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Business Development: How & Why Law Firms Should Invest In Associates' Business Development Efforts
Private practice attorneys truly own their careers, inside and outside their firms, when they fall into the category of "rainmaker" and when their compensation is a fraction of the business they are able to originate. Of course, there are exceptions — the partner whose practice area is essential to every transaction, the partner who takes on a large firm management role or the partner who fills another non-substantive need of the firm. But, generally speaking, if you are an attorney at a firm, big or small, you're best suited as a rainmaker. Many attorneys, however, don't actually know how to scale business and require guidance in order to develop and exercise that muscle. This is precisely why law firms should invest in their associates' business development efforts from the start.
When associates join firms at the junior level, they are tasked with learning how to actually practice law. In most cases they are there because they want to dive deep into the substance of the law itself. They must master their chosen practice area, comprehend the nuance that goes along with each matter and gain a deep understanding of the process and procedure required within the law. Associates need to know what they know and, perhaps more importantly, learn what they don't know. They must be committed to spend the necessary years perfecting their craft and becoming top of their game. Being a good lawyer is a baseline for success in the profession. Without debate, this is essential — but it doesn't have to, nor should it, be at the expense of the attorneys' business development efforts. The goal is to develop multi-dimensional lawyers. Those who bring so much to the table — for themselves, for the firm and for their clients. Those who can both practice law and build business, authentically.
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