5 Business Development Skills to Build on for Lawyers
In this article you will discover the business development skills we are most often asked to recruit for in the Legal Industry in Melbourne. We offer tips to build on these skills. Read on to help you get to the top of the short list in your next role!
As one of Melbourne’s leading specialist recruiters in the legal industry, we are often recruiting lawyers for firms looking to grow. We are often asked to find them candidates that have business development skills…. But what does this mean for a lawyer?
Once you have a reasonable level of experience say 3-6 years PAE you most likely have solid technical experience. Whilst our clients certainly value this experience, many look beyond this and want business skills as well.
The good news is that many business development skills can be learned or developed with experience and focused effort.
- Client Relationship Skills
Communication skills and relationship management skills are critical for client facing lawyers. Having strong client relationships ensure that your clients bring any new business to their existing provider.
Tip: Communicate clearly, manage expectations appropriately and develop a rapport with your frequent business contacts. Touch base with your most profitable clients regularly.
- Commercial Acumen
Do you understand the business of Law? Do you know how to measure a firm’s productivity or profitability? Can you read financial statements? Do you understand cash flow management? Do you know your own KPI’s such as your monthly collected billings & how that compares with your budget? Do you understand the threats and challenges to your firm’s financial performance? Are there economic or political factors that might impact your firm? Are you across what is going on in New Law and any technology developments that are likely to impact your firm and clients?
Commercial Acumen includes understanding a firm’s profitability and productivity. It may also involve being able to demonstrate a reduction in costs or a return on investment in a previous role.
Tip : Read widely about your industry. Take a relevant course if you need help with the financial side of things.
- An Interest in Marketing
Whilst you will probably not be expected to actually implement your firm’s marketing plan an interest in marketing for law firms can be an advantage. You may be across what your competitors are doing, or have some good examples of ideas that you know have worked for other firms. You might have a good understanding of content marketing, social media marketing, print advertising, sponsorship, search engine optimization or e-mail marketing. Being able to contribute ideas to attract new business is a useful skill.
Tip : There are plenty of online resources that discuss marketing for law firms. Read widely and learn from your connections examples of what works for them. Develop an understanding of how each of your own new clients have found your firm.
- Networking skills
Being able to demonstrate that you have an active network of contacts and referrers can help give you the edge in a job interview. Every firm wants a solid pipeline of new business prospects! You may be active in relevant associations, be connected via a business group or via extra-curricular activities.
Tip : Make an effort to attend networking events regularly and build your referral base. Always make an effort to thank a referrer of business.
- A Solid Personal Brand
In the modern era it is also important to have a professional profile on LinkedIn and maybe even Twitter. To build your brand you may consider being a contributor to industry blogs or publications. Positioning yourself as a thought leader in your particular area of specialisation will help you be well-known and attractive to potential employers.
Tip : Update your LinkedIn profile and network with your connections online. Ensure you have a professional photograph and nurture you connections.
Of course one of the most powerful business development opportunities is via word-of-mouth referrals. People talk widely about what is going on in their lives and in their businesses and a referral from a friend, colleague or associate is very powerful. This means that you have to do great and memorable work to deserve the word of mouth recommendation!
Are you looking for a new and challenging role in the legal industry in Victoria? Legal People is your gateway to legal career opportunities. We are specialists in the Legal Industry. We recruit Lawyers, Support staff and HR professionals in Melbourne, Australia. If you enjoyed reading this article, you can follow our Company Page on LinkedIn for regular updates. To browse our currently available roles click here.
