Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
By Kevin Wheeler
When today’s lawyers entered the legal profession, especially the older generation, most probably envisaged that they would spend their days advising clients on important business or personal matters, achieving a high degree of respect that comes from a career in the professions, and earning a good living; few, I suspect, recognised that they would have to become skilled at business development. However, in today’s highly competitive legal markets, developing business development skills – the ability to manage and grow existing clients, as well as bring in new ones – is essential if lawyers want to be successful. In fact, today’s lawyers will never make partner in their firm unless they are good at business development, regardless of how technically brilliant they are as a lawyer.
In the past, when the legal market was booming, work came flooding into the firm or was brought in by a few “rainmakers”. Clients, who had instructed the firm for years, were handed down from the senior partners to their junior colleagues as the former approached retirement. Most lawyers in the firm never had to worry about where the next instruction was coming from, only how to get all the work done given the constraints of a 24-hour day.
Today, and for the foreseeable future, the legal market has changed out of all recognition. With most of the western world in recession or exhibiting low economic growth, and companies lacking the confidence to invest, the level of corporate activity, especially M&A deals, is much lower than before the credit crunch. As a consequence, there is insufficient work to keep all the corporate lawyers occupied. On top of this, clients now have considerable buying power and are demanding better service at lower cost from their law firms. As a result, loyalty has gone out of the window as general counsel shop around to get the best deal for their companies.
The pressure on partners to keep the flow of work coming into their firms has never be
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Kevin Wheeler has been advising professional services firms on all
aspects of marketing and business development for nearly 30 years. As a
consultant he helps firms to manage and grow their key clients as well
as to win new ones. As a certified coach with WABC he works with
partners and those approaching partnership to improve their BD skills.
0330 161 1234