how to be a rainmaker lawyer

^{To Be a Rainmaker Lawyer Choose an Industry to Invest In}

• Look online for sources (like PwC’s MoneyTree) that monitor venture-capital investment. If people won’t invest their money in a particular industry, why would you invest your time there?
• Try to avoid declining industries. There’s no opportunity there until someone disrupts them.
• If there’s more than one growth industry, pick the one that interests you the most. You’re going to live with them.

Full Answer

How much does a rainmaker make?

Average Rainmaker Recruiting Sales Representative yearly pay in the United States is approximately $51,896, which is 19% below the national average. Salary information comes from 14 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months.

What is a legal rainmaker?

A “rainmaker” is a lawyer, usually a partner in a law firm, who creates a lot of new business for their firm by bringing in new clients.

What is the highest type of paid lawyer?

Highest paid lawyers: salary by practice areaTax attorney (tax law): $122,000.Corporate lawyer: $115,000.Employment lawyer: $87,000.Real Estate attorney: $86,000.Divorce attorney: $84,000.Immigration attorney: $84,000.Estate attorney: $83,000.Public Defender: $63,000.More items...•

How do you make a lot of money as a lawyer?

Here are eight ways to start doing that.Stop wasting time with the wrong clients. ... Spend time getting better clients. ... Work smarter, not longer. ... Spend less money. ... Improve your client intake process. ... Accept credit card payments to get paid faster. ... Hire staff or use cost-effective services. ... Use technology to streamline your day.

How do I start a rainmaker business?

Common Rainmaker Sales TraitsThey're focused on the bigger picture. ... They're experts in the industry. ... They know how to adapt to customers. ... They form genuine connections with clients. ... They have a growth mindset. ... They know how to handle rejection. ... They motivate other salespeople.More items...•

Why is it called rainmaker?

The word "rainmaker" stems from Native American culture, which embraced the idea that an individual could bring rain through mysticism, religion or science. The term "rainmaker" in a business context originated in the legal profession.

Are all lawyers rich?

The majority of lawyers, or rather attorneys, are not rich, but many of them make a decent income in exchange for complex work.

How can a lawyer make 7 figures?

4 Keys to Achieving a 7-Figure IncomeRun your law firm like a business. You studied the law as a noble profession, but to break the seven-figure barrier, you must run your law firm like a business. ... Focus on a niche. ... Identify your ideal target market. ... Pay attention to your firm's finances.

What type of lawyer makes the least money?

Legal Aid Attorney Legal Aid attorneys provide counsel to people who cannot afford to pay for their own lawyer. These are public interest jobs that many lawyers get a great deal of satisfaction out of, even if they don't make a large amount of money.

Can a lawyer be a billionaire?

Charlie Munger is a self-made billionaire and is the Berkshire Hathaway business partner of Warren Buffett. He's also a lawyer. Early in his legal career, as he was busy handling client work and billing hours, he came to the important realization that he was his own most important client.

Is it hard to earn money as a lawyer?

Earning 1 lakh per month is the dream of many lawyers. I want to tell you that it is a very achievable target, especially if you work for yourself. You will need skills, you will need to know how to get clients, you will have to hustle, but it is totally doable. There are hundreds of ways to get there.

How do lawyers pay themselves?

As the attorney performs work on the case, they bill their clients on a regular basis according to their hourly rate. An invoice is sent to a client – usually on a monthly basis – and the attorney pays himself by transferring the invoiced amount of money from the trust account to the operational account.

What do lawyers need to know to become a rainmaker?

Here’s a Few Key Concepts You Need to Know. Lawyers who aspire to become a so-called “rainmaker” need to understand several concepts that are key to success, says Jaimie Field, who trains rainmakers. Lawyers who aspire to be partners or run their own shop are inevitably expected to put down their legal pads and do something law school ...

Why are lawyers not rainmakers?

The only reason most lawyers aren’t rainmakers is that they don’t do it and they don’t take the time to develop the necessary skills.”. Through seminars, workshops, and one-on-one coaching, Field has taught lawyers how to become rainmakers themselves, believing that “rainmakers are a not born, they are taught.”.

When Will You be Ready?

Go ahead, Google it. I did and got nada. I tried a number of search strings. I looked at more than 20 pages of search results and read dozens of individual entries.

