Again, being talented isn’t enough. It is expected that you are capable and well known in the right circles. Motivating elite private client lawyers to refer their wealthiest clients to you requires more.
What The Lawyers Want
Most elite private client lawyers are looking for more business. An annual compensation of $1 million is nice, but $2 million is nicer, and $3 million even better. Your ability to help these lawyers be more successful means they will provide you with a steady stream of new wealthy clients.
Many professionals, when they think of referrals, think in terms of “trading clients.” Unfortunately, that approach rarely works well. It is highly unlikely you have enough wealthy clients to go one-for-one with elite private client lawyers and get the results you are looking for. So a different approach is usually needed.
Instead, you should look for opportunities to help them grow their practice by showing them how to work better with their current clientele and business relationships. In most cases, that’s the best way for them to bring in significant new revenues.
It all starts with discovery. You have to develop a deep understanding of the lawyer’s practice. You need to know things like:
• Generally, where are their new wealthy clients coming from?
• What are their compensation models?
• What is the nature of their clientele?
• Are there any wealth planning specialties the lawyers are focused on?
• What would they like their practices to look like in three years?
• What are their experiences with professionals like you?
• What steps are they currently taking to become more successful?
With this information in hand, you can identify ways to add value to their practices—in ways that will help them become more financially successful. You benefit when you’re introduced to the private client lawyer’s very wealthy clients yourself.
Russ Alan Prince is president of R.A. Prince & Associates.