Worried Partners Secretly Seek Business Development Help
Worried about drastic cuts in compensation and possible de-equitization, many partners at major law firms in the Philadelphia area are trying something new to enhance their marketability. An unprecedented number reportedly are secretly seeking help from career counselors with their business development skills.
“Pretty much 100 percent of marketing consultant Stacy West Clark’s clients were law firms up until the first attorney came to her about two years ago. It was really in January, however, that Clark started seeing a number of high-profile attorneys seek marketing help on their own dime, without the knowledge of their law firm,” writes the Legal Intelligencer, in a lengthy article reprinted by New York Lawyer (reg. req.).
“People are very, very hungry for help developing a book of business,” she says.
Even those who have a substantial client lists are interested in adding to them to make themselves more marketable as lateral hires at other law firms, experts say. Smaller firms like to see a book of at least $500,000, while many others expect $750,000 to $1 million. At the upper end of BigLaw, $2 million is desirable, but $1.5 may be acceptable under some circumstances.
