Rainmaker Genome Results

THE RAINMAKER
GENOME PROJECT
How Leading Partners Activate
Their Business Development
Approaches
Sponsored by

AN URGENT CALL TO ACTION
© 2023 DCM Insights. Proprietary and confidential.
What do our top partners do differently in terms of business development and how
can we export those behaviors and best practices across the rest of the firm?
-3 -2 -1 +1 +2 +3
µ
16% 68% 16%
Under
Achievers
Top
Performers
2

3
A DIFFERENT KIND OF BUYING
“Every professional
services purchase we
make is competitive.”
GC, F100 Manufacturer
“If I have a close relationship
with one of the partners
competing for our business, I
will recuse myself from the
decision.”
CEO, Global
Telecommunications
Company
“There’s never a downside
hearing other firms pitch for
your business. We owe it to
our company to always be on
the lookout for new ideas and
new providers.”
CFO, Financial Services
Company
Clients

4
A DIFFERENT KIND OF BUYING
“Every professional
services purchase we
make is competitive.”
GC, F100 Manufacturer
“If I have a close relationship
with one of the partners
competing for our business, I
will recuse myself from the
decision.”
CEO, Global
Telecommunications
Company
“There’s never a downside
hearing other firms pitch for
your business. We owe it to
our company to always be on
the lookout for new ideas and
new providers.”
CFO, Financial Services
Company
Clients
Firm
Leaders
“Even longtime clients
who’ve spent millions of
dollars with us and have
never gone to our
competitors are starting
to bid out the work.”
Managing Partner, M&A
Advisory Firm
“The gap between our
top performers and
average performers is
widening.”
CBDO, Global Accounting
Firm
“Clients are just a lot less
loyal than they used to be.”
CMO, AMLAW 100 Firm

STUDY SAMPLE
Survey Sample:
By Firm Type
5
TO DATE AS OF JUNE 2023
Law:
30%
Consulting:
30%
Accounting:
13%
Banking:
9%
23
Global
Firms
Survey Sample:
By Participant Type
Partner interviews
• 24 conducted to date
• Across all four verticals
Talent
Advisory:
9%
Public
Relations:
9%
1,769
Partners
Accounting:
32%
Law:
33%
Consulting:
14%
Banking:
5%
Talent
Advisory:
5%
Public
Relations:
10%
• 83 partner interviews
• 36 C-level client
interviews
In-Depth Interviews

© 2023 DCM Insights. Proprietary and confidential. 6
Client Communications
▶ Reasons for initiating contact
▶ Frequency of contact
Events
▶ Event attendance
▶ Preparation and follow-up
Social Networking Tech
▶ Use of LinkedIn
▶ Approach to social networking
Pitch Meetings
▶ Usage of pitch materials
▶ Pitch meeting strategy
Firm Support of BD
▶ CRM and marketing tools
▶ Knowledge management
Qualification Criteria
▶ Strategic fit with our offerings
▶ Client budget
Time Allocation
▶ BD vs client work
▶ Time across client journey
Client Loyalty
▶ Strength of relationship
▶ Client expectations
BD Strategy
▶ Emphasis of expertise
▶ Pushing client thinking
Client Interactions
▶ Focus on past vs future
▶ Deepening my relationship
Demographics
▶ Professional Specialty
▶ Country/Region
▶ Years of Experience
▶ Size of book of business
▶ Gender
▶ Age
Performance Measures
• Percent of maximum available
incentive compensation
• Generating revenue for the firm
• Generating revenue from new
clients
• Generating additional revenue
from existing clients
• Generating revenue for areas of
the firm other than his/her own
practice area
• Effectiveness at business
development vs client-related
work
108
total
attributes
Control
Variables
+
Factor Analysis
• Extraction method: Principal
Component Analysis
• Rotation Method: Varimax
with Kaiser Normalization
Regression Analysis
• Compared factors to
performance ratings
• Regressed all variables
against outcomes
= Profile of
Top
Rainmakers
OUR RESEARCH APPROACH

7
Expert Confidant Activator Debater Realist
FIVE TYPES OF PARTNERS

8
Expert
▶ BD approach more about responding to established
demand rather than creating demand
▶ Focused on opportunity/client “fit”
▶ Looks for clients with clear needs that match their own
capabilities
▶ Prioritizes clients with budget

