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A Closer's Coffee

“Sales and marketing for lawyers”

Category Archives: cold approach

October 22, 2010 Zero-Sum Game or What Law Firms and Polygamous Sects Have in Common or Why Associates Need to Find Time to Build a Unique Practice

A zero-sum game is a concept from game theory describing a situation where the gains of certain participants are exactly offset by the losses of other participants. For example in a polygamous sect the old guys in charge want to marry the young girls, which is why when the boys start to express interest in the girls they are kicked to the curb of the streets in the nearest city. In case you haven’t noticed, this is the same system used by law firms concerning associates: with the partners as the old guys, the clients as the girls, and the associates as the lost boys exiled from the compound.

A friend of mine put it to me this way “Unless we think that an associate can walk off with $5million in business we are not about to promote that associate to partner. “

The problem for the firms, under this scenario, is that they are losing trusted employees in whom they have invested many hours of training. They are also missing an opportunity to organically expand their practices and open new areas of business by pushing out young ambitious talent who could be deployed in new ways.

Jones Day did this in waning days of tobacco litigation. They asked themselves what areas of business can they pursue that would replace their tobacco addiction? Medical Device litigation was chosen as a replacement because it commanded high rates, and like tobacco is a type of products liability work for which these litigators are well suited. It took time, persistence, and a tremendous effort but eventually Jones Day became a major player in pharmaceutical and medical device litigation. Their clients in this area include Wyeth, Abbott, TAP Pharmaceuticals, Zimmer, Mentor, and Acromed.

One of the other key law firms in big tobacco litigation who did not employ a strategic plan for a post tobacco era, and instead had mass firings of associates, counsels and partners. The managing partner of this firm grimly described it as “a trimming of dead wood.”

It is my view that the execution of a strategic plan like the one Jones Day did in the pharmaceutical industry is as rare as baby pandas born in captivity. This does not, however, let associates and partners without business off the hook. If you have made it over the successive academic and professional hurdles to a senior level, you certainly have the smarts and talent to build your own clientele. The question is: Are you willing to use your imagination, and to take a few risks?

Take Jamie Sprayregen for example. Jamie came to Kirkland in 1999 from Rudnick & Wolfe with a plan. Kirkland had little in corporate restructuring, but Jamie saw that the highly leveraged portfolio companies owned by K&E’s private equity clients (btw, a practice built from scratch by Jack Levin!) would require debt restructuring from time to time. He helped to build the practice far beyond that, in fact the American Airlines restructuring alone produced $100million in fees.

I picked these extreme examples to make my point. There are many more stories where a senior associate saw an opportunity to add such things as leasing to a developers’ real estate practice adding a $1million in new business.

I am reminded at this point of the end of Alec Baldwin’s Coffee is for Closers monologue in Glengarry Glen Ross where he tells the men that the money is right there, and asks them “are you man enough to pick it up?”

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October 20, 2010 The Body and the Wrap Up – Working the Room Part 4

In our last blog entry we learned some basic techniques for breaking the ice with a single person or a group at a conference. In this entry we will review the mechanics of how to conduct the rest of the encounter in a way that respects your and your new friends’ time.

Let’s suppose that you’ve caught the eye of someone standing in a group of 5 well-dressed professionals. You approach your quarry and introduce yourself carefully to make a good impression. You may at this point find yourself meeting each person in the group, and please do so also with a smile, a warm handshake, and strong eye contact. Now pay attention and read the mood of everyone, use a little social jujitsu, either take a lead or go with the flow, because you may find yourself holding court with all 5, or some in the group may wish to return to their previous conversations, while others will want to speak to you.

I prefer to speak to no more than two at a time because it becomes too unwieldy in a large group to ask follow up questions while everyone goes down the line making their elevator speeches. It’s like the conversation at the dinner table, sometimes there is only one conversation, and other times there many be several going on at once. Get into your subgroup and move through the material so later you can do the same with the others.

Once you’ve squared off with your subgroup, and the appropriate niceties have been exchanged, I like to call the next section the interview. Here we want to learn about what our new friend does for a living, digging deeper, and getting past the title. Be careful not to be seen as just pumping others for information, use good social skills, be genuinely interested, and make sure you get the whole story on what this person does, why they are attending the conference, and what sort of introductions they are looking to make. If you do this the right way your subject will be pleased with the conversation because your discussing everyone’s favorite subject: themselves!

Now is the wrap up. I don’t like to linger once we’ve exchanged information about our respective careers, and determined how we might be able to help one another. At times the conversation will take a half hour, other times it’s over in a few minutes. A lot of this depends on how much the person’s career blends with our own. When I reach this point and decide that it’s time to bail out, I say “Would you like to trade business cards?” After the exchange I stick out my hand and tell this person that it was nice to meet them, signaling the end of our conversation for now. Before I leave them I do a ‘By the way” and ask them if they are also on LinkedIn, and tell them to expect an invitation from me. This let’s them know that I want a future relationship, but like the line in the film The Godfather moving on “isn’t personal it’s business”.

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October 18, 2010 The Gum Opener

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October 15, 2010 Breaking the Ice – Working the Room Part 3

In this installment we will consider the best way to break the ice and start a conversation with a fellow attendee at a business conference. If you are not a natural icebreaker, it pays to have a strategy that will guide you along the way. This preparation will help to boost your confidence anytime you need to find someone new to speak with.

The Opening
I like the direct approach: Make eye contact, smile, stick out my hand, and say, “Hello, my name is William.” You can keep the ball rolling by asking their opinion (as an open-ended question) about the issue under discussion at the conference, the speaker, the venue, anything you share in this environment. To make a good impression find something to be positive about in your observations, find something you like, and it will reflect much better on you.

