Edition #12 | Partnership pointers, BD lessons, and how a good CRM can transform your BD efforts

Welcome to Edition 12 of Trifecta

We're back after our summer break and ready to go, we hope you are too.

This edition will take you approximately 7 minutes to read.

As ever, if you have any questions, or something or someone you specifically want to hear from let us know, we’re all ears.

Making the jump to partner - Holly Goacher and Rachel Holdaway

We’re back, feeling (mostly) refreshed after the summer break, and we’re starting strong with a double interview just for you. We had the pleasure of speaking with Rachel and Holly, both partners in the real estate team at Cripps. Rachel made partner in 2022, and Holly joined the partnership in 2020. They share their journeys to partnership, discussing the challenges they faced, the skills they developed, and the lessons they learned along the way. For all our aspiring partners, keep reading, this is a good one.

Was there a moment when you knew you were ready to become a partner?

Rachel: I reached a stage where I was undertaking a team management and supervision role which was akin to or even beyond what some existing partners in the team were doing. Given my age at the time, I probably wouldn’t have gone for promotion to become partner unless it was recognised by other partners that I was ready for this next step and who encouraged me to submit my application for promotion.

Holly: The short answer is - no! When it was first mentioned to me that perhaps I would like to consider joining the Partnership I felt nothing but uncertainty. I thought I can’t be ready for this, surely?! I was pretty early on in my career in terms of post-qualification experience, and in my mind being a partner meant being technically excellent as a result of years of experience. But taking a step back, looking at my contribution to our team, my commitment to the business and our clients, and my enthusiasm to learn and grow I can see now it was the right time, and I am glad I took the plunge.

What are the top three skills you believe helped you most in reaching partner level?

Rachel: (1) Being receptive to change (2) Having a “can do” attitude (3) A good reputation, both within the firm and externally, as being someone who is proactive and responsive.

Holly: Energy, enthusiasm and a real passion for the work and the firm. I feel a huge sense of loyalty to my team and I have always loved the legal work, which is a big part of why I think partnership was identified as a route for me. It is so important when considering a partnership to ensure the culture and values of the firm are a fit for you, because without that it will be really difficult to maintain these things.

What BD or marketing tactics generate the most success for you?

Rachel: Building relationships with existing networks and, in particular, the next generation within client’s businesses whose careers are at a similar stage to mine.

Holly: Business development and marketing can be viewed as this formal, stuffy thing, but making connections with people outside of the deals you are doing is really enjoyable and that’s what creates the lasting relationships. I want to work with people who I get on with, and I am sure everyone feels like that, so making an effort to really get to know people, being personal, is where I find I have success.

What’s one tool or resource you’ve found invaluable for keeping track of business development opportunities?

Rachel: LinkedIn and Green Street News

Holly: Business development is everywhere, all the time. The most invaluable thing for me is always thinking about where that next connection could be – it might be speaking to a waiter while having dinner and it turns out they are planning to open their own restaurant. That’s an opportunity!

What changes have you noticed in your responsibilities or mindset since becoming a partner?

Rachel: A greater emphasis on leading by example and being aware of the influence/impact I can have on others.

Holly: I absolutely agree with Rachel. As a partner, you set the tone in the team, so you have to consistently show up and put others first. Suddenly rather than being led, you are the leader. That is a huge mindset shift.

You soon realise that even your superiors still feel imposter syndrome at times.

What personal qualities do you think are essential for a partner to succeed in today’s legal landscape?

Rachel: Having a deep understanding of our client's business needs, the markets in which they operate and the challenges which they face.

Holly: When I started to explore the role, I focused on the three main elements to being a partner, and having these in my mind and working on them all the time is what has helped me in continuing to grow in the role. These are technical excellence, demonstrating business development and team management. Being willing to learn in all of these areas is essential.

Looking back, is there something you wish you had learned earlier in your career that might have made the path to partnership smoother?

Rachel: Having imposter syndrome is completely normal and actually quite healthy! You soon realise that even your superiors still feel imposter syndrome at times.

Holly: Definitely! That uncertainty I described was alleviated as I thought more about taking that next step in my career and talked it through with other partners, but it never really disappears. So long as I acknowledge and understand it, that’s part of what makes me hungry to always be improving. I also keep a little note on my phone so when I do something that’s particularly well-received or has pushed me outside of my comfort zone, I add it to the note. Then, when I’m feeling a bit unsure of myself I read it, and it gives me a boost of confidence to keep going for it.

What advice would you offer to someone aiming to make partner within the next year?

Rachel: Look at the requirements for promotion now and keep regular notes as and when you do something which you believe meets the necessary requirements to become a partner. This, in the long run, will make the application process itself quicker and smoother.

Holly: That’s great advice. It is so important that the emotive side of having what it takes for partnership – that energy, enthusiasm and passion – is aligned with the firm’s requirements in terms of practical things you need to demonstrate. I find it impossible to remember things I have done, so keeping track of these will be invaluable. Also, it shows a real commitment to your goal.

We recently worked on a pitch together, do you have any tips for successfully pitching to a potential new client?

Rachel: Have a joint strategy in how you will approach the pitch, who will cover what and who is responsible for which next steps.

Holly: I also think spending time reading between the lines in terms of what the client wants, looking at what tone they use, and what they identify as being important means you can pitch in a way that shows you are aligned in your values and approach.

