‘If anyone had all the right answers, they’d be getting all the work in the City,’ jokes Cleary London private equity partner Michael James, when asked for tips on how junior partners should start building up the books of business needed to guarantee their long-term success.
In an industry as competitive as the top-end London legal market, with no shortage of talented lawyers and firms ready to undercut prices, the reality is that getting that initial book of business off the ground – and keeping it – can be tough.
As James explains: ‘Whatever your speciality is, you’ve got to do it exceptionally well, because clients are spoiled for choice and the competition is fierce.’
And it isn’t just a one-dimensional problem. As one well-known private equity partner questions: ‘How many doors can you open? What do you do when you get there? Is what you’re selling any good? And, perhaps most importantly, how hard are you prepared to work to sell it?’
So, how do you go about making the transition? Legal Business spoke to corporate and private equity partners at varying stages of their career to find out their tips for success.
‘It might be rare for someone to directly say, “I chose CC because we would enjoy working with you” but connecting on that level can be an important factor’
Melissa Fogarty, Clifford Chance
Start early
Jumping from associate to partner brings with it new ownership of client relationships. But, in truth, the preparation for this shift begins well before attaining the partner title. As James says: ‘There’s the adage that you get promoted into the job you’ve already been doing for the last few years.’
This is particularly true at the magic circle firms, whose institutional client base provides a solid foundation for the associate-to-partner journey.
Recently promoted Clifford Chance M&A and PE partner Daniel Mutisya comments: ‘As an associate, I had the opportunity to work with certain clients early on, allowing me to build relationships from the outset at CC. Taking a leadership role on these felt like a natural progression.’
‘I was a senior associate when I secured my first client,’ reflects Vinson & Elkins M&A partner Miguel Colebrook, who made partner last year.
Colebrook stresses that this is the point when client development should become a priority. ‘You need to demonstrate that you’re a grounded, commercially minded lawyer, capable of cultivating relationships. By doing so, you can begin to build a strong case for partnership and grow your client base.’
Cleary’s James agrees, ‘As a junior partner, I received a lot of support from senior partners. I don’t think I realised it at the time, but looking back I think “Oh, they’ve been putting me in this position for the last 10 years, and I can now see what they were doing”.’
Ramy Wahbeh, co-leader of Sidley’s global private equity practice and head of the London corporate group, describes two types of client relationships – controlled and uncontrolled – with the former offering a clear space for juniors to develop their relationship skills under the guidance of more senior partners.
He explains: ‘For controlled relationships, such as long-lasting existing clients, there is more leeway for my team if small mistakes happen. We’re all human, but we have room to control things to an extent here. However, with uncontrolled relationships, such as advising a new client for the first time, there’s no room for mistakes, so I take a very hands-on approach.’
While partners stress the importance of this supportive environment for development, they haven’t always received this support themselves.
As one junior corporate partner admits: ‘Firms vary in their approach to entrepreneurialism. I didn’t fully realise how challenging it is to build your client base and I’ve often felt quite lost. My friends who are lawyers in the City have all had different experiences. Knowing how to market yourself in the beginning can be really hard.’
‘Whether it’s finding common ground through shared interests or being surprised by an unlikely friendship, the key is that clients genuinely like the adviser’
Miguel Colebrook, Vinson & Elkins
Reframe rejection
Whatever their experience at the outset, all partners are clear that building up a client base and a regular flow of work inevitably involves rejection. As a result, building resilience and being able to handle rejection are crucial skills for success.
‘You have to train yourself to face rejection with optimism and think “It’s all good, we’re onto the next one”. You have to have humility and accept that clients have to choose law firms that feel like the best fit for them and their specific needs,’ says James.
Covington PE partner Lyndsey Laverack says resilience is key when handling rejection. ‘Not every pitch will go your way [and] when the rejection comes, it’s important to have a thick skin,’ she stresses, adding that when a pitch is unsuccessful, seeking feedback can help identify areas for improvement.
Melissa Fogarty, co-head of London corporate at CC, echoes this sentiment. ‘With relationship clients, when rejection happens, it usually comes with an open conversation. We appreciate the transparency and the feedback as it helps us develop our relationship further.’
Be persistent
In the face of rejection, partners emphasise that it’s often not a definitive ‘no.’ Rather, it can be a chance to stay in touch and position yourself for future opportunities.
Colebrook explains how, as a senior associate, he found a piece of work where he felt he could offer his expertise, but the law firm client had already selected an adviser. Instead of viewing this as a complete rejection, he maintains regular contact with the hope of landing future work.
‘I continue to check in with him regularly because I always want to stay agile and able to move quickly if and when there’s an opportunity that opens up,’ he says. ‘Tenacity is definitely key when building a book of business.’
