Concepts in practice: a look at the BD cross-over to firms.

• Author: Wojtalewicz, Theresa

The legal landscape is changing. Each firm has had to put on its thinking-cap and find new ways to deliver the same services better, faster and at a lower cost. Often this reduction in cost of services has led the firms to reevaluate their overall services and find the best method by which to retain clients.

Law firms more frequently are looking to combine business development with marketing to ensure a great return for the firm and better repeat client work. In his book, "Business Development for Lawyers: Principles and Practice," Laurie Young contextualizes the current thinking on business development (BD) and some of its associated practices. Throughout, he examines concepts like rainmakers, client account management, cross selling and client loyalty from the perspective of revenue generation and BD at partner level. Also, he cites the sources of these concepts and uses the experience of fee earners, mostly at partner level, as a comparison.

Value-driven Work (aka Commoditization of Legal Services)

The author develops his story nicely through describing myriad methods of setting up a growth strategy that involves using various avenues. Margin vs. guru growth relates to the focus on margin rather than volume growth. In chapter one, Young explains, "The practitioner must generate sufficient demand to create a strong pipeline of high-value work, and must never compromise on their day rate. Successfully and carefully done, this strategy yields high returns."

To further develop the idea of a "guru strategy," Young uses the example of Richard Susskind who is a pre-eminent practitioner of the "guru strategy" of Business Development. Susskind recognizes what will be driving the legal profession in the coming decade: a pull toward commoditization of legal services.

This book offers case studies and examples to back up the claims with evidence. In particular, Young describes the work a firm did to build on its BD by focusing on thought leadership. He explains how this larger firm has developed and grown through powerful individuals and reputation. Young states, "It is in these larger practices that more systematic and specialised BD approaches tend to be employed." Partners need to be aware of one another's activities as to not duplicate the efforts.

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He compares the business of law firms to that of the so-called "Tesco law"--the prospect that a large consumer chain might offer a more attractive, packaged and modern...