by Karen Kahn

Differentiating yourself in a world where, from the client’s point of view, there are many “good enough” lawyers can seem daunting. Keep the following mantra in mind and you will rise above the pack: Knowledge is King. In August 2010, InsideCounsel conducted its 20^th Annual Survey of General Counsel to shed light on what is happening in corporate legal departments, including GC’s perspectives about their relationships with outside counsel. Only 40.9% of inhouse counsel reported that the law firms with whom they work understood their business; 85.8% said that they would find it valuable for firm lawyers to possess knowledge about the industry in which the business operates.  To illustrate this finding, one of our clients reported hearing the following comment from an inhouse attorney she met at a trade association networking event, “We have lawyers to do our legal work, but none of them ‘get’ what we do.”

The following actions can increase a lawyer’s value-proposition with current and potential clients, leading to productive and lasting relationships, potential business, and important introductions:

1. Select an industry (such as the cosmetics, food, video games, hotels, fashion, gas, etc.) in which to develop knowledge and relationships. Hint: the more specific your selection, the easier it will be for you to gather information on a consistent basis.
2. Read, read, read—scan weekly and daily print and online publications such as theWall Street Journal, Bloomberg BusinessWeek, Fast Company, etc. that contain information across most industry sectors. Also, find industry-specific publications from trade associations. Hint: if you are a partner, ask midlevel associates to do some of the reading and pass along information to you. Make this a win-win assignment where you receive valuable information and the associate begins to become acquainted with an industry and the process of becoming a rainmaker.
3. Establish yourself as an active member of a relevant trade association. This means not just being a legal expert but also someone who is truly committed to advancing and improving the industry. This allows you to create strong relationships and differentiate yourself as an attorney who is invested in the industry. Hint: become involved gradually, start out by going to events and asking people questions about the challenges and directions of their company and the industry in general; smart curiosity communicates interest.

In today’s complex legal marketplace, having a practice area expertise AND sustained value-based relationships are required for success. The lawyer who is known for always having interesting and relevant information to share will make the rain come down in buckets and foster wonderful professional friendships.