Laverack also agrees that it’s important to be proactive rather than just approaching it as a purely transactional relationship. ‘Be curious about what your clients and potential clients are doing and what their current challenges are and be thoughtful about how you can assist in ways that another law firm possibly can’t.’
She adds that this approach shows a consistent effort to add value. ‘Send people news articles, or pieces of work, or thought leadership,’ she says. ‘Spend time with them, learn about them. In my experience, effort and thoughtfulness really matters to people.’
The ability to handle rejection and need to be persistent are not unique to those starting out. The level of competition in London means they’re a factor throughout partnership, but are particularly pertinent for established transactional partners making the move from a magic circle firm with more institutionalised clients to a US firm still building its City client base.
As head of UK public M&A at White & Case, Patrick Sarch explains, ‘When I left CC, one client told me, “Patrick, our relationship is with you, not the firm.” However, when I joined my new US firm, even though they contacted me to discuss the continuing transactions and issues we had been working on, they said “Well, it would be tricky to move the work across because your old firm is still involved with a particular case. Let’s wait until that’s resolved, and then we’ll see”.’
He continues: ‘Ultimately, it never materialised, because they felt more secure staying with the magic circle brand. While PLCs are becoming slightly more mobile, corporate clients can still be hard to move. On the other hand, we are now advising more UK fully listed and major AIM companies than any other US law firm and are increasingly winning clients from legacy UK firms.’
‘It’s so true that you can’t build a meaningful relationship without a fantastic team. All of our meaningful relationships are a team game’
Richard Youle, Skadden
Tailor your approach
Partners highlight the importance of a tailored approach to winning work and maintaining client relationships.
As Richard Youle, co-head of Skadden’s PE group and London head, explains: ‘When it comes to running a transaction, it’s all about knowing what your client wants and how they want you to deliver that “tailor-made service”. They don’t want something off-the-peg.’
He continues: ‘You have to adjust your approach for each client – there’s never room for a one-size fits-all approach. Does your client prefer weekly updates or daily ones? Are they particularly sensitive to fees? What aspects of the transaction really matter to them?’
In the early stages, understanding these preferences can be challenging, but Fogarty points out that it becomes easier as your client base grows.
‘You know the organisation that they sit in and the pain points. You know what to say on a call and what not to say,’ she says. ‘You know when it’s best to have a little pre-meeting chat with them on WhatsApp, rather than present the point in front of several other of their colleagues.’
Junior partners share similar views on the importance of personalisation. As Colebrook stresses, ‘You really need to tailor your pitch to clients. That’s something I would strongly recommend, and it’s something that I came to appreciate as a junior associate, but didn’t really understand how challenging that is.’
He provides an example of this approach in action, where he successfully brought a new client onto the firm’s platform and has since completed three focused engagements with them. ‘It’s proof that tailored efforts pay off.’
The chemistry factor
Building a personal book of business requires more than technical expertise though; it also depends on creating chemistry and fostering meaningful client relationships.
Fogarty comments: ‘It might be rare for someone to directly say, “I chose CC because we would enjoy working with you” but connecting on that level can be an important factor.’
Partners stress the importance of actively engaging with clients from the very beginning, understanding client motivations and maintaining touchpoints to deepen the relationship.
As Colebrook shares, ‘What I’ve observed is that clients value both an understanding of the adviser’s competence and a personal connection. Whether it’s finding common ground through shared interests or being surprised by an unlikely friendship, the key is that they genuinely like the adviser.’
That said, recognising when a connection isn’t working is just as vital. As Laverack explains, ‘When the chemistry is not there, you need to learn when it’s time to step away.’ Knowing when to pivot ensures time and energy are invested in the right relationships.
‘This is one of the reasons diversity in teams is so important – and why it’s so critical you don’t only hire people who look and sound like you’
Lyndsey Laverack, Covington
Integrating clients
Winning the client is just the first step. The next challenge is turning that client into an institutional one by increasing contact with different teams within the firm.
In the words of Youle: ‘It’s so true that you can’t build a meaningful relationship without a fantastic team. People hire me because they know I can deliver that premier ‘tailor-made’ Skadden service, but you absolutely have to deliver that as a team. All of our meaningful relationships are a team game.’
For this reason, leveraging the different strengths and personalities within a team is key. As Laverack says: ‘This is one of the reasons diversity in teams is so important – and why it’s so critical you don’t only hire people who look and sound like you.’
Ultimately, success in building up a client base and regular stream of work is not just about individual accolades, but about the strength and collaboration of the team too.
As one senior partner aptly puts it: ‘What we’re doing every day is about the ability to deliver teams. It’s a bit of a jarring feeling when the headlines are presenting an image of star partners. Even those who are presenting themselves as a star partner also recognise that the way to win work is through delivering brilliant teams.’