Your Law Firm Found a Connection to a Prospect. What Should You Do Next?
A business development professional is researching a prospective company and discovers that three lawyers at the firm have connections to its general counsel.
That's useful information. But it doesn't tell the team what to do next.
One lawyer may have worked with the general counsel for years at a previous company. Another may know them through an industry organization. The third may have exchanged emails with them after an event several years ago.
Understanding that a connection exists is the beginning of the research. Turning that information into a business development opportunity requires context, judgment and a reason for reaching out.
Here is how a law firm business development team can approach that process.
1. Find Out What the Relationship Actually Is
Start with the lawyers who appear to have the strongest connections.
Instead of immediately asking someone to make an introduction, learn more about the relationship. How do they know the person? Have they worked together? When did they last speak? How well do they know each other today?
The answers can quickly change the strategy.
A partner who worked closely with the general counsel for five years may be able to provide valuable background and make a personal introduction. A lawyer who met the person once at a conference may still have useful information, but the relationship calls for a different approach.
This is one reason relationship context matters so much. A connection on its own can look promising. The history behind it helps the BD team understand how useful it may actually be.
2. Understand What Is Happening at the Company
Once you understand the relationship, look at the company.
Has it made an acquisition? Entered a new market? Hired a new general counsel or other senior executive? Raised capital? Announced a new product? Expanded internationally? Is there a regulatory, litigation or industry development that may affect the business?
This research gives the team something important: context for why a conversation may make sense now.
For example, discovering that a partner knows the general counsel becomes more useful when the company has just announced an acquisition in an area where the firm has significant experience.
Now the BD conversation can move beyond "we know someone there" to a more specific discussion about the company, the relationship and where the firm may be able to help.
3. Look at the Firm's Relevant Experience
Before approaching the prospect, identify the capabilities and experience that are most relevant to what is happening at the company.
If the company is expanding internationally, which lawyers and practices could help? If it has announced an acquisition strategy, what experience does the firm have with similar transactions? If a new regulation affects the company's industry, who at the firm is already advising clients on the issue?
Keep this focused.
A prospective client is unlikely to benefit from an inventory of everything the firm can do. The more useful exercise is identifying the experience that connects directly to the company's current business priorities.
This also helps the relationship partner understand why an introduction may be worthwhile.
4. Decide Who Should Be Involved
The lawyer with the strongest relationship is not always the lawyer who needs to lead the business development conversation.
Suppose a corporate partner has a longstanding relationship with the prospect's general counsel, but the immediate opportunity involves an employment issue. The corporate partner may be the right person to make the introduction while an employment lawyer provides the relevant substantive perspective.
In another situation, the relationship partner may know enough about the client's business to lead the conversation and involve another lawyer later.
Business development can help connect these pieces before outreach occurs: the relationship, the business issue and the lawyers with the right experience.
5. Give the Relationship Partner a Reason to Reconnect
"Can you introduce us?" can be an awkward place to begin.
Give the lawyer more context.
Explain what has happened at the company, why it may create a relevant business issue and which firm experience connects to it. Ask about the relationship and whether the lawyer sees a natural way to reconnect.
The outreach itself may be very simple. The lawyer might congratulate the contact on a recent development, share an article that is particularly relevant to the business or reconnect personally before discussing anything related to legal work.
The appropriate approach depends on the relationship.
What matters is that the outreach has a reason behind it and feels consistent with the way the two people already know each other.
6. Prepare for the Conversation
If the connection leads to a meeting, the BD team can help the lawyers arrive prepared.
A useful meeting brief can include recent developments at the company, information about the people attending, relevant firm relationships, previous work with the company, experience related to the issues likely to arise and any commitments or conversations that have already taken place.
The briefing can be concise. The purpose is to help the lawyers understand what has changed, who will be in the room and where the conversation may naturally go.
This preparation is also a good time to identify a few questions the lawyers may want to ask about the company's priorities rather than spending the meeting talking primarily about the firm.
7. Capture What You Learn
A prospect conversation often produces information that becomes useful later.
The company may be planning an acquisition next year. The general counsel may mention a new executive joining the business. A legal department may be reviewing outside counsel in a particular area. The immediate conversation may not produce new work, but it can provide information that shapes future business development.
Capture the important points and the commitments made during the meeting.
If someone promised an introduction, article, follow-up conversation or additional information, assign responsibility for it. If the company mentioned a longer-term initiative, record it so the team has a reason to revisit the conversation at the appropriate time.
Good follow-up often begins with remembering what someone told you.
8. Stay With the Relationship
Not every connection becomes an immediate opportunity, and that is perfectly normal.
The company may not have a current need. The timing may be wrong. The contact may already have counsel they are happy with.
The relationship can still be worth developing.
Continue paying attention to the company and the person. Relevant company developments, industry changes, events and shared professional interests can all create natural reasons to stay in touch.
Over time, the combination of useful outreach and genuine relationship building can create opportunities that would never have resulted from a single introductory email.
Turn the Information Into a Next Step
One of the most useful things a BD professional can do after finding a connection is add the next layer of information.
Who knows the person? How do they know them? What is happening at the company? Why might that development matter? Which firm capabilities are relevant? Who should be involved? What would be an appropriate next step?
Put those answers together before approaching the lawyer.
Instead of saying, "I found someone you know at one of our prospects," the conversation can be much more specific:
"We're looking at this company because it recently announced an expansion into Europe. You appear to have worked closely with its general counsel at her previous company. Our team has significant experience helping companies with the issues that can arise during this kind of expansion. Can we talk about your relationship with her and whether there might be a natural reason to reconnect?"
That gives the lawyer something concrete to react to and gives the BD team a much stronger starting point for the conversation.
How Can Gatsby Help?
Gatsby helps law firm business development teams bring company intelligence and relationship information together.
Gatsby Intel helps teams research companies and identify developments that may be relevant to business development. Gatsby Aware helps firms better understand relationships across the organization.
Together, that information can help a BD professional move from identifying a target company to understanding what is happening there, who at the firm may have a relevant relationship and where there may be a reason to start a conversation.
The technology can help with the research and connections. The next step comes from the lawyers and business development professionals who understand the relationship, the company and how the firm may be able to help.
Frequently Asked Questions
What should a law firm do after finding a connection to a prospect?
Start by learning more about the relationship. Then research what is happening at the company, identify the firm's relevant experience and determine whether there is a natural reason for the lawyer to reconnect with the prospect.
Who should make the first approach to a prospect?
The person with the most relevant relationship may be well positioned to make the initial contact, while other lawyers can become involved based on the prospect's business and legal needs. The strength and nature of the relationship can help guide the approach.
How can business development professionals help with prospect outreach?
BD professionals can research the company, identify relevant relationships, connect company developments with firm capabilities, prepare lawyers for conversations and coordinate follow-up. They can also help determine which opportunities merit attention and what the next step may be.
How can relationship intelligence improve law firm prospecting?
Relationship intelligence can help firms identify existing connections to prospects and provide context around those relationships. Combined with company research, this can help BD teams develop more informed and timely approaches to prospecting.