What Is a Rainmaker in Terms of Law
However, there should also be no bias against so-called technicians, especially the good ones. A mystery arises because rainmakers can get the majority of an account`s revenue, which can make technicians feel like they`re being excluded. This imbalance must also be corrected. Most rainmakers also excel as problem solizers. They take the initiative and take responsibility for customer problems. When asked why they studied law, they often say they like business challenges. That is their goal. Not just any rain-making lawyer who regularly generates huge amounts of business for your law firm. The kind of rainmakers who attract customers by the dozens at once.
In reality, this is an option available to any law firm, provided they are willing to make concessions. I thought the answer was obvious: not everyone is a rainmaker, because making rain is more than a tactic. The rainmakers have something special, something that sets them apart from the rest of the pack. There`s a word for it, but lawyers don`t like it. Rainmakers are really good to sell. On Wall Street, a rainmaker would be a broker or financial advisor bringing in several high-net-worth clients, or a banker getting multiple M&A (M&A) or initial public offering (IPO) mandates. As effective as his coaching can be, Field is open to the fact that none of this will work unless people are willing to put in the time and effort. “Making rain is really the small, tiny effort you make every day,” she says. “You have to want to be a rainmaker. “Attracting high-quality A players is really a waiting rainmaker. They provide the basic skills such as integrity, passion, courage, ambition, etc.
Having these qualities means that they just need proper training to improve those skills and truly become a rainmaker. However, companies rarely train their employees to become rainmakers. In a law firm, a rainmaker can be a senior partner who captures lucrative legal work through their network of contacts or word of mouth. Over the past few years, lawyers have repeatedly asked me a question: “What`s the secret behind rain production?” After two years as Marketing Director, first for Debevoise & Plimpton and more recently for 14 years at Cravath, Swaine & Moore, I left to write a book to try to refine the answer. I`ve seen what works when you`re trying to win business, and I`ve seen what works and what doesn`t. You`ll have access to enthusiastic employees who are ready to grow your business and grow your business. Just ask. Any lawyer in your law firm can become a rainmaker. No one is born a rainmaker, but the right approach goes a long way in doing business. Technically, a rainmaker can exist in any part of any business, but the term is most often applied to people who are able to make significant changes in certain key sectors: law firms must adapt quickly to these circumstances if they want to retain their existing client base. They need to take proactive steps if they want to attract new customers.
There is a simple solution to this problem. Simply turn every lawyer in your firm into a rainmaker. A rainmaker is a person who brings large amounts of business to a business. Rainmakers can occur in a number of industries. What unites them is their ability to attract high-net-worth clients and generate significant revenue for the company where they are employed. I was young and had no business relationship. I`d like to think that I generally approach interviews as a stereotypical ESTJ personality type. But suddenly, I had a huge lump in my throat. Eventually, I managed to say what I now recognize as one of the worst answers in the history of the interview: “I`m sorry, I didn`t know we had to have clients. And for many, the pressure to become a so-called “rainmaker” — that mythical creature whose legal brilliance is surpassed only by its genius for attracting new customers and new revenue streams — can be daunting. However, efficient rain production is not only done online. This still requires the effort to develop and maintain personal relationships.
“The legal profession is always about people and it`s always about building relationships,” Field says.