Not All Law Firms Are Created Equal

Law firms have people, cultures, and stories. Successful ones also have clients. Talent and skills are assumed givens. Standing out, building relationships, justifying fees and developing the business are essential.

The foundations are shifting under the feet of legal firms and their clients. Clients want and need more but they have more choices than they had before. The increasingly competitive and crowded legal market means competition for their business and loyalty is growing. Which means your business and your fees.

Whether your firm is in an elite circle or wants to join one, the right people, culture, brand and story count will protect your position, and get you where you want to be.

Stories move people - they trigger emotions that cause people to act.

Storytelling matters with law firm clients, when:

• turning transactions into a long-term client relationship
• starting new client relationships with people met outside the office
• leveraging existing client relationships
• maintaining client relationships through difficult periods
• restoring neglected or damaged client relationships. 

Storytelling matters when recruiting, engaging, developing and retaining talent - from graduate level to Partner. 

There are so many variables, unknowns and things you cannot change in this highly competitive world. But you can improve the  storytelling and relationship-building capabilities of your people. You can upgrade their ability to identify, nurture, and build opportunities and develop the business into a more predictable and profitable model through long-term relationships based on human connections, a strong brand, and best-in-class work. 

Do you want clients, juries and judges to believe you and trust you? Tell great stories. 

How StoryPower® can help lawyers and law firms: 

• 1-2-1 Storytelling and SpeakerCoaching sessions for big events like client pitches, client meetings, trial preparation, media opportunities, and recruitment fairs; 
• ongoing work with your people: onboarding, retention and internal comms; 
• small group workshops on storytelling, presentations and pitches with interactive exercises and real life bespoke case studies, group projects and presentations, plus personal and immediately useable feedback; 
• supporting webinars; 
• group and 1-2-1 coaching.

The rainmaking bottleneck is at the top  

Firms are limited by how many Rainmakers they have. More growth demands more Partners, more fee-earners and more work. But, competition is tough and pressure on fees, recovery rates, inconsistent or less productive Partners, and increasing expectations from clients, mean there is less tolerance for inefficiencies. 

Problem: the finite diaries and hours of the profitable Partners. These Partners are great, but they aren't cloneable or scalable, despite the jokes. More high-productivity Profit Partners are needed - who fit in with the brand, ethos and culture of the firm and aren't flight-risks.

Problem: the high-performing Partners who could be seduced away. When a Partner leaves, they can leave a gap and damage the brand, especially when they take their team with them... This isn't always avoidable, but it can be addressed and mitigated.     

Problem: the under-performing Partner whose fees are not consistent or simply not enough. This is a fixable solution. They can be tolerated (expensive), managed out (expensive and messy), or helped to improve. 

Problem: the rainmaking pipeline - attracting, training, engaging and retaining the talent for today and the pipeline of Partners of tomorrow is a major part of the ongoing success of the larger firms.

Instead of relying on the recruitment allure of their brands, smart firms recognise that the calibre of their talent, the quality of their work, and the nature of the relationships they initiate, attract, nurture, build and maintain is the foundation of their brand. They invest in their talent pipeline. It makes good business sense. 

"Hourly rates are just part of it - BD is everything. So are fee earners per Partner and recovery rates."

- Partner Magic Circle Firm Law