Unbundle Your Monolithic Concept of Business Development

It’s much more than direct sales, just as litigation is much more than being a first-chair trial lawyer. In both disciplines, there’s a lot of background to absorb, foundation to learn, and many valued contributions to make along the way. Start that now.

Be Business-Curious So You Can Make Yourself Business-Savvy

If you don’t understand how businesses operate, what kind of challenges they face, and how they make decisions and make a profit, you have no chance of being relevant. If you’re not relevant, nobody has any reason to pay attention to you.

To Be a Rainmaker Lawyer Choose an Industry to Invest In

Ask your firm’s CFO which three to five industries, combined, are responsible for the largest chunk of your firm’s revenue. Investigate each one to ascertain whether they’re in growth mode, flat or declining.

Monitor That Industry and Start Positioning Yourself

Set up Google alerts on the pertinent topics (for example, “autonomous vehicles” or “medical devices”) and review them daily.

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Buck up and be social

This may be a tough pill to swallow for those of you who are introverts. But the truth is, business contacts exist everywhere.  Whether it is at the gym, a child’s birthday party, a business networking event, or an art opening, there will be professionals around who need lawyers or who know people that need lawyers.

Consider doing speaking engagements

Obviously, this strategy isn’t for everyone. Contrary to popular belief, not all lawyers like to talk in front of a crowd. If you are a skilled speaker, however, speaking engagements are a great avenue for developing business. Moreover, the opportunities are endless.

Ask for the business

One thing that many lawyers forget to do is to simply ask their contacts for their business. If you don’t, they may assume you’re too busy to take on new work. Alternatively, they may think you’re not interested. The best form of communication is clear communication.

Volunteer

Volunteering is a wonderful business development tool for a variety of reasons. First, if you pick an opportunity that you feel passionate about, you’ll be spending some of your valuable “rainmaking hours” doing something you love. You’ll also establish yourself as a genuine person who cares about your community.

The beginning

I was lucky enough to be employed by a large New Jersey law firm straight from law school. I worked hard and made good money. After working exhausting hours, I spent free time catching up on my life. With such a small amount of free time, the thought of attending industry networking events repulsed me.

Getting unstuck

What’s harder than building your own book of business? Trying to reenter the legal profession after taking a few years off to raise a baby. More accurately, trying to reenter the legal profession after taking a few years off to raise a baby — without having a book of business.

Moving forward

Fast forward 20 years — there is no line in the sand. I take conference calls on the way to school pick-up. As I write this, my daughter is leaning on me while watching a movie. Let’s not even talk about how many times I check work email when I am with her.

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The easy way to attract, convert, and retain rainmaker attorneys

Spend most of your time attracting high-quality, A-player employees — the top 10 percent in your industry. Using a proven hiring methodology like Topgrading, you can attract the top 10 percent of talent in your area/industry at a lower cost.

How to convert every employee into a rainmaker

In his book, The Tipping Point, Malcolm Gladwell describes three archetypes in the world — connectors, mavens, and salespeople.

Your firm has a never-ending supply of rainmakers

You have access to eager employees who are ready to grow your firm and grow your firm. You just have to ask. Every attorney in your law firm can become a rainmaker.

About Us

For over fifteen years, Rainmaking For Lawyers has advised individual attorneys and law firm leaders on how to reach their business and financial goals in the context of what they want out of their lives.

Who We Serve

Our individual clients range from solo practitioners to Am Law 200 partners, and we consult a number of managing partners in growing their practices. In many cases, our clients have earned success on their own and are looking for structure and strategy toward expanding their books of business in non-incremental ways.

How We Work

From a free initial consultation, we develop a proposal of strategies for achieving the goals our prospective client has identified. We identify top priorities and draft a plan for implementing each step based on data of the client’s past revenues and referral sources and where that client is looking to go.

Buck Up and Be Social

Consider Doing Speaking Engagements

Ask For The Business

• One thing that many lawyers forget to do is to simply ask their contacts for their business. If you don’t, they may assume you’re too busy to take on new work. Alternatively, they may think you’re not interested. The best form of communication is clear communication. Without being too pushy, simply let your contact know that should they ever find t...

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Volunteer