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The annual self-assessment process at global law firm Baker McKenzie stands apart from the standard fare. Unlike most firms where partners merely reflect on their personal achievements through year- self-apprsals, Baker McKenzie encourages a unique perspective. The firm prompts its partners to not just highlight their own accomplishments but also identify instances where they have successfully facilitated connections between colleagues - for example by introducing other specialists with diverse expertise to clients. The m is for partners to showcase the firm's comprehensive service offerings and expand client relationships; thereby driving increased revenue.
Baker McKenzie places considerable emphasis on collaboration, recognizing it as a cornerstone of its operations. Collaboration, explns Colin Murray, North America CEO at Baker McKenzie, is fundamental to our success.
For professional services firms such as these, the role of 'doer-sellers' exts beyond simply delivering services; they are also deeply involved in the entire business development process. The term 'rnmakers', meanwhile, highlights their responsibility for establishing and promoting their expertise within the market, often by creating awareness and fostering new client relationships.
As Murray notes, The approach to professional services firm business development has become outdated, emphasizing that a more forward-thinking strategy is needed.
In today's landscape, professionals are expected to adopt innovative strategies such as collaboration and relationship building over traditional approaches to ensure lasting growth. The ability for 'doer-sellers' to collaborate with colleagues effectively can enhance their capability to introduce clients to the full spectrum of services offered by their firms, thereby driving revenue.
Baker McKenzie's emphasis on collaboration reflects a broader tr in professional services firms seeking to refine their business development strategies and better serve their clients through interdepartmental teamwork. By encouraging partners to identify opportunities for collaboration, Baker McKenzie fosters an environment where the collective expertise is leveraged for mutual client benefit and firm success.
The future of professional services firm business development lies not just in individual performance but in strategic alliances that enrich client experiences and propel firwards sustnable growth.
This article is reproduced from: https://hbr.org/2023/11/what-todays-rainmakers-do-differently
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Collaborative Professional Services Development Enhanced Client Relationships Strategy Rainmaker Role in Business Growth Global Law Firm Revenue Strategies Integration of Doer Sellers with Partners Forward Thinking Approach to Development