The months leading up to Christmas are usually really busy for lawyers, do you have any tips on balancing the demands of work with maintaining client relationships while continuing to grow your practice, particularly during busy seasons?

Rachel: Plan ahead and make sure you manage expectations by communicating in a clear and timely manner with all those involved in the various client matters.

Holly: Planning is everything! I have lists of ongoing matters, target dates, weekly lists, daily lists – I couldn’t function without them! Communication is absolutely essential both with clients and your team, setting boundaries and understanding your own capabilities. Particularly when you are on the path to promotion it is easy to say yes to everything, but often that means you are giving less than your best just to keep all those plates spinning.

Rachel Holdaway

Rachel is a partner in the Real Estate team at Cripps, specialising in pharmacy, children’s nursery and education sectors. She regularly acts for buyers and owner/sellers of these types of businesses.

Holly Goacher

Holly is a partner in the Cripps real estate team, focusing on the healthcare sector and secured lending transactions. She also works with banking clients on secured lending matters, primarily in the healthcare and charitable sectors.

Back to School BD Best Practice

As we return from summer and gear up for the new term, a quick BD refresher seems timely. Summer isn’t typically the busiest period for business development, so let’s start the autumn with a strong, strategic edge. Let's start with our 10 BD essentials - how many can you tick off?

Know your niche: Focus on your area of expertise, and tailor your content and messaging accordingly. Specialising allows you to stand out in a crowded market and attract the right clients.
Build relationships: Network and cultivate relationships consistently, not just when you need something. Genuine connections are built over time, so make relationship-building a regular part of your routine.
Follow up: This cannot be overstated: Always follow up after meetings or networking events, otherwise you're leaving money on the table. A quick message can reinforce your interest and keep you on the radar of potential clients.
Listen more: Understand client needs before pitching solutions or your services. Active listening helps you tailor your advice and services to what the client truly needs.
Be visible (in the right places): Attend industry events and seminars that are going to increase your visibility with your target audience. Your presence in the right places keeps you relevant and top-of-mind for opportunities.
Share value willingly: Share relevant articles, insights, and your knowledge with your network, whether via LinkedIn or on a more personal level. Providing real value sometimes seems counterintuitive (there's that feeling of giving too much away for free), but this is THE best way to position yourself as a thought leader/expert in your field.
Be consistent: They say success is built on 5% brains and 95% consistency, so plan accordingly. If you post on LinkedIn do it regularly, maintain consistent touch points with clients (whether you have an ongoing deal or not), ask for feedback consistently.
Ask for and use testimonials: Testimonials provide social proof that can make your pitch more persuasive and credible - using them in your pitches demonstrates your experience rather than asserting it.
Be proactive: Anticipate client needs and offer solutions before they ask. Proactivity shows clients you’re invested in their success and builds long-term trust. Have you seen or written an article you know a certain client would benefit from? Send it on.
Track your efforts: Monitor what works and refine your strategy. Regularly reviewing your BD activities and plans ensures that you’re focusing on what delivers the best results.

Our Favourite CRMs

A good client relationship management tool (CRM) can make or break your BD efforts.

It's the key to timely follow-up, not letting client relationships languish and most importantly, it prevents you from storing all of this key information in your head (which we're all guilty of trying to do).

What can you do with a CRM?

A CRM allows you to track interactions and activities, manage client relationships, organise your pipeline and streamline communications, ensuring nothing slips through the cracks. A solid CRM can help identify growth opportunities, keep you on top of follow-ups, and provide valuable insights into client behaviours.

What to look for in a CRM

When choosing a CRM, look for features like ease of use, integration with existing systems, custom reporting, and robust automation capabilities. A great CRM should be intuitive enough for you to adopt quickly but powerful enough to support your long-term goals.

A note for those in firms which already have a CRM

Our advice is to always use the firm's system - it will give you access to data on the entire firm and allow you to effectively cross-sell and ensure various teams or individuals are not all spamming one target, for example.

If, however, your firm's CRM isn't fit for purpose, you're planning on moving firms in the next couple of years, or you have personal contacts that you don't want to store in a firmwide system, you might want to consider creating your own.

Here’s a concise comparison of our three favourite CRM platforms, designed for individuals or small teams - Dex, Folk and Less Annoying CRM - to help you decide which might be best suited for your BD needs.

PS: Does your BD need a new perspective?

Are you feeling overwhelmed by BD tasks that aren't delivering results? Are you struggling to build meaningful client relationships or develop a clear strategy to drive business?

Over the last couple of years, we've worked with an increasing number of senior lawyers who are feeling lost with their BD; they just don't know where to go next and, frankly, have stopped enjoying BD.

That just won't do.

So, we're excited to announce that we're opening our doors to three new consulting clients starting in October 2024 🎉

Our bespoke consulting sessions are perfect for you if you're:

A senior lawyer - Senior Associate and above
Are putting in the effort but finding it hard to make your BD strategic and sustainable
Not getting enough personalised support from your in-house BD team
Lacking a clear direction in your client development activities
Looking for new ideas of how to win more work but are coming up empty
In need of someone to challenge you and hold you accountable

If you'd like to be considered, now is your chance.

Email Gemma on gemma@gemmafrancisconsulting.com if you're interested

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View previous editions of Trifecta by clicking here.

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Trifecta

"Having imposter syndrome is completely normal and actually quite healthy!"