LeftFoot - Fresh Conversations on the Business of Law

For our first episode of 2018 LeftFoot is featuring 4 women associates from the Goodwin Private Equity and Mergers & Acquisitions business. We share their perspective on business development and taking on business development responsibilities at the firm.

First up was 2nd-year associate Serena Shi. Serena’s strategy for business development and client retention is ‘spot on’ noting that responsiveness, the ability to engage with others as a team player, and consistency in execution are differentiators. She also notes the value of adding a personal touch without compromising your professional image in this very competitive space. When it comes to the future and taking on responsibility for business development as a partner, Serena feels it’s should be a gradual process starting as an associate versus an abrupt change. Serena Shi Bio

The second associate we talk with is 3rd year, Michal Netanyahu. Michal believes more client face time would be helpful. Noting the importance of understanding your client’s perspective, timeline, desired deal pace, and the overall business considerations your client is facing. We discuss the advantages of a lower bill rate including being seen as an accessible resource and client-side peers that will be her clients in the future. Simone Greenspan Bio

Next is Simone Greenspan, a 2nd-year associate. Simone reflects on observing others and the business development best practices they employ. Noting a partner’s ability to transition from a work social conversation to a business development conversation with ease. Simone and Nicole also discuss the power of watching and hearing from diverse role models. Michal Netanyahu Bio

We conclude with points from 3rd-year associate, Christine Poile. Chris reflects on consciously developing relationships that will grow over time. That as a 3rd year, reframing business developing as a priority will be next step specifically focusing on developing relationships outside the firm. We conclude our conversation with Chris talking about the importance of listening and understanding a client’s needs; developing your own style; and how to be uniquely you as you present yourself to clients and prospects. Christine Poile Bio

We hope you enjoy episode 92. Tune in next week to hear from Paula Davis-Laack, on lawyers and resilience - and the difference between resilience and grit.

We're sharing the 3rd of our 12 Business Development Challenges in this episode. This Challenge is the first of three challenges in our Business Development Grit category related to networking.

The LeftFoot 12-SESSION Challenge is divided into 3 categories:

Business Development Grit: Tactical habits that lead to BD success – including networking.

Nailing Your Niche: How to focus and develop an expert reputation.

Commercial Savoir Faire: a discussion on business and the revenue side of law.

We believe:

20% of people are natural at business development.

10% say ‘no’ to business development.

70% are neutral and can adopt the skills necessary when presented in an organized, methodical way.

It takes focus and thought to ‘Lead with the LeftFoot’… Until next time.

Today’s guest is Brendan McInerney, Manager of Legal Project Management at Dorsey chats with LeftFoot about applying diligent matter planning practices understanding the necessity of transparency and clear communication with clients on legal matters.

More than software: Legal Project Management (LPM) is about execution and communicating value to clients.

More LPM: means less administration for lawyers.

Matter data: Making client billing and scope change discussions easier.

Boost Client Communication: show value by sharing Legal Project Management data.

Now available: innovative data mining due to AI.

Disruption will continue: embrace and be part of it.

Olga Mack started her career as an IP litigator before going in-house and working for several start-ups. Today she is active in the startup world, is on the board of two early-stage starts and is the General Counsel and Assistant Secretary for the San Francisco headquartered, sales and marketing engagement platform ClearsSlide.

Contracting with Outside Resources: Referrals are important and powerful.

Quality Expectations: Be explicit about what quality looks like. Communication is key.

Legal Tech: It’s an expectation that providers embrace technology – including law firms.

Added Value: The inclusion of technology within legal services is providing added value to both the client and the firm.

Outcomes: Providers should proactively quantify service delivery value so in-house counsel can intelligently communicate with organization leaders, board members, and the CEO.

We Like It: The efficiencies and improvements offered by legal tech create a more satisfying experience for the legal department and firm users.

Predictability is key: Budgets have an inherent constraint. Hourly billing lacks precision.

Pricing isn’t taboo its reality on both sides of the table.

Steptoe & Johnson, Partner, Lucinda Low is a widely recognized authority in the US Foreign Corrupt Practices Act. Her practice focuses on the US and international anti-corruption laws. She is a member of her firm’s management committee and head of the Compliance Investigations, Trade, and Enforcement Departments.

Habits: Put yourself out there, it takes a certain kind of energy and willingness to engage with people and open yourself up to possible rejection.

Referrals: Listen and being alert to opportunities.

Events: Identifying key opportunities in your field. Time is our most precious commodity. Think carefully about how you are going to allocate your time.

Build trust: Clients want to know how you can help them solve their problem. Don’t give up easily. The right opportunity may eventually come around.