9
Confidant
▶ Highly responsive to client needs
▶ Delivers exceptional client service
▶ Builds deep personal relationships with clients
▶ Leverages track record of strong client work to get new work
▶ Emphasizes senior-most relationships

10
Activator
▶ Leverages events and social platforms to build a robust
client network
▶ Educates clients on emerging trends and issues
▶ Proactively engages clients on new opportunities to work
together
▶ Makes introductions to other partners and practice areas

11
Debater
▶ Always has a different view of the world
▶ Loves to debate the client on what’s best for their business
▶ Leads with their deep subject matter expertise
▶ Brings innovative solutions to the client
▶ Wants the client to follow their lead

12
Realist
▶ Focused on setting proper expectations with the client
▶ Openly discusses budget, fees and other money-related issues
with clients
▶ Comfortable telling the client “no”
▶ Shields themselves from no-win client situations

13
19% 22% 21% 17% 21%
DISTRIBUTION ACROSS ALL PS FIRMS

14
13% 38% 20% 12% 16%
DISTRIBUTION IN LAW

15
Expert
Activator Realist Confidant Debater
31.9%
28%
19.2%
11.5%
9.5%
Percentage of High Performers
A CLEAR WINNER

16
Expert
Activator Realist Confidant Debater
31.9%
28%
19.2%
11.5%
9.5%
A CLEAR WINNER
12.5%
19.1%
26.8%
25.7%
15.9%
Percentage of Low Performers

17
Transparent Realist
Activator Confidant
Percentage of Low Performers
Percentage of Average Performers
Harnesses a resilient
many-to-many network of
clients and colleagues
Cultivates deep one-to-one
client relationships
MORE ABOUT “ME”
MORE ABOUT “WE”
A TALE OF TWO APROACHES

Activator
THREE PILLARS OF
THE ACTIVATOR PLAYBOOK
Connect Create
• Doesn’t allow BD time to be crowded
out by client work or other
responsibilities
• Reserves time to conduct business
development every week
• Consistently engages clients
• Pursues meetings with clients to
discuss opportunities to work
together
• Rigorously follows up on
opportunities that have been
discussed
• Tracks contacts and follow-ups in
the firm’s CRM system
• Makes a concerted effort to expand
the number of contacts in their
network
• Has a significant number of LinkedIn
connections
• Regularly checks and posts on
LinkedIn
• Regularly attends business events
• Sets specific goals for how many
post-event calls or meetings they
will have
• Looks for opportunities to connect
clients with colleagues inside of
their firm who they think can
provide value
• Regularly reaches out to clients to
make them aware of regulatory,
economic, or other trends
impacting their industry or function
• Proactively suggests ways to work
with clients on new opportunities
they’ve identified
• Checks in regularly to see if they
may need my firm's services
• Clients and prospects regularly
seek them out for advice even
when they are not actively
engaged in paid work for the client
18
Commit

19
1. Development
• How can we build training & coaching programs based on this work?
• Should we start to train associates and junior partners so that they are focused on the
right skills and behaviors?
2. Enablement
• Are we equipping the team with the right technology and tools to support Activator
behavior?
• How can we improve our events strategy, BD team support and marketing efforts to aid
the team in building and nurturing their network?
3. Culture
• What changes to our culture would create an “Activator” environment?
• Are we rewarding the right behaviors?
• Are we measuring the activities that lead to success?
KEY QUESTIONS FOR FIRM LEADERS

20
FIRM-LEVEL
INVESTMENTS AND PRIORITIES
High Priorities
Low ROI
Key Strengths
Opportunistic
Improvement

21
• Request a copy of the slides
• Sign up to receive the Activator whitepaper
(coming September 2023)
• Receive updates about the Rainmaker
Diagnostic (coming July 2023)
• Bring this research to your firm’s leadership
offsite or partner retreat
• Learn about DCMi’s Activator training
programs for associates and partners
• Talk to an Intapp subject matter expert
about how technology can help foster
Activator behaviors
WHAT’S NEXT?

