Solo/Small Firm
Superstar Clients
Where to find them and how to land them.
By Martha McIntire Newman
Is this your business development goal for 2018? Attract high-end
clients who can spend big dollars for sophisticated legal work, send you
business repeatedly—and pay your bills. Where are they? How do you meet
them? Answers to these questions confound many lawyers who are ambitious
and willing to market aggressively, but lack the know-how and contacts
to pursue the wealthy clients they so badly want.
Who qualifies as a superstar?
Generally speaking, a short list of your star prospects are:
• General counsels and in-house lawyers for small to midsize companies;
• Decision-makers in emerging companies that do not yet have in-house legal departments;
• Owners of companies experiencing rapid growth in key strategic industries for your firm;
• High net worth individuals desiring to reduce their tax burdens and devise estate plans;
• Family Limited Partnerships interested in protecting their assets;
• Charitable foundations and their officers and boards of directors; and
• Existing, profitable clients who are not fully utilizing other expertise in your firm.
What do superstars want from lawyers besides competence and
experience?
High-end clients want lawyers who understand
their businesses, know people they know, and take up as little of their
time as possible. They are drawn to lawyers who talk like them, dress
like them, and hang out in the same places. Acquiring those clients
requires being as much like them as possible. You can still maintain
your ethical standards and stay true to your values while representing
clients and companies with substantial means.
How do you find superstars?
Existing clients already doing business with your firm are some of the
best sources of new business assuming they have a wide range of legal
needs. Starting a cross-referral initiative with your colleagues can
multiply the revenues from one client.
Make sure your friends know the kinds of law you practice and the type
of clients you serve. Often we are reluctant to ask our friends for
favors, but consider—would you help them if they asked? Probably so.
What to say to them is easy. “Carol, this year I am really focusing on
expanding my practice. Do you know anyone with a growing business who
might need legal help? And how might I help you?”
Another excellent strategy for accessing the affluent is reaching them
through their industry colleagues, advisers, and professional service
providers. High net worth individuals look to other business owners,
their wealth managers, private bankers, and CPAs for recommendations on
attorneys. Identify potential referral sources within those fields with
whom to cultivate relationships, keeping in mind the expectation of
reciprocity.
Buy a Book of
Lists.
The business journal in your city likely publishes a Book of
Lists that provides you with listings of hundreds of the hottest
area companies in their fields, by ranking, with the names of key
decision-makers, along with their titles and complete contact
information. Choose prospects from those lists and find mutual
connections.
Be where the superstars
are.
How do you find out where they are? Ask current clients,
friends with ties to business owners, and successful people in your
network which organizations they belong to and how they spend their
volunteer time. Then request an invitation to attend luncheons or events
sponsored by those organizations or contact someone on the leadership
team to find out the makeup of the membership. Once you join, volunteer
to work on committees and projects where your visibility and
opportunities for relationship-building are high.
There are numerous places where well-heeled clients spend their time and serve on boards:
• Charity organizations like Dallas’ Genesis Women’s Shelter and Dwell with Dignity;
• Nonprofits such as the Susan G. Komen and Big Brothers Big Sisters of America;
• Churches, synagogues, and mosques;
• Arts organizations such as major art museums, symphony societies, and local theaters;
• City government boards and commissions like the planning and zoning commissions;
• School PTAs and sports teams;
• College and law school alumni groups;
• Business leaders’ organizations; and
• Chamber of Commerce boards and committees.
Remember not to spread yourself too thin. Choose one or two
organizations or groups in which your ideal clients are members so you
can raise your visibility and work into positions of leadership. It is
best to spend your limited time participating in activities that truly
interest you rather than ones you join purely for business reasons.
If your goal is to attract superstar clients, now you know where to
look. Going after those clients requires you to be resourceful and
relentless in your pursuit. Start building a business development plan
that will enable you to capture clients who can provide you with a
lucrative book of business.TBJ
MARTHA McINTIRE NEWMAN
is a
former oil and gas litigator and owner of Top Lawyer Coach. Newman has
been awarded the Professional Certified Coach credential by the
International Coach Federation in recognition of her coaching
excellence. She specializes in lawyer coaching, training, facilitating,
and speaking in the areas of business development, emotional
intelligence, career advancement, leadership, and law firm management.
For more information, go to toplawyercoach.com.
