A recent report from the Harvard Business Review looked into the Five Business-Development Profiles types of lawyers. It was strikingly clear that those exhibiting behaviors of "Activators" have a significant increase in revenue generation.
"Activators" in the research describe a set of behaviors that prioritize identifying and engaging with potential clients and building their networks.
Rainmakers who exhibit these behaviors have their focus in establishing relationships. They take a proactive approach to BD and actively cultivate business opportunities within their network. Additionally, Activators seek chances to connect their clients with partners from other practice areas within their firm, aiming to provide additional value.
Commit, Connect, Create - Three key behaviors of Activators
- Commit - Activators commit to BD as a crucial part of the job. They reserve time in the schedule for BD each week and consistently engage with clients and prospects and follow up on any opportunities discussed. They are also likely to make use of the firm CRM system to track contacts and follow-ups.
- Connect - Activators connect with prospects, clients and colleagues. They are skilled at networking, building robust connections with current and potential clients, subject-matter experts, and other valuable contacts. They leverage these networks to uncover fresh business opportunities, effectively converting contacts into clients. Importantly, they extend this support not only for themselves but also for their colleagues.
- Create - Activators search for ways to create value. They keep themselves informed about regulatory changes, rulings, economic indicators and news events and then proactively engage prospects and clients in conversations about potential issues and opportunities. If value creation lies beyond their expertise, activators connect clients with other partners or subject-matter experts. Their goal: avoid competing for business when clients already have identified needs. Instead, Activators focus on the future. Although some outreach may not yield immediate billable work, it lays the groundwork for future engagements.
For our other content on the Harvard Business Review research see the post here.