What makes a rainmaker?

When lawyers are able to think outside the immediate legal issues and see beyond the billable hour, effective rainmaking becomes second nature. By Julian Fenwick

A rainmaker not only increases a firm’s revenue stream, but also optimises relationships in a way that encourages loyalty and respect from clients.

Over the years, there has been much discussion as to what makes a rainmaker in the professional services. Many lawyers in top-tier firms have risen to the position of partner following years of long hours, hard work, meticulous attention to detail and outstanding professional ability. Yet, while they seem to be making all the correct moves, rainmaker status can still be elusive.

However, when broken down, the skills required to be a successful business developer are not too dissimilar to those applicable in most business environments.

Concentrating resources
Many firms understand the 80/20 rule when deciding on which clients to invest in – the same theory can work for the practitioner. By targeting a number of key clients rather than spreading themselves across too many, practitioners will gain a deeper understanding of the business landscape, therefore enabling them to be more proactive in initiating new instructions from clients. Strategic thinking and the implementation of successful programmes that benefit the client directly will also bring dividends to the rainmaker and the firm.

Focusing on specific industries
It is likely that clients in similar industries will have similar issues to be resolved. The key is to move away from being an ‘instruction receiver’, to become an ‘instruction initiator’, with a thorough knowledge of current issues within that business or industry sector. If the lawyer has an industry-wide perspective, their assessment may introduce issues of which the client has little knowledge or, indeed, is unaware of. The lawyer’s expertise then becomes a useful asset to the client.

Using lower-cost resources
This can broaden and deepen client relationships. Most lawyers understand the concept of leverage; however, it is often limited by a client expectation that all work will be performed by the lead partner. Clients often express frustration at receiving invoices loaded with time from lawyers they have never heard of. Therefore, they need to perceive the partner as the head of a team, rather than a single person. They also need to have personal knowledge of the people who are working on their behalf.

There is mutual benefit to be gained by exposing junior staff to clients, and especially to peers within client organisations. Within a network relationship, there is a stronger bond and broader understanding of the client’s needs and reservations. Matters that may not be discussed at a high level can often be communicated through unofficial lines, meaning that any issues arising in the relationship can be resolved before they become major breakdown areas. There is also the potential to find latent legal work, which might otherwise have been undiscovered.

Cross-functional key-account teams
Client account teams, which include marketing, strategy, knowledge, project management, IT and other professionals, are now able to be creative beyond the traditional model of a legal, albeit
cross-practice, client team.

Furthermore, clients’ in-house teams are increasingly becoming more sophisticated and, as a result, they are demanding more from their advisors. There is significant pressure to come up with new and creative ways to service client needs while reducing costs.
By incorporating professionals from non-legal disciplines, account teams can expand their horizons beyond the billable hour. The key focus should move away from revenue and toward profitably serving each client to deliver recognisable value for money.

Tailoring services
Key-account teams need to have a deep understanding of what differentiates their client from other organisations. Knowledge drawn from externally available information, such as an annual report, is not enough to establish a powerful client relationship. Teams need to understand the goals, pressures, procedures and processes that form the working lives of the individuals with whom they deal. They need to understand the client organisation’s belief systems and the way it functions before a successful and productive relationship can emerge.

Effective collaboration
Collaboration should extend to the client’s senior-management team, beyond the office of in-house counsel. Top performers actively seek to understand their clients’ business from the coal face. Such collaboration will actively foster:

A joint commitment to robust and regular customer research;
Differentiated service offerings;
Development of relevant new service offerings.

Looking after the individual
Firms should set out to care for the individual as well as they would the organisation. This, while often recognised, is not always defined when it comes to developing client relationships. In professional-services marketing, as in other disciplines, there is much to be gained from looking after the individual representatives of your client. Corporate hospitality is one thing, but actually understanding personal needs is another.

Take an interest in the individual, ask questions about their life, and listen to their responses. Turn up early to events where clients have been invited, make sure they are comfortable before looking after yourself, ensure they have a drink and something to eat, and do not leave before they do. It is often beneficial to make notes of information that may have arisen from the first meeting: the name of the client’s spouse or partner; whether they have children and of what age; health issues; place of residence; or, special interests (such as sport or theatre).

Remember, taking clients to the football is only of value if they value spending time with you more highly than spending time with their family – and actually enjoy it.

If a client has travelled from another county or from overseas, ensure they have access to e-mail and a telephone. Look out for potential cultural sensitivities. Dress and behave appropriately. Finally, imagine they are a guest in your home. I describe this as simply being a good host.

Thinking out of the box
While it will always be essential to have superior legal skills to become a good rainmaker, it is also important to look more broadly than the instruction-to-initiate processes that make up the transactions within a client-to-firm relationship. Lawyers who are able to think beyond immediate legal issues and the billable hour are more likely to optimise client relationships – even make them more enjoyable. By looking after the smallest details of relationships, the issue of selling services becomes moot.

Julian Fenwick is national business development manager at Australia-based international firm Blake Dawson Waldron. He can be contacted at julian.fenwick@bdw.com