Episode Transcript
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Welcome to Reinventing Professionals,a podcast hosted by industry analyst
Ari Kaplan, which shares ideas,guidance, and perspectives from market
leaders shaping the next generationof legal and professional services.
This is Ari Kaplan, and I'm speaking todaywith Alistair Marshall, the director and
(00:24):
owner of Professional Services BusinessDevelopment, a consultancy that focuses
on strategy, marketing, and businessdevelopment for law firms worldwide.
He is the author of the newlyreleased Grow Your Professional
Services Practice, The PracticalGuide to Business Development.
Hi Alistair, how are you?
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I'm very well.
Thank you for joining me and I'mlooking forward to learning more.
Tell us about your backgroundand the genesis of professional
services business development.
I wasn't a lawyer Ari, whichdoesn't make me a bad person.
But just around the GFC going backto 2008, nine, I went networking
and all I met one lawyers.
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And accountants and bankers who couldn'ttell me why they were better than the
next lawyer, law firm, banker, accountant.
And I thought, these are thepeople who need some assistance.
So I thought this is what I'm goingto focus on and here we are all these
years later and I've done this typeof work in over 200 law firms now.
So that helps you discover not justwhat does work, but it can speed up
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people's knowledge around what notto do where they can waste valuable
resources of time and cash on thingsthat probably won't give them a return.
The reason for the book was that thereare a number of books on shelves that I
find will tell you the what, but don'ttell you the how, which frustrated me.
And business books, I like to readthem with a highlighting pen and
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come away with some ideas and oneliners and all those kinds of things.
And so I thought, okay,I'm going to do it myself.
So here we are.
It went top of the list on Amazon.
And it's been one of the great thingsto do and everyone could learn from
it and repeat it for themselves.
What are some best practices forbusiness development success?
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It depends on the types of clients.
You wish to be in front of, becauseI think there is a slight difference
between business to consumer andbusiness to business practices.
And business to consumer is oftenwon by those people with deeper
pockets who do well with AdWords anddigital things, and those are more
in the business to business field.
It's really relationship building.
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And people shouldn't fear it.
And I start from a position of empathy.
Last year I started teachingthis at law school at university
in New South Wales in Sydney.
But for 15 years, I've been talkingto, legal institutions about
adding business development in amanagement course and people hadn't
listened and it was only last yearthat we really took this on board.
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I have empathy with lawyers who sayI don't get taught where to do this.
Where do I go to learn?
And so I've put together lots ofshort articles and lists and top
tens and top fives and things.
So people can use it as a reference book.
What are the easiest tipsthat lead to success quickly?
I'm a big believer that peopledon't look to high end generalists
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in 2025, they look for experts.
And therefore, there are anumber of things that experts
do better than generalists.
And most of that evolvesaround speaking and writing and
networking, both on and offline.
Depending upon your skillsets, because lots of lawyers
consider themselves introverts.
So don't naturally take to publicspeaking or don't naturally
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take to a networking in person.
So there's lots of other ways that theycan share their intellectual property.
In a place where people can accessit before a financial transaction
takes place, which is often themodern way of people buy things.
So I often say to people, we livein a world of Deb, D E B, and Deb
is the digitally empowered buyer whodoes their research before they buy
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their lawyer and or their advisor,and they will do their due diligence.
And even if their bank manager says,Should go and use Ari and his law firm.
They'll still Google you and lookat what they find before they decide
if you are the right person or not.
And people need to be wary of thatin the modern world, because the
standard of competition is gettingbetter, albeit from a poor base.
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What are the most common mistakesthat lawyers typically make when
approaching business development?
I think they can't do it.
I think they think it has to beperfect before you ship something.
So as an avid reader of SethGodin over the years, he was a
big believer in just ship it.
But because lawyers are, or tendto be perfectionists, they want it
to be absolutely a hundred percentperfect before it's ready to go.
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And I get that.
But they also don't apply enoughtime to don't elevate it, its
importance in a working week.
So I would argue you require aminimum of two hours a week to
build a professional practice.
And if you can give me at leasthalf a day a week, I'll take it.
But you need at least two hours a week.
So you have to get out from behindyour desk to build a relationship.
