Business Development: Developing and harnessing a business development mindset

By Randi Rosenblatt

If you ask a group of lawyers why they entered the legal profession you’ll get a variety of responses: To spend days in a courtroom, to negotiate complex deals, and to advocate for those who can’t advocate for themselves.

Rarely will you hear that they went into law to build a business. And yet, for those in private practice, business development (BD) is both expected and essential. It keeps the lights on, it grows the firm and, ultimately, it gives the attorney the power to be an “owner” and determine the direction of their career.

Hesitations and roadblocks

Lawyers who weren’t born with the ability to “sell” must first realize they need the skill, and then they must develop it. But they also need to believe in the services they are selling. The various hesitations can be deafening – and self-defeating:

 

• “I’m not an expert” (even though they are experienced practitioners).
• “I don’t have time” (even though not all BD is very time consuming).
• “I hate networking events” (even though BD doesn’t only occur at events).
• “Personal relationships are personal” (only if they prevent them from becoming more).
• “Everyone already has counsel” (until they look for other counsel). 
• “I don’t have any good contacts” (which, of course, they do). 
• “I’ll get business when …” (when they start to work on getting business).

 

Beyond these surface-level excuses, two deeper obstacles stop most lawyers before they even begin – the imposter syndrome and the fear of rejection. These obstacles create a false narrative and provide these attorneys with an unwarranted permission to take a backseat. The attorneys who wait until they feel ready to start building business are forever waiting. Those same attorneys need to focus on shifting their mindset to one that puts them in the front seat, ready to go.

BD formula and the right mindset

While the nuance is in the execution, there is a formula for successful business development:

1. Build strong relationships.
2. Demonstrate intelligence and genuine interest in clients.
3. Clearly articulate their value. 
4. Stay consistently visible.

In order to develop each element of the BD formula, there’s a necessary four-part BD mindset.  That mindset requires that attorneys shift from a mentality of self-doubt and fear, to one of self-confidence and an eagerness to seize opportunities.  

1. I have and can build strong relationships with the right people. (Building strong relationships).
2. I know my stuff and I understand my clients’ businesses and their needs. (Demonstrating intelligence and genuine interest in clients’ worlds).
3. I am confident in the value I bring to the table and can seamlessly share it. (Clearly articulating their value).
4. I have a process to stay in front of my network on a regular basis. (Staying consistently visible).

The four-part BD mindset is best supported by the idea that the greatest business development is authentic business development. Developing business in the way you want, with the people you want, in the rooms you want makes the process natural, simple and enjoyable. While successful business developers have different styles and different preferences for how to meet and cultivate their clients, the common thread is the intentionality in where and how they spend their BD time.

Excited and focused

Strong business developers are confident in their various abilities and excited over potential opportunities. They focus on their relationships, believe in themselves and the value they bring, can effectively communicate their value, and show up consistently. Strong business developers understand why they get hired and expect to be hired time and time again.

The shift from self-doubt and fear to self-confidence and excitement over potential opportunities is the mindset that leads to the ability to implement the BD formula. And then, especially when executed authentically, the road to success is enjoyable and the opportunities are endless.

 

 

Randi Rosenblatt is the Founder & CEO of Upward Stride. She focuses on business development training, coaching and consulting for lawyers and law firms. She can be reached at [email protected].