Deliver Value: Help clients and prospects avoid risks by anticipating trends.

Advice: It is never too early to start developing the habits of business development; With practice, most lawyers can develop these skills; Don’t get frustrated; Learn to adapt to changing market conditions

Andrew Spielman is the Chair of Wilmer Hale’s Energy, Environment and Natural Resources Practice, and the ‘partner-in-charge’ of the Denver office. Prior to working at two top firms, he served in senior positions at the US Environmental Protection Agency.

Show Notes:

Adopt a client service approach.

Be a team player.

Regularly evaluate your business development investment and adjust.

Have a plan and execute the plan - in a deliberate manner.

Show value before the client is a client through knowledge sharing.

Today’s in-house council is under pressure to be efficient.

It’s a business relationship - have direct business-to-business conversations.

Last Points:

Learn your client’s business,

Get to know them,

Celebrate their success,

And thank them for letting you contribute,

David Douglass is the Managing Partner of the Washington, D.C. office of Sheppard Mullin and a partner in the Government Contracts, Investigations & International Trade Practice Group. He’s represented companies and individuals in criminal and civil, False Claims Act (whistleblower), investigations and litigation. He draws on this experience to strengthen his clients’ compliance and risk management programs.

If you want to have a practice, if you want to represent clients, you have to ask people to hire you

Have a goal, have a plan, and execute against the plan

Outcomes: I owe it to my client to give them my best assessment of my ability to achieve their objective.

Focus on who you are as a lawyer the kind of practice you want and let everything flow from there

If you enjoy what you’re doing, you will do well and success, including financial success, will follow

Invest in your practice and the development of your practice

Make sure you are constantly working on intellectually challenging and engaging tasks

Steven Zager is a partner in the NY office of Akin Gump. He’s been recognized by Chambers; Best Lawyers in America – and as a Law 360 Trial Ace for his significant record of trial victories for clients nationwide. He serves as the global head of his firm’s intellectual property practice.

Clients look for lawyers who listen, who internalize what their hearing in a meaningful way and are prepared to act upon it.

Involve your Millennial team members at the beginning, get them involved in discussions on case strategy, introduce them to the client, take them to court.

There's high demand for low-tech conversations.

"What would you attempt to do if you knew you couldn’t fail?"

If you don't have something unique that you bring to the table, something that's a value-add, then don't fill up your client’s email inbox.

Business detests uncertainty. Give the client certainty.

"Buy the ticket. Take the ride." – Hunter Thompson

Check out our GPS (Growth Practice Solutions) for business development success.

Joshua Stein, is the General Counsel and VP of External Affairs at Zenefits. He leads his company’s legal, compliance, regulatory affairs and government relation’s efforts. He brings a variety of experience to his current role having served as a Sr. Associate at Quinn Emanuel; an Asst. US Attorney; a federal judicial court clerk; and an Intelligence Officer for the US Army - a 4-year period which included leadership with a U.S. Army company deployed to Bosnia.

In-house: the pace is relentless and your focus and time are much more fragmented.

Homework: Doing your homework shows that you value our business.

Demonstrate: your expertise and analytical ability. Have a plan and provide insight.

Budgets: ‘I live and die on that budget number.’

Stage your proposal: It’s understood it’s difficult to provide an estimate. Project phasing and communication are key.

Let’s huddle: It’s effective and cost-efficient. There is a big loss of quality in transmission.

Nothing is perfect: If all the feedback you hear is perfect, start to worry about the relationship.

Andrew Sherman is a Partner and Chair of the Washington, D.C. Corporate Department of Seyfarth Shaw LLP. He focuses his practice on issues affecting business growth for companies at all stages, including licensing and leveraging intellectual property and technology assets. He has served as a legal and strategic advisor to dozens of Fortune 500 companies and hundreds of emerging growth companies. Andrew has written nearly 30 books on the legal and strategic aspects of business growth. He has appeared as a guest commentator on CNN, NPR, and CBS News Radio, among others, and has been interviewed on legal topics by The Wall Street Journal, USA Today, Forbes, U.S. News & World Report, and other publications.

How Andrew succeeds at Business Development: a genuine passion for helping people; being incredibly well organized; an educator at heart.

Strike the right balance between being excited to meet new people and help them and not being that guy handing out 80 business cards.

Make communication a habit. Make the time investment. Embrace it. Enjoy it.

We can't offer ourselves as problem solvers if we don't understand the business aspects of the problem.

AI can't provide the substantive judgment of a well-trained veteran lawyer.

It's going to be an intermingling of a lawyer’s judgment and tools like Watson, data mining, and artificial intelligence that will make us more efficient.

This episode is sponsored by Doxly.