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And so don't do it on Mondays, which isa chase your tail day because clients
have things that go wrong over theweekend and they reach out on a Monday.
So you're in reactionary mode.
Fridays is a tough day to find people,or it certainly is here down under.
Good luck with that.
So that leaves you Tuesday,Wednesday, or Thursday, and I would
recommend people use lunchtime.
So if you picked say midday to 2 PM andI don't know, in the first hour, you
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might appear on a blog or a webinar,or you might write an article or that
type of thing, but you always havean hour when you can get out of the
office and go and build relationships.
So who do you build?
Missionships with probably five clients,if you spent more time with them,
you could get more work from them orget referrals or get testimonials or
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case studies, but something of value.
Five prospects who match the ideal client.
And that's one of the bigmistakes that lawyers make.
They think everybody is theirclient when that's not the case.
The, the niches or reaches is along used adage and it's true.
And the third one would be referrers.
And I think there's a missedvalue in the amount of referrers
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that lawyers and law firms have.
But I'm a big believer thatbuild a network or an ecosystem
around your ideal client.
And that's where your referrals come from.
So to give you a working example to that.
I have a lunch on the last Thursday ofthe month, every month, and have done
for years with the head of professionalservices here at Macquarie Bank and
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he, they bank 561 law firms, which isa lot also in that room is the head of
audit for Grant Thornton, who auditsall their legal firms, and the head of
professional services at Lockton InsuranceBrokers, who do the insurance brokering
for about 100 law firms, so between usWe know hundreds and hundreds of law
firms, and we don't compete, and we talkabout sport, and we may or may not have
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a beverage, and and we don't open doorsfor each other, and we host events with
each other, and the whole system works.
What inspired you to write Grow YourProfessional Services Practice, the
Practical Guide to Business Development?
Because there wasn'tanything practical, Ari.
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There were big, thick booksthat would take you hours to get
through, but it didn't really givepeople simple ideas to follow.
And so I've tried to think of all thearticles I've written over 15 years and
put them in a timeline so it makes sense.
So we start with strategy and basics ofwhere you should start and it takes you
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through lead generation and all the thingsyou might do to get on people's radars.
Because I'm very conscious thatlawyers have two challenges,
visibility and credibility.
See, no one's going to hire you if theydon't know who you are, and then once they
know who you are, you've got to answerthe 64 million question of why I should
choose you rather than go somewhere else.
And you probably need to answer why theyshould do it now rather than wait, which
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is particularly so for our litigatorson the line, because as litigators will
understand, it's often the competitionisn't another lawyer or law firm, but it's
the client choosing to do, take no actionand sitting on their hands and waiting.
And that's hugely frustrating.
And then it moves through into conversion.
So I'm more than conscious.
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I would imagine Americansare way ahead of the game in
referring to the S word of sales.
It's probably more of a word therethan it is in other jurisdictions
around the world where we hide awayand call it business development.
So I softened it and callit coffee conversion.
How to convert coffeemeetings into dollars is the
training sessions that I give.
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It gives some clues towards that andthe things how you can do that because
many lawyers and law firms confusewhether they have a marketing problem,
which is they can't get meetingswith potential clients or referrers.
Most of them actually have a conversionproblem, which is they have meetings, but
they can't turn it into billable hours oreven non billable, not fixed fee hours.
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As a result, they really havea sales conversion problem,
but they don't like the S word.
So we call it PD, which is how weend up with a book with that title.
How is this book different fromothers that focus on the topic?
It's short and punchy and most of thearticles are only two or three pages,
I would advocate strongly that peopleread it with a highlighting pen in their
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hand and come up with some ideas andyou can also use it as a reference book.
So I would have it in yourbriefcase or have it on your desk.
And if you're having a challengeor not sure what to do, you can
use it as a reference point andalmost have it as a, having a
coach or a mentor sat next to you.
And you can use it as a reference pointto give you some ideas if you're stuck.
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And I don't think there was somethingin that format there really.
And it covers some pretty, thingsthat I always get asked, tell me five
things that make us more profitable or,tell me seven ways you can instantly
bring in or initiate new instructions,so it covers all those kinds of
things that people want to know.
You actually mentioned thetop five profit drivers.
