

rainmaker: n. informalOne who is known for achieving excellent results in a profession or field. A company employee who creates a large amount of unexpected business

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A Business Development Continuum

Given the diversity of legal practices and firms, plus a good dose of business and economic reality, BD efforts will fall on a continuum of capabilities

Not everyone is ready to make a lot of rain … today

Ad hoc marketing tacticsNo dedicated staffLimited technology / applicationsModest budgets

Rainmaker Forecast: light, spotty mist

BD plan and strategyDedicated / focused personnel

Leading edge technology / applicationsFunding commitment to deliver results

Rainmaker Forecast: deluge

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Some Firms Are Already Proficient

Source: International Business Development, September 8th, 2012

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Rainmaking is a Strategy

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Five Steps to Develop Your Rainmakers

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Becoming a Business Development Rainmaker

Leadership Mandate & Backing• The Charter and a Real Job Description

• Resources

• Access to key players and information

ImportantWithout Step 1, accomplishing Steps 2, 3, 4 … is difficult, but not impossible

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Tools of the Trade• CRM solution – at the heart of BD: Core capability

doesn’t need to be high end; it does start your technology deployments

• Business Intelligence: Broadens perspective to industry, competitors, trends … a real value add for clients

• Analytics: Enables detailed planning, “what if” scenarios, and stress tests current value calculations for the firm

• In an Ideal World: Fully-integrated systems and data

Step 2 is also a continuumDeploy whatever you can, as soon as you can, to empower the BD function and the firm

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Rollout / Reinforce / Repeat• Remember the Human Element in the mix

• BD is responsible for combining the people, technology, processes and systems

• Getting “buy in” is critical, as is detailed training

• Everyone needs to understand the “why” as well as the “how” of any new steps

• Reinforce the value and end game … constantly.

Leverage every early success to encourage good behaviorSee, it works!!! Let’s keep it up


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Share Information Liberally … as much as your internal “continuum” will allow• Practical considerations govern the degree of

information transparency

• Management access versus general access

• Details for “my” clients versus the “firm’s” clients

Share what you canKnowledge truly is power; more really is better; and success does breed success


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Set your KPIs (Key Performance Indicators)• Deciding what to measure is really important:

- Broad business objectives for the firm

- Granular details tied to individual initiatives

• Baselines are needed to determine change

• Measuring and quantifying are necessary “evils” for making improvements and determining what happens next

What you measure gets done


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Make It Personal!

“…don’t let anybody kid you. It’s all personal, every bit of business”

– Mario Puzo, The Godfather


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Legal Has Always Been a Personable Business

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Social CRM – Building Profitable Relationships

It’s About Being Personal, In The Social Media Age, and it’s More Important Than Ever!

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Who Is This?

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Of Course, it’s “Dooce”, aka Heather Armstrong!

http://www.forbes.com/2009/09/02/twitter-dooce-maytag-markets-equities-whirlpool.html

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Social CRM Defined

“Social CRM (Customer Relationship Management) is use of social media services,

techniques and technology to enable organisations to engage with their

customers”---http://en.wikipedia.org/wiki/Social_CRM

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Social CRM Defined

… from Lithium… from Laurence Buchanan

… from Brent Leary

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MediaSocial CRM

3030

Social Media Marketplace

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Global Phenomenon

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Source: ALM Legal Intelligence: Fans, Followers and Connections – Social Media ROI for Law Firms: February 2012

With Healthy Interest Among Law Firms

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Source: 2012 American Bar Association Technology Survey Report

Individual ‘Rainmakers’ Are Taking The Lead

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Some Preferred Platforms Are Emerging

Source: ALM Legal Intelligence: Fans, Followers and Connections – Social Media ROI for Law Firms: February 2012

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Social CRMLessons

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A Tipping Point for CRM Evolution?

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Link Tactics to Strategy to Accelerate Along the CRM Experience Curve

Set specific BD goals

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Goals

Ownership

Measurement

Staffing

Communications

Relevance

Contact

Management

Data Quality

Marketing

Business Development

Integration

Reporting

Support

External Knowledge

CRM – Key Success Indicator Audit

Measure 14 Areas to Gauge Success

Segment firms based on impact“Who Makes More Rain?”

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0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

Business Goals Relevance BusinessDevelopment

Integration Reporting

Quadrant 1

Quadrant 2

Quadrant 3

Quadrant 4

KSI Audit Results vs. Benchmark

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CRM is a Strategy

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How Can We Take Advantage of this to Make More Rain?

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“We have technology, finally, that for the first time in human history allows people to really maintain rich connections with much larger numbers of people.”

-Pierre Omidyar, eBay Founder

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Developing Thought Leadership

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Choose Wisely to Support Your Business Strategy

Resource Commitment

Client InterestMeasuring Hard

and Soft ROI

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Collect&

Analyze

ConnectAnticipate Target

Prompt Guide

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Collect&

Analyze

ConnectAnticipate Target

Prompt Guide

Make It PersonalMake More Rain

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“Figure out the people part and the technology gets a

whole lot simpler.”


[email protected]@LNInterAction@jamespaterson73+1.919.297.1859

Q&A

Documents

2012 Redwood Analytics® User Conference Analysis. Insight. Action. I Want My Attorneys to Act More Like Salespeople: What Rainmakers Do to Create Success