Non-Verbal Communications
It is important that your sub-communications (nonverbal, body language, and so forth) suggest that you are confident, positive, happy and a serious professional.
• No crossed arms, fidgeting, or hands in pockets
• Strong eye contact
• Smile with your eyes and your mouth
• Calm, relaxed, quiet gesticulations
• Speak loudly enough to be heard without leaning in toward your listener, yet not a screamer
• Once again do not lean in toward the person; this is particularly true if you are taller and bigger than the other person because it makes them uncomfortable, and makes you seem needy
• Cloths are clean, pressed, in good condition; shoes, belts, and bags are polished and in good condition; it is generally preferable to be dressed on the formal end of the spectrum relative to the room
• Calibrate your energy level with the energy level of the group you are approaching; it is best to come in at a slightly higher level, but not too much higher; if their energy level is super high you may just have to try and keep up; coming in a lower energy level damages the group dynamic and they will work to put you out
• Keep your end of the conversation up, but establish at the beginning of the conversation that you are good listener

The lost lamb
A person who is standing by himself/herself is the easiest to open in conversation. She will probably be relieved that she has someone to speak to. As the social portion of the conference wears on the opportunity to find solos becomes less and less. It’s a good warm up, but be prepared to open multiple person group.

Opening a group of three (3-set)
Next to a solo, a 3-set is easy to break into especially if one of the group is not in the main conversation. The key to breaking into any group is to do a quick study of the social dynamics within the group and engage the person who is not in the center of the conversation. The thing is that you may have to approach the group as a whole, and meet them all, before pairing off with the social outlier. This works equally well with larger groups.

Eye contact opener
If you need to find another person to speak with, scan the room and look to make eye contact with another participant across the room. Once eye contact is made smile and start walking toward the person. Please note that the eye contact opener has a very short window of opportunity, so you need to react quickly, within 3 seconds (1, 2, 3, and go), and move in a confident manner toward your new friend. Any hesitation, weak body language, breaking eye contact, stopping and starting, and the like can weaken your invitation. What’s great about this opener is that the subject may be standing with a group, and you will get to meet the others as well. Remember that just because someone is in a group doesn’t mean that they are not thinking about whom to speak to next, and may wish to end their current conversation. Your welcome intrusion actual solves a small problem.

Sizing up your prospects
It is essential that you notice how your clients tend to dress, or other clues such as a wristwatch, etc. Sam Zell, like a lot of real estate guys, doesn’t generally wear suits. Sometimes the other service providers may be the best dressed in the room. The woman with the heavy computer bag tugging on the shoulder of her boring jacket suggests she may be an accountant. (Hey, on second thought, accountants can be a good source of referrals…) Learn to size up your quarry and then go over and test your theories for validity.

Working with a Wingman
A wingman or wingwoman can be a great way to meet more people particularly when you go into an event with some type of system. The accomplishment intro is particularly effective: your wing gives a short intro about you extolling your accomplishments. This is the best advertising money can buy. You can work in tandem, or split up and then rejoin the other when one of you has locked in a prospect. You can also take turns making a cold approach; in this way it can be a competition and a game. The best wings are in a complementary business and not competing to provide the same services.

Picking the right events
Go where the clients and good referral sources are. If you attend an event where clients are present and not overrun with lawyers you are in the right place. (If the room is overrun with attorneys, call me!) If you find an association that is particularly target rich never miss these events, and by no means ever tell anyone about your secret fishing hole.

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October 12, 2010 Working the Room Part 2 (Does Networking Have Value?)

This blog is written for those among us who question the value of networking in the first place. Perhaps you don’t approach others because you have convinced yourself that you are not the kind or person who is good at meeting new people. This voice in your head is that of your inner loser, and today we are going to shut him up.

When your mother told you “Don’t talk to strangers” this was great advice for a 5-year-old. Now that you are an adult, a professional in a business setting where making new contacts is expected of you, it is advice you should examine and determine to be sorely out of date. More pointedly, if you are attending conferences and not being assertive in making conversation with new persons you are missing valuable opportunities to make new contacts with those professionals who can give and refer business to you. Furthermore this antisocial behavior is unprofessional, and you may be developing a reputation as socially inept.

It is very important that when you are at a conference that you do not spend your time speaking with the work colleagues you already know well. The time to speak to them is at the office. Nothing is more pathetic than a closed circle of colleagues (a circle jerk) talking to each other for the entire break or cocktail party.

You must start with the belief that meeting new people is highly valuable. You have your reasons, but you need to be clear in your own mind why making new contacts is important to your business. This clarity will help drive you to make the next introduction, break into the next group, speak to the person standing next to you in the registration line. Focusing on your mission will help fight off any silly fears about approaching new people.

Consider these points for your next networking opportunity:
• I am full of energy, generous, positive, cheerful, fun, I have a smile on my face
• I am helpful, supportive, and a good listener, I try to do a small favor, or give a piece of information to everyone
• I have found that meeting new people is actually fun, and I enjoy challenging myself about how many business cards I can collect
• I enjoy the satisfaction of furthering my career and goals with each new contact I make
• I know that the risk is very low, the price I pay is small, and that I have everything to gain by meeting the next right person
• I am enjoying promoting myself and my firm, I am not shy about telling others about my practice with confidence

Even if you have a $5million book of business, you will someday need to replace clients who retire, are fired, are merged, don’t prefer your services any longer, and the like. The most successful attorneys prepare for the day when they lose a client by continuing to build their network. Good luck and have fun!