Many attorneys face the same challenges that advisors do in growing their business. All attorneys are instructed to grow their practice through networking...yet not all attorneys are naturally good at networking.
Networking is using the personal relationships other people have with one another to increase exposure to information and opportunity. The power of networking is in the relationships that others have, i.e. it's not who you know, it's who THEY know.
Networking is more than opportunistically whipping your business card out at cocktail parties. Networking is cultivating relationships with people who are in contact with large numbers of people who are constantly in contact with large numbers of people in your target group. These relationships are carefully chosen and continually maintained to assure that your contact will refer a client if the opportunity arises.
Most importantly, networking is bilateral and mutually beneficial. Unilateral relationships where one person always has their hand out is not networking...that's BEGGING!
For example, here's how an attorney who specializes in commercial real estate transactions will strategically build their network. Mid-size businesses are, most likely, the ultimate target. Who are the persons who would know about commercial real estate transactions early on in the process?
Lawyer Contacts: Real estate Litigators, M&A Attorneys, Securities Attorneys, Tax Attorneys, and Estate Planners. Non-lawyer Contacts: CPAs, Commercial Real Estate Brokers, Management Consultants, Venture Capitalists, Commercial Bankers, Business Brokers.
Here's a thought. Find an attorney who wants to grow their commercial real estate practice. Call them up, and arrange to meet for coffee. Discuss how to create a strategic alliance that networks with the contacts described above.
Isn't this better than cold-calling attorneys off of some list with some lame product pitch?
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