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What are they?
I did a research piecewith 150 and New Zealand.
And I asked them how many dollarsand how many hours they invested
in what activities to attract andretain profitable new clients.
So they told me.
And they also told me what doesn't work.
And it's quite a contentious point becauseusually I say to people, Profit drivers
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stopped doing the unprofitable things.
And in the research, the unprofitablethings were branded advertising, right?
Which some firms listening will go, Ohmy gosh, that's our route to market.
We do radio ads or we doAmerican big billboard ads.
But in my research, it was actually,difficult to prove that was really.
valuable way to market.
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The second one is sponsors.
So lawyers love sponsoring a sportsjersey or sponsoring an event.
And I would look in at the research,be laser focused on where you
get a return on your investment.
And yeah, I see lots of things when Igo to the airport most weeks and I go up
the escalator at the top of the escalatorfor every of the 13 years I've been here.
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There's a law firm name at the top ofthe escalator as you went to the lounge.
And that changes every year, whichtells me it doesn't work because
if it did, they'd just keep payingit and sign up for multiple years.
But every year the law firmchanges, which tells me they don't.
See you in a while and on thingslike sports jerseys which is very
popular here down in Australia,where they're big on sport.
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Again, more firms have the nameon every sports jersey that moves,
but it only ever stays for a year.
They never renewed the contract,which tells me actually they don't
get a return on their investment.
So there's some common things like that.
And the other one is hospitality.
So lots of firms here.
They do love a box at theAussie rules football or the
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rugby league or the soccer.
And it's very good at cementingrelationships with existing clients,
but its performance in termsof building new ones is awful.
So you can imagine, everyone tells a storywhere they invited a prospect off the
list to the game, and 48 hours before theyget a phone call to say, sorry Ari, but
something's cropped up and we can't come.
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So you invite Sally from Accountsand her three children, and they have
a brilliant time, but it's a veryexpensive way of entertaining your staff.
And it doesn't necessarilylead to new work.
And if you're invited to one of thesethings, you want to watch the game.
You don't want a lawyer tryingto give you a sales pitch during
halftime at the Super Bowl.
There, there's a time and a place.
So having saved all that money on thosethree activities that don't really
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give you what's to do, you shouldthen invest that in training people.
On probably the 20 routes to marketthat I talk about that do work, which
involve various versions of speaking,writing, and networking on and offline.
And whilst there's a cost interms of time, most of the
things that work don't cost cash.
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How do you see businessdevelopment evolving in an era
of artificial intelligence?
The pace of change is extraordinary.
There's lots of things thatcan save you time, and I guess
content creation is the big one.
So whilst ChatGPT will give you somevanilla answers if you're suffering
from writer's block and you're notquite sure on what to write a blog
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around this week it will give yousome pretty good assistance, but
people really need to learn theskill of ChatGPT or Claude or any of
them, is how good your prompting is.
So the more detailed the prompt,the better result you'll get back.
If you were sat there and said,what are the top five property law
issues facing property developersin lower Manhattan in 2025?
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It would give you five answers.
And if you then said, can youwrite me a 400 word article
about each of those five things?
It will do that within a second.
And then, you have toproofread and make it bang on.
I wouldn't be using itfor giving legal advice.
I don't think we're there yet.
But I saw something yesterday, whichwas bordering on frightening, which was
an AR , that would almost do anything.
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So it said, if you need a contract forthis, a contract for that, just press
this button and it'll all be there.
It will increase access to thelaw, which is a good thing.
It'll probably keep a few litigatorsbusy because on occasion, it's not
going to do exactly the right advice.
So I guess the jury's still out.
This is Ari Kaplan speaking withAlistair Marshall, the director and
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owner of Professional Services BusinessDevelopment, a consultancy that
focuses on strategy, marketing, andbusiness development for law firms.
Worldwide.
He is the author of the newlypublished grow your professional
services practice, the practicalguide to business development.
Alastair, it's really been a privilegeand congratulations on your new book.
Thank you very much.
(15:09):
Pleasure to be on.
Great to join you.
Thank you for listening to theReinventing Professionals podcast.
Visit ReinventingProfessionals.
com or AriKaplanAdvisors.
com to learn more.