Jane Genova
Jane Genova

In such professional services as management consulting, law and public relations, 72 percent of practitioners say that developing new business is the top challenge, according to The Pace Partners. Actually, it’s so critical that—at all levels—professionals are expected to be rainmakers.

Yes, holding on to your job could depend on it. Many law firms, for example, are up-or-out. The out could happen when lawyers don’t build a big enough book of business or if for that book gets less fat (de-equitization). Even when I was a contractor at a major public relations agency, bringing in business was an implicit requirement.

This article explains the unique in which business development is done in professional services, what type of rainmaker is most successful and six strategies for 2025.

Your triple role

Sure, in professional services there might be a marketing unit. However, as Matthew Dixon, et al. explain in the Harvard Business Review, the entire business development process is folded into just about every professional job. The buzz phrase for that is “doer-seller.” There’s accountability for three intersecting roles: delivering the service, marketing/selling and retaining those clients. That’s unique for professional services. In other sectors, marketing and sales are probably separate functions.

So, what kind of process is new business development? Well, it covers market research; putting together/promoting your personal brand in order to generate demand; zeroing in on possible business; closing; and holding on to those accounts. About the latter: The good news in professional services is that the retention rate is 73 percent.

The most successful kind of rainmaker

In 2023, software provider Intapp sponsored research—the Rainmaker Genome Project—which analyzed rainmaking approaches. It might surprise you which unleashes the best result. There are five common models:

Experts. Those are the professionals who aren’t keen on selling. To keep their jobs, they leverage their branding as the go-tos on specific subject matter to attract new business.

Confidants. They’re client-centric. That says it all.

Activators. They’re proactive. Their number-one edge? Tapping into broad-based networking power. That allows them, for instance, to pool information about prospective business and have others open doors for their pitches.

Debaters. Because they know their stuff, they’re assertive with prospects. The slide deck hammers what’s best for the business.

Realists. The aura here is the transparency. Spelled out are all the nuts and bolts ranging from cost to outcomes. Prospects feel safe.

The most common approach is that of the Confidants. That’s to be expected since professional services is all about deep client relationships.

However, the most effective is the model of the proactive network-centric Activator. In the Harvard Business Review article, Dixon labels this kind of approach “collaborative.” Over a six-year, period law firm Baker McKenzie used it. That included introducing other partners from other practices to clients. During that time revenue increased 40 percent.

The next most effective are the Realists.

Revisiting what you’re doing

As you know, sources of competitive advantage keep shifting. Not long ago generative AI capability in itself gave the edge. Posted on a thread for tech professional anonymous network Blind is the current reality: “Everyone is learning AI—it’s no longer a niche.” Rapidly, AI capability has mutated into the price of entry.

So, in this volatile era, it’s smart to review how you go about business development. Here are six strategies to consider.

Focus on reward, not so much on risk. With the present chaos, there’s a preoccupation with risk. That’s exactly why sector experts such as BTI Consulting are resurrecting the 1979 research of Daniel Kahneman and Amos Tversky. It’s about decision-making.

Called “Prospect Theory,” the study found that humans relate more to possible loss than potential gain. Applied to business development, that would deter principals at public relations agencies, for example, from contacting a client with a pitch for added business. They fear the worst, that is losing the account. Loss is overestimated; gain is underestimated.

Broaden networking. That’s the MO of Activators. In the 1970s, Mark Granovetter’s research “The Strength of Weak Ties” showed that the majority of plum professional opportunities come from outside traditional networks, which will tend to withhold information and not provide introductions because they’re competing with you. Also, they could be pigeon-holing you as not having the background to pitch for the work. Yet, as at Baker McKenzie, you could bring in colleagues to mobilize for that potential account.

Pick up the phone. That’s exactly how new business had come in during COVID. Leaders told the teams to phone, in a caring agenda-free manner, to check on how clients were holding up.

A recent Harvard Business Review podcast on the multigenerational workplace, hosted by Lindsay Pollak, hammered home that comfort with phoning is the advantage older professionals have. That’s even referred to as a “superpower.” In contrast, Gen Zers not only aren’t at ease with voice communicating. It fills them with anxiety.

In business transactions, explains Techdonut, the medium of voice is a tool for engagement; deep listening; speed, since there’s no back-and-forth; and clues such as tone, pace, volume, interruptions and pauses about how the other parties are experiencing you and the interaction.

Become a star. The joke is that businesses don’t select A or B firm because of the cool website. They come for the results that brandname players can deliver. That’s exactly why Big Law players such as Kirkland & Ellis and Paul Weiss poach twinklers, offering multiyear compensation guarantees of up to $20 million annually. Professional services still operate like old Hollywood, with stars on the marquee.

How to become a star? In addition to offering top-notch, customized personalized service, you have to promote yourself. The bundling includes social media such as Blue Sky, social networks like LinkedIn, online newsletters like Substack, podcasts, thought-leadership white papers, YouTube presentations and speaking at industry events. Much of this is DIY. Don’t depend on the agency to put you out there.

Develop new markets. It’s motivating to have fresh territory to conquer. You can propose an exploratory team for mergers, acquisitions and partnerships. The rub is that up to 90 percent fail, according to Dealroom. The reasons range from lack of a cultural fit to overextension of resources. A way around that is to return to the old-fashioned method of growing a market organically. Ideally, that would consist of creating a niche within a niche. That startup within a firm could trigger plenty of attention in all mediums.

Launch your own business. The US Chamber of Commerce documents a surge in entrepreneurship. Being an employee can put a cap on ambition. The perfect timing is when you already have established a clear value proposition, a powerhouse brandname and broad-based network. For public relations the initial investment can be low: $5,600 to $11,000. In other sectors, typically that’s around $40,000.

Head in the game

From now into 2030, global professional services are projected to have a compound annual growth rate of 5.17 percent, reports Cognitive Market Research. But, as Blind, Reddit, Fishbowl and Glassdoor keep repeating, competition is fierce. During Super Bowl LIX, what became obvious was that winning was about having the head in the game. Many speculate the Chiefs weren’t there. Successful rainmaking requires being all-in. That’s why Activators have the best track record.

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As an intuitive career coach, Jane Genova uncovers the opportunities/obstacles in your earning power that others miss. Free confidential consultation. Fees are custom-made for your budget. For an appointment: contact Jane Genova (text/phone 203-468-8579, [email protected]). In-person and remote.