Lawyers re: book of business for partnership

[h]

Not a partner (not eligible because of work hours and location), but I do have a pretty decent book of business, enough so that I could probably translate it into partnership if that was my goal.

I developed an expertise in a niche practice area that no one else in my firm was really doing, then started getting a bunch of referrals from other attorneys within the firm who had existing clients that needed help in that area. After a while those clients started calling me directly when something came up, then they started passing my name along to other companies who would call me. I started giving CLEs on the topic once or twice a year to get my name out there more and got more calls as a result. Now it just kind of builds on itself.

[Susie]

In my case, in order to make non-equity partner (check) I needed to be actively working to build a book of business, and they had to feel comfortable that I could.

In order to make equity partner, I will need to actually have a book. How much, I'm not sure yet. My clients are mostly corporate, so you don't need many if they're larger.

Obviously, strategies for developing your book will vary considerably depending on the types of clients you're trying to bring in. My primary targets are in house counsel in IP departments of large corporations, and in house GCs (or IP counsel if there is one) of smaller companies. My MO is generally get introduced, secure an invitation to do a presentation, and attempt to impress and be likable, not entirely unlike a job interview.

[ESF]

I'm still a ways away, but I'll toss in my perspective. I'm plaintiff side. This means all my clients for the most part are going to have 1 need and 1 need only, and everything is contingency anyway, so in my world, there's no real "book of business" concept. You become partner because you are constantly bringing in new people, and can sufficiently convince the firm that you can continue to bring in new people. Basically, people that do well in my field have a ton of non-lawyer friends.

So my current strategy for doing this is to go to lots of general social, happy hours that I find on Meet Up so that I can know as many regular people as absolutely possible in the hopes that they will eventually have the very specific legal issue that I deal with.

[WOT?*]

I'll respond for DH because I think it's fun to answer these. I worked in the field for a dozen or so years, including support for a managing partner and Office Manager roles. My DH is an income partner who is going up for equity this year. He was also a partner in his old firm (solo practitioner who made him partner).  He is also currently Managing Partner of his office. I was involved in his job searches and career progression and we discuss his business, book and practices.  I think it's a very interesting field and a very interesting conversation to have since it's a big part of his life (and was for both of us for a very long time.)  I can speak from Plaintiff side, where I worked, or from corporate law side. I'll go with the corporate law side since ESF covered the plaintiff side fairly well. DH is BigLaw.  So laugh, but a wife answering for her husband again because I love to play this game.

His office (and others similarly situated) requires a book of business and he needs to generate, from that book - whether he is PCA (Primary Contact Attorney) or Originating Attorney (OA) - a significant amount each year for consideration. Each client has at least one PCA and may have up to two (PCA1 and PCA2). PCA gives credit for the lifetime of the client, Originating for only the initial years, so the object is to have a relationship with a client that you bring in that gives you credit as the Primary Contact for the account. Fairly large numbers are required to make equity (think seven figures each year for successive years) but with enough small, or large enough, clients it can be accomplished. He also has to show that he has leadership abilities, marketing, the ability to work with others on multiple levels, client relationships, etc. and has to appeal to the partnership board on these levels.

I say this as he will be meeting this week (finally!) with a client I directed his way that might hopefully bring in the required seven figures (or at least a solid six), as it is a major player in a big industry with lots of small subsidiaries with lots of legal issues and potential legal issues. PTA networking FTW! He has also gained clients through other clients, business organizations, personal relationships (besides the wife - lol), presentations he's given or attended and so forth.

On that note, I will add to ESF on the plaintiff side of things. It's not just the meet-and-greets to meet potential clients, but also attend seminars and meet-and-greets to meet other attorneys, whether they practice in your field or not, because they can refer multiple clients to you as well. They don't practice in the area or they can't handle the particular matter, or the client is to small for a big fish and he wants to do you a favor because he likes you... Whatever the reason, attorney referrals are huge bonuses in the plaintiff side of things.

[kadams767]

I just made non-equity partner at my small-ish firm in my 7th year of practice. I think my position is a bit non-traditional in that having a book of business was not ever on the table as a requirement. I work in a niche practice area that isn't incredibly large and it is difficult to attract new clients. I am thankful that my firm stands behind a philosophy that isn't 100% dedicated to billable hours or books of business. I have 3 clients of my own, lol. I realize this probably isn't helpful.

[DirtySouth]

I don't think you are really going to be able to draw a helpful conclusion from our responses. This is going to vary wildly by location, practice area, and firm. In a tiny firm with low overhead in a LCOL area, one might be able to become partner by generating $100k/year of business.

I'm in a MCOL area and practice family law, which limits me to pretty much only small firms. For partnership at the type of firm I want (as far as location and reputation) with the type of building and support staff I want, I need to generate around $300k per year in business. I'm in my 8th year of practice and think I'm one year away. I'm sure I could find a firm right now that would take me as partner, but it wouldn't be the type of situation where I'd be happy.

I think you should just sit down with the partners at your firm, tell them you are interested in eventual partnership, and ask what they would want to see you accomplish prior to having a partnership discussion and ask their advice about getting there.

Generating business is all about establishing relationships. Identify the type of professional who is most likely to be able to send you a client. For me, as a family law attorney, this includes CPAs, financial planners, therapists, corporate attorneys, and estate planning attorneys. The goal isn't just to meet people, it is to meet people and then develop a personal relationship with these people. You go to networking events to get business cards, but then you contact people and ask to take them to lunch or coffee. Then at the one on one meeting, you tell them about your practice area and explain what sets you apart from the rest. You also listen to them about their business and discuss the potential of referring them business. You make yourself come across as competent and also likeable. People refer business to people they like, who they also know will do a good job. After meeting someone one on one, you have to keep in touch so they don't forget about you. If you read an interesting article that they might find of interest, email it to them. Send out holiday cards. If you go six months without seeing someone, then set up another lunch or coffee to catch up. I've established some great relationships and now have a number of people who regularly send me business.

[cosmos]

Sept 23, 2014 18:44:32 GMT -5 kadams767 said:

I just made non-equity partner at my small-ish firm in my 7th year of practice. I think my position is a bit non-traditional in that having a book of business was not ever on the table as a requirement. I work in a niche practice area that isn't incredibly large and it is difficult to attract new clients. I am thankful that my firm stands behind a philosophy that isn't 100% dedicated to billable hours or books of business. I have 3 clients of my own, lol. I realize this probably isn't helpful.

Congrats!!

[kadams767]

Sept 23, 2014 19:22:52 GMT -5 cosmos said:

Sept 23, 2014 18:44:32 GMT -5 kadams767 said:

I just made non-equity partner at my small-ish firm in my 7th year of practice. I think my position is a bit non-traditional in that having a book of business was not ever on the table as a requirement. I work in a niche practice area that isn't incredibly large and it is difficult to attract new clients. I am thankful that my firm stands behind a philosophy that isn't 100% dedicated to billable hours or books of business. I have 3 clients of my own, lol. I realize this probably isn't helpful.

Congrats!!

Thank you!

[kadams767]

Sept 23, 2014 19:48:51 GMT -5 @upnorth said:

kadams767- I think we are in similar areas (real estate-ish)?

All, thanks for the input-I'll just keep plugging away and networking!

Yes, real estate-ish is an apt descriptor, haha.