“I love Vegas”, it’s not an uncommon thing to hear. The whole idea of Vegas just appeals to many people. And there’s more to it than just enjoyment, there are some lessons that can be taken from the Gaming Capital of America and used in the business development world. Vegas is a mirror for the game of business development and coming out a winner requires strategy.
The first rule that can be taken from Vegas is simple, enjoy the game. For example, I like to play cards but I do not enjoy dice games. Others prefer slots. Each game has its own rules and nuances. You need to enjoy the game you are playing to become an effective student of it. Knowing yourself well enough to select the activities that you will enjoy gives you a leg up on succeeding at that game. Firm development is a game and it should be fun. There are a lot of different styles of attracting clients, so finding the right mix of business development in your legal professional role be critical to success. If you do not enjoy the game you are playing, find a different game.
The second rule is easy, you need to have a system. Vegas isn’t eager to hand out money --the odds are stacked against us, that is the reality. Most of the people who go to Vegas lose money. Systems come in many shapes and sizes and they have different goals. Some systems increase your odds of winning, like card counting.
The last time I was in Vegas, a friend of mine won money but the guy sitting next to him lost. They played blackjack for more than 5 hours together. My friend won $250, the other guy lost $12,260. What was the difference? My friend plays a lot of cards and had a system. The other guy had no system-- he was just hoping next time would be better. Unfortunately, many legal professionals follow the same model, rather than have a system they simply hope that the next time will be better. My friend’s system was designed to help him win, your system should be designed to grow your firm.
The final rule is obvious, don't play slots on a parking meter. You cannot win money playing a machine that never pays out. Too often I talk to legal professionals who tell me how busy they are doing things that will never make them money. They spend their time doing administrative tasks or putting out fires and never make time for business development activities. They spend time on the Internet rather than on the phone with clients. They focus only on their expertise but not how to communicate its benefits to clients. And in all these cases, they are stunned that their client list is not growing.
Look at your business development world right now. Ask yourself three questions. First, are you having fun? Second, do you have a clear, measurable and manageable system? And third, are you doing things that can predictably make you money?
Firm development should not be simple trial and error. Spending time having fun, learning a system and doing the right behavior to make money is the simplest way to attract clients. When you commit to taking proactive steps to doing better tomorrow than you did yesterday, there’s a high probability your results will improve. Are you looking to grow your firm? Learn the rules and play the odds.
