Business development is crucial for all lawyers, as it can lead to career advancement for associates and generate essential revenue for self-employed attorneys. While many lawyers focus on business development during slow periods, it should be a continuous effort. Since work slowdowns are often unpredictable, having new matters lined up can help maintain stability.
During my time as an associate at a Biglaw firm, most attorneys in my office worked on a single multimillion-dollar matter for years. This case generated significant revenue, leading to promotions, bonuses, and a sense of financial security. However, because of this steady stream of work, partners devoted little time to business development, prioritizing billable hours instead.
When the case suddenly ended, the firm struggled to generate new business. Partners and associates scrambled to pitch new clients, but years of neglected networking made it difficult to secure work. As a result, the firm faced financial difficulties and rounds of layoffs—an outcome that may have been avoided with consistent business development efforts.
Many lawyers prioritize client work over business development, and I have been guilty of this in my own practice. When I am busy, I often neglect networking, blogging, and other marketing efforts. However, I remind myself of my past experience and the unpredictability of legal work. Since cases and deals can conclude unexpectedly, maintaining steady business development is essential.
Although it may take time away from billable hours in the short term, consistent business development efforts can provide long-term stability and growth. Lawyers should always invest time in building their practice, regardless of how busy they are at the moment.
