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Friday Share: 6 Considerations for Origination Credit in BD

Fostering Law Firm BD 6 Considerations for Origination Credit-header

There’s an old saying in management guru circles:  Pay for performance, promote for potential.

Compensation models and incentive structures are among the most central issues in any business, let alone law firms.  A key challenge in the professional services model, absent a professional sales force, is how to incent business development (BD)?

The matter is of critical current interest in the legal landscape as several studies suggests law firms BD is heating up amid increased competition.  To that end, Brian Kennel of PeformLaw recently published an infographic on Client Origination Credit Essentials.

The infographic breaks down the key issue of origination credit among the originating attorney, billing attorney and working attorney – and offers these six considerations:

1. Money is only one component of incenting business development;

2. Sharing originations in lieu of actual business development has limited value;

3. Oversharing of client credit may mask weaknesses and crowd out potentially more talented lawyers;

4. Awarding credit to those who truly add value to the client relationship will spur growth;

5. Sharing origination credit is one concept for compensation and another for partnership and promotion;

6. It’s better to distinguish between one sharing profit for a job well done and rewarding for origination.

The infographic is embedded nearby and is this week’s Friday Share.

(click here or image for higher resolution)

Fostering Law Firm BD 6 Considerations for Origination Credit

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Photo credit:  Flickr, Images Money, Broken Piggy Bank (CC BY 2.0)

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About Frank Strong

Frank Strong
Frank Strong is the communications director for the LexisNexis software division located on NC State’s Centennial Campus in Raleigh. In this capacity, he leads communications efforts in support of software products for law practice and law department management and also litigation tools – across large law, small law and corporate counsel segments. With more than 15 years of experience in the high-tech sector, Strong previously served as director of public relations for Vocus, which developed marketing, PR and media monitoring software. He has held multiple roles both in-house with corporations, ranging from startups to global organizations, and has also endured the rigors of billable hours, having completed gigs at PR firms including the top 10 global firm Hill & Knowlton. A veteran of two year-long deployments, Strong has concurrently served in uniform in reserve components of the military for more than 20 years, initially as an enlisted Marine and later as an infantry officer in the Army National Guard. Strong holds a BA in Film and TV production from Worcester State University, an M.A. in Public Communication from American University, and an M.B.A. from Marymount University. He is a PADI-certified Master Scuba Diver and holds a USPA "B" skydiving license.
Pankaj Gangar
Pankaj Gangar

Yah a good article after long time... Nice work, keep it up...