Stop Pitching by Lisa Goldstein
When a man comes to me for advice, I find out what kind of advice he wants, and I give it to him. - Josh Billings (Henry Wheeler Shaw) (1818-1885).
The Pitch
A great deal has been written about how lawyers can achieve business success by pitching to clients. The pitching theory conjures images that relate to the old maxim: "If you throw enough mud against the wall, some of it will stick." In fact, if you ask a general counsel to recall a pitch from potential outside counsel, he or she will usually describe the experience as mind-numbing.
Imagine that you are on the other side of a pitch. The lawyers walk in toting PowerPoint and projectors with many slides, all describing how great "The Firm" is. The lawyers throw the first pitch.-. "We all have Ivy League educations." The second pitch is thrown.- " "The Firm" is full service, we can handle any legal need, from a simple will to a complex international antitrust transaction." The third pitch is interrupted with a question.- How can "The Firm" assist us with our matter? The strike out- A lawyer replies, "I will get to that in slide 108."
The Business Development Meeting
Here is my advice: Don't pitch. Instead, think of a business development meeting as a fact-finding mission where your purpose is to understand, identify and begin to solve your potential client's problems. Your value is established by your ability to provide solutions to their legal situation and their business needs.
Prepare:
Before you walk into the meeting, start by finding out the basics. Visit the prospect's Web site. Search for news articles. If the prospective client is a public company, read their 10Ks and 10Qs. Research dockets to identify the types of litigation the company is involved in, and who currently represents them. This basic research will enable you to begin to recognize the types of challenges that your potential client faces.
Next, write down ten great questions based on your research that will help you spot the prospective client's legal and business challenges. Try to anticipate the answers to those questions and develop case studies regarding how you and your law firm have already helped similarly situated clients.
Listen:
After you ask a question, listen to the answer carefully. (This is important. Lawyers often have problems listening and spend too much time talking.) Your overall conversation should consist of you talking 20 percent of the time. Your potential client should be talking the other 80 percent.
Next Steps:
When you finish the meeting, it should reach a logical conclusion. Both you and your potential client should agree on the step that will move the relationship forward. The next step could be to meet again with other members of their team, or it could be that your firm is not a fit for their company. Don't feel like you need to force the relationship if it does not make sense for both of you.
Good luck at your next business development meeting. If you change your approach from pitching to conducting a mutually productive meeting, you are certain to increase your batting average.