Lawyers and Accountants
Rainmakers are 'unicorns' in most firms. But with the right systems, strategies and tools
you can build yourself a practice of files you want to work on, force partnership in your firm, and reap the rewards of just a few minutes of business development activities each day.
No lawyer or accountant ever went to school so that they could sell services. Those that do (Rainmakers) are considered ‘unicorns’ by their industries. But here’s a little secret. No matter how much you don’t want to sell services, might be an introvert, and would like to review briefs or financials rather than engage people, selling IS part of a successful and profitable practice. That being said, it doesn’t have to be complicated. You don't need to suffer through cheesy calls. No shaking sweaty hands and kissing babies. 90% of success for legal and accounting professionals in their business development activities is clearly articulating what you do, why it matters, and who cares. When you can introduce yourself effectively and to the right people when opportunities present themselves, you’ll get 90% of the business. With that said, we segment our niche markets within professional services into three groups:
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Senior Associates/Managers wanting to make partner (name, equity, or both).
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Newly minted partners who need to originate files for themselves and their reports.
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'Single shingle' firm owners and small boutique practices that need to build and sustain a profitable practice.
*We are introvert-approved.
Senior Associates & Managers
Sometimes firms need to be more clear on what partnership requirements look like. They might tell you to meet your billable targets. Continue to develop your expertise. Tag along to meetings with clients to make connections. Then the magic happens. With big smiles, you get called into the board room, and the partners show you letterhead with your name on it.
Just kidding...
Here's what your firm might need to be telling you. Partners need new partners to buy out old partners. Partners need new partners who can bring in business and contribute to the pool of money they all take from. Most firms promote partners because they need new blood and someone that can handle the debt to buy in so others can be bought out. Since 1999, we have worked with thousands of Senior Associates and Managers. We have cut the time to partnership, in half, by focusing clients on three core abilities within their practice: 1) The ability to originate profitable files and grow existing accounts. 2) The ability to transfer knowledge to others so that you can move up and find/train your replacement. 3) Have technical expertise. We work with clients on the first two; they must do the third independently. When you can figure out how to develop a trapline of opportunities from your existing and growing professional network, your billable hours become less critical to the existing partnership group. Your ability to bring in profitable files and grow clients is a unique skill set we can teach you. Clients in this situation meet with their advisor once per month.
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We have worked with some of the most hardcore introverts who wanted to make partner. Their firms wanted them to be partner, but they were stuck on the origination side. Within the first year, we will get you to do basic activities to get the market's attention; your firm will start the partnership process with you in the second year. On average, our Senior Managers/Senior Associates make partner within 24 months of working in our system.
Newly Minted Partners
For this niche market, we offer our Premier Advisory Program. You meet with your business advisor once or twice per month and focus on building out your account list of 'high-value clients.' Developing a group of Champions to deliver qualified prospects to your practice is also a key focus. And finally, clarify the niche markets you want to own and communicate effectively with them so they start to see you as 'their person.'
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Clients in this niche can be expected to see 4-5 business opportunities each month with 1-2 file originations. These will come from existing clients (opening new opportunities or expanding your work for them) and new prospects (new file openings).
Single Shingles & Boutique Firms
We are mindful that we, as business advisors, need always offer value above what the monthly coaching retainer is. For those just starting the business development activities for their firm, we recommend first looking at our Foundry AI™ program. It holds the same content we cover in our Premier Advisory sessions but at a much more client-managed pace and accessible price point. Focusing on learning all the ins and outs of identifying profitable markets, having initial conversations, and closing opportunities, we find that owners of new firms/practices are best to start here.
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After you finish the six-month program and have implemented the tools, we'd welcome a conversation about you coming into the Premier Advisory Group at that time.
More information can be found below, or you can click here:
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If you own an established firm and have been in practice for over a year with gross revenues above $1M/year, you would be better served with something in our Premier Advisory lineup for a more bespoke solution. If you are unsure, schedule a chat, and we can discuss options with you.
Need something at your own pace that you can do outside of business hours? Check this out!
Our Foundry AI™ program has all the tools of our Ghost CEO™ platform but is delivered online through a well-planned course curriculum. This six-month program will walk you through all the fundamentals of business development, from targeting markets, knowing what to say to prospects, and tracking your efforts, so you do more of what works and less of what doesn't. Activating others to promote your business (Champions), forming alliances with complementary businesses/professionals and developing and managing a Hunting Pack. A Hunting Pack is a group of 4-8 professionals targeting the same niche market(s) and generating opportunities for themselves and each other.
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With over seven hours of video content broken into 3-5 minute videos, you can also consume the information through audio files (should you want to learn the information during your commute, at the gym, or when out for a walk. We also make the curriculum available as a written transcript for those who like reading information rather than watching or listening to it.
Note: All videos are close-captioned. If you want to watch the videos but are in a shared workspace or other situation where you don't have the option of playing the video out loud (and are without headphones), we have a solution.
Whatever your style of learning, we have it covered. Audio files and transcripts, as are the tools accompanying each program component, are downloadable.
Program developed and delivered by best-selling author, venture capitalist and founder of the Ghost CEO™ platform.
This program filled in a bunch of the gaps in my go-to-market strategy and identified that one of the markets I was targeting didn't have the assets that I thought it did, just by going through the Niche Market section. After that, the rest of the program was a bonus. I was spending tens of thousands of dollars promoting myself to a non-viable market. Oy!
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K.C.
Morgan Stanley Wealth Management