22
Connect
• Makes a concerted effort to expand the number of
contacts in their network
• Has a significant number of LinkedIn connections
• Regularly checks and posts on LinkedIn
• Regularly attends business events
• Sets specific goals for how many post-event calls
or meetings they will have

23
Activators
Confidants
67%
Check LinkedIn At Least
Daily
34%
24%
Post on LinkedIn At Least
Weekly
10%
>1000 LinkedIn
Connections
29%
71%
BUILDING A RESILIENT NETWORK

24
Activators
Confidants
67%
Daily
34%
24%
Weekly
10%
>1000 LinkedIn
Connections
29%
71%

25
Activators
Confidants
67%
Daily
34%
24%
Weekly
10%
>1000 LinkedIn
Connections
29%
71%

26
Question Activators Confidants
“When attending an event, I set specific
goals for how many new contacts I
would like to make.”
Agree 57% 35%
Disagree 43% 65%
WORKING THE ROOM

27
Agree 57% 35%
Disagree 43% 65%
goals for how many post-event calls or
meetings I will have with event
attendees.”
Agree 55% 35%
Disagree 45% 65%
WORKING THE ROOM

28
Agree 57% 35%
Disagree 43% 65%
attendees.”
Agree 55% 35%
Disagree 45% 65%
“After attending an event, I spend a
significant amount of time following up
with contacts I made.”
Agree 91% 33%
Disagree 9% 67%
WORKING THE ROOM

29
Agree 57% 35%
Disagree 43% 65%
attendees.”
Agree 55% 35%
Disagree 45% 65%
“After attending an event, I spend a
significant amount of time following up
with contacts I made.”
Agree 91% 33%
Disagree 9% 67%
“After attending an event, I enter my
notes and follow-up activities in my
firm’s CRM system.”
Agree 62% 33%
Disagree 38% 67%
WORKING THE ROOM

30
Create
• Regularly reaches out to clients to make them aware of
regulatory, economic, or other trends impacting their industry
or function
• Pursues meetings with clients to discuss opportunities to work
together
• Proactively suggests ways to work with clients on new
opportunities
• Clients and prospects regularly seek them out for advice even
when they are not actively engaged in paid work
• Looks for opportunities to connect clients with colleagues
inside of their firm who they think can provide value

D
31
A PROACTIVE APPROACH
Activators
Confidants
45%
“I frequently reach out
to my network to
make them aware of
regulatory, economic
or other trends
affecting their
industry or function.”
28%

D
32
Activators
Confidants
45%
to my network to
make them aware of
or other trends
affecting their
28%
40%
to my network to
suggest we work
together on an
opportunity I’ve
identified.”
24%

D
33
Activators
Confidants
45%
to my network to
make them aware of
or other trends
affecting their
28%
40%
to my network to
suggest we work
together on an
opportunity I’ve
identified.”
24%
47%
“I prefer proactively
contacting clients
with an opportunity as
opposed to
responding to client
needs.”
35%

D
34
43%
“I frequently Introduce
my clients to
colleagues in my firm
I think can provide
value.”
35%
Activators
Confidants
45%
to my network to
make them aware of
or other trends
affecting their
28%
40%
to my network to
suggest we work
together on an
opportunity I’ve
identified.”
24%
47%
“I prefer proactively
contacting clients
with an opportunity as
opposed to
responding to client
needs.”
35%

35
Commit
• Doesn’t allow BD time to be crowded out by client work or other
responsibilities
• Reserves time to conduct business development every week
• Consistently engages clients
• Rigorously follows up on opportunities that have been
discussed
• Tracks contacts and follow-ups in the firm’s CRM system

36
Activators
Confidants
66%
“I reserve time to conduct
business development every
week.”
32%
A COMMITMENT TO BUSINESS DEVELOPMENT

37
39%
Conducting Business Development
20%
38%
Performing Work for Clients
61%
23%
All Other Activities
19%
Activators
Confidants
A BALANCED ATTACK

38
39%
Business Development
20%
Activators
Confidants
A BALANCED ATTACK

39
39%
20%
21%
Percent of BD Time
Spent Bringing in New
Clients
15%
Activators
Confidants
Note: other business development activities included pitching, networking and awareness building
A BALANCED ATTACK

40
39%
20%
21%
Percent of BD Time
Spent Bringing in New
Clients
15%
26%
38%
Activators
Confidants
Percent of BD Time
Spent Expanding
Business with Existing
Clients
Note: other business development activities included pitching, networking and awareness building
A BALANCED ATTACK

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