Developing and maintaining a portable book of business is critical to the long-term growth and flexibility for the majority of law-firm lawyers. By constructing a legal book of business, a lawyer can ensure a higher level of understanding, communication, and collaboration with clients while at the same time securing revenue sources independent from their respective firm. This individually sourced revenue can also help provide lawyers with more career options both at their current firms and otherwise, especially in hard times economically.
Whereas before the turn of the millennium it was rather rare for partners to switch law firms, today it was effectively become commonplace for a variety of reasons. The first and most obvious concern when considering switching law firms is that of compensation. This factor is directly tied to the lawyer’s book of business, which dictates the potential revenue they can bring and can provide powerful leverage in such a situation.
However, building a large book of business as part of a larger firm can prove especially difficult considering that many such firms primarily take on cases in the millions or tens of millions of dollars, eclipsing a single partner’s stake. As such, the relationship between the lawyer and the client has become more critical than ever and as we move further into the digital age social media has become an increasingly necessary tool to maintain these relationships. Most clients tend to award their accounts to those they know and trust, so cultivating these relationships by devoting a weekly period of time to client development can prove invaluable.
While Twitter, Facebook, and especially LinkedIn play important rules in extending your network today, in building a book of business it is important that you do not only rely on these rather impersonal methods of communication; things such as networking events or even a simple holiday card could be a very successful way for associates and junior associates to move their careers forward. Furthermore, speaking appearances on a particular subject or field of work as well as traditional publishing routes can provide additional differentiation from the pack and thus options.