In the world of professional services, the key to a thriving practice lies in effective business development (BD). It’s all about uncovering opportunities, forging valuable relationships, and driving growth both in established and untapped markets.
Thoughtful BD strategies play a pivotal role in the advancement of any attorney or legal practice, yet developing effective plans to achieve vision and objectives can often be a daunting task. By leveraging thoughtful insight and targeted approaches, even the most overwhelmed and hesitant attorneys can turn their goals into successful realities.
I recently asked two of my clients, Alexander “Alex” Davis of Mayer Brown and Kathryn “Katy” McConnell of Littler Mendelson, to share any mistakes that they have made when setting out to create their BD plans. They shared several examples, but the most glaring misstep was overestimating the time they could commit to nonbillable efforts. This is where professionals can become discouraged and give up on a goal long before it has a chance to gain momentum.
So how do you build an actionable and successful BD plan? Let’s explore this from two angles. In this article, we’re exploring the most frequent causes of failed plans. In the next article, we’ll focus on how to craft a dynamic BD plan that puts you on the path to success.
Why BD Plans Fail
One of the most significant and frequent mistakes attorneys make is failing to clearly define their BD goals and objectives. Without a clear direction, it becomes challenging to develop a focused and effective plan. “Additionally,” McConnell added, “people focus on two ends of the scale—they’re either too ambitious or not ambitious enough.” It’s crucial to strike a balance between setting achievable goals while also reaching for challenging targets.
Here are some other key reasons BD plans fail.
Unrealistic Ambition
Those who are overambitious run the risk of getting discouraged and giving up too early on goals. But those who don’t set lofty enough goals tend to complete them earlier than expected and don’t achieve anything meaningful in the remaining time, leading them to wonder why they aren’t gaining traction and greater success with their efforts.
Start with “easy” wins to gain confidence and then go after those stretch goals. In my experience, once you have your first “yes” from a client or prospect, it increases motivation and makes future efforts far easier.
Poor Time Management
“It’s important to know what you want to achieve and the time that you have to devote to achieving your end goals,” McConnell said. Being honest and realistic about the time that you are willing to devote to non-billable activities will allow you to determine which goals are achievable.
Identify specific target markets, practice areas, industries, or client segments that you want to pursue to ensure your efforts are aligned with your overall strategy. Think through the weekly or daily activities that will need to take place to achieve these goals. Are they doable, given your current workload, firm or community commitments, family and social obligations, and all of the other things in your life? Don’t overcommit—burnout is real.
Operating in a Vacuum
Creating a plan without market research and client feedback causes you to work in a vacuum based only on your understanding of the market and what skills you offer. Understanding the emerging trends, needs, and competitive insights within the clients and industries you serve is crucial for identifying opportunities and positioning yourself effectively.
Additionally, knowing how others can positively impact your plan is important. Davis said, “Plans fail when attorneys don’t know about the expertise of others within their firms.”
Identifying opportunities based on the strengths of peers is a great way to offer services to meet client demands, and to improve your client’s experiences with you and your firm.
Lack of Accountability
Attorneys often fail to establish accountability mechanisms and to track the effectiveness of their business development efforts. Without proper tracking and methods to measure efforts, it becomes challenging to gauge the success of various strategies and make data-driven decisions.
To avoid this common pitfall, set key performance indicators, regularly review progress, and adapt strategies based on real-time feedback and results. Both McConnell and Davis agree that accountability can come in the form of a business coach, a mentor, or even informal check-ins with colleagues. Anything that keeps you on track and working toward your goals is key to success.
Chasing What’s Shiny and New
Lastly, attorneys often fail to prioritize consistent client relationship management in lieu of new client acquisition. Building trust and loyalty requires ongoing communication, understanding of client needs, and delivering exceptional service—a component critical to any successful BD plan. Establish a system for regular client follow-ups, maintain open lines of communication, and stay top-of-mind with your clients.
Franklin D. Roosevelt said it best when he commented, “It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something.”
When trying, you can lean on the experience of others to avoid common mistakes, which will help you adopt a measured and strategic approach to business development. By doing so, you can develop a robust plan that effectively promotes your practice, retains current work, attracts new clients, and fosters a career trajectory that is in line with your long-term goals.
This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law and Bloomberg Tax, or its owners.
Author Information
Heather McCullough is the co-founder of Society 54, a consultancy for professional services firms, and the co-founder of Society Tech, a technology software company for marketing and business development teams.
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