The Foster Group Feature: "Rainmaking Tips for Women in the Legal Industry"

Rainmaking Tips for Women in the Legal Industry

Rainmakers - the attorneys who bring clients, business, and money to their firms - are viewed as a valuable commodity in the legal industry. Because they are top financial producers, they typically reap the most rewards, gaining leadership roles, recognition, and financial benefits. Rainmakers are also the most marketable should they choose to switch firms.

While the number of female lawyers has increased slowly over the past decade, the number of women filling rainmaker roles remains disproportionately low. A recent report on women in law shows that female attorneys accounted for more than 50 percent of associates in 2023, but only 24 percent were equity partners that year.

The reasons behind the disparity are many and varied. A recent survey showed that female attorneys believe it is easier for male attorneys to engage in the traditional activities that lead to business development, such as attending sporting events or having an after-work drink. As female attorneys strive to balance professional and familial responsibilities, participating in those types of events becomes extremely challenging.

Outdated ideas about gender relations were also cited in the survey as a reason female attorneys struggle with business development. Some respondents explained that a female attorney approaching a potential male client can sometimes be misinterpreted as a personal rather than professional invitation.

Despite these issues, many feel that moving into a rainmaker position is not as challenging as it once was, with 56 percent of respondents saying it is getting easier. For those who want to seek out and take advantage of opportunities for business development, here are some key steps that should be taken.

Shift your focus to business development

To be successful at business development, you must make it part of your life’s fabric and give it attention every day. While some days may allow more time than others, don’t let a day pass without moving the ball forward, even if it involves only 15 minutes spent on the task.

A common mistake attorneys can make in this area is seeing business development as less valuable than their other duties. While performing high-quality work and billing significant hours is important, it is not enough to get ahead in today’s legal field. As early as possible in their legal careers, attorneys should begin developing the disciplines needed to grow their firms’ business.

The most important discipline to develop is ongoing, strategic communication with potential clients. This can consist of email, texts, calls, and in-person meetings, but you can also forward them a relevant article and tag them in a relevant post or even call them on their birthday and invite them to lunch. Any effort to maintain an ongoing connection will let them know they are on your radar and will keep you on theirs when needed.

One of the most important steps a young attorney can take is to participate in pitch meetings with more senior attorneys early in their career. Repeated participation in pitch meetings early on will give the attorney the “know-how” and confidence to successfully engage in business development throughout their career.

Leverage technology to stay organized

Effective business development requires a lot of work. To optimize your efforts, invest in technology tools that can help you stay on task and organized. Your key goals will be capturing information on every new contact, following up on every connection, and maintaining a healthy rhythm in the relationship.

The artificial intelligence tools integrated into most email platforms today can be leveraged to streamline your communication and ensure you don’t lose track of a prospect. Smart compose functionality can help draft messages, while many platforms can also be set up to nudge you to engage when you don’t see a response after a certain period of time.

Classifying each new contact based on how likely they are to utilize your services is vital for staying organized. If you feel there is a strong likelihood of repeat business or an ongoing relationship, make your communication with that contact a priority. It’s also important to determine which of your firm’s services the contact may need so your communication can be relevant.

Promote your work

To bring business in, you need to get out there and stay active in the spaces where you can connect with the type of clients you want. Industry conferences, charitable events, and alumni gatherings are all places where you can make connections that can be nurtured into client relationships.

Being active in online spaces is another way to promote your work, such as LinkedIn, which provides any professional with a forum for publishing articles highlighting their expertise. Being active there can translate into other opportunities, such as publishing in journals or speaking at events. Using public forums to establish yourself as a thought leader in a particular area of focus can create rainmaking magic.

Be mindful, however, that successful business development quite often comes from personal relationships - it could be your college roommate, your sorority sister, your former colleague, your relative, or the parent of one of your children’s teammates who you chat with on the sideline of their soccer game each weekend.

It is also valuable to promote yourself within your firm. Statistics show that 80 percent of new legal business comes from existing clients. Make sure they know who you are, what you do, and how well you do it so they will know who to call upon when they or one of their associates needs those services.

Becoming a rainmaker in the legal field is challenging for women, but it is definitely achievable, as the thousands of women who have already made it there can testify. If you consistently focus on your goal, you will achieve it in some measure. Set your sights on moving into that space and follow through by shifting your focus, getting organized, and promoting yourself in a way that optimizes your opportunities for bringing in business.

https://www.sitepronews.com/2024/10/17/rainmaking-tips-for-women-in-the-legal-industry/