Recently, a lawyer who "had been given the chance to meet with my dream client" asked for help preparing for that meeting. He allowed that "they're not adding any new panel counsel yet, but I was still given the opportunity to meet with the decision maker."
Many of you may have experienced this lawyer's elation at gaining an audience with a coveted prospect. You may also have experienced disappointment when nothing came of it. Before accepting and preparing for the meeting, consider closely the two important terms he used:
1. What qualifies this company as your "dream client"?
Are they in the center of your sweet spot? (Do you know what your sweet spot is?)
Have you previously considered and defined the criteria for this superlative, and developed an objective profile that allows you actively to identify and pursue companies that match it?
Does this meeting represent the breakthrough payoff of months or years of investing in positioning yourself within that industry/company/problem profile?
If so, congratulations. Structure your meeting as suggested below.
Seduced by a brand
Or, does "dream" simply refer to your having no clients of this type or brand-stature now and finding yourself with an audience with one? Many sellers (not just lawyers) allow themselves to be seduced by famous or respected brand names, perhaps imagining how nice that name would be to let drop in conversation or have appear on a client list. Before you pursue this, make sure that you have an informed understanding of why you want the client.
Assuming that your reasons for coveting this client pass muster, questions emerge:
Why would that company need to add panel counsel?
Why should they want you (specifically) not merely to be on the panel, but actually to represent them?
Being great at what you do is not an answer. For mature legal-service categories, "superb" is rarely required; almost everyone is good enough. You have to bring something unique to the party to bring about behavior change, e.g., adding you to the counsel panel, and then thinking of you instead of incumbents when an appropriate matter arises. What is an "appropriate matter" for you? [Read The Case For Targeting and Profiling.]
2. What decision can this "decision-maker" make, alone?
Can she unilaterally place you on the counsel panel? If not, who else is involved? With so many having a stake in virtually all corporate decisions today, it's rare to find a single person making one.
If she can place you on the panel on her own authority, can/will she also direct work to you? What is the rest of the process for getting work from your inclusion in that panel?
Will you be satisfied if you're positioned merely as "one of the panel counsel?" You might find it more productive to identify and associate yourself with a specific, high-impact business problem that drives demand for your primary service.
If you decide that the meeting is worthwhile for you, make sure it will be for the prospect, too.
If your meeting opportunity came via referral, call or email the referrer and ask
I know Ms. X is busy, so I have to make sure that the meeting will reliably be valuable to her. What outcome would cause her to say to herself, "Despite being swamped, I'm really glad I took time to meet with that lawyer?"
Most people who refer us know enough about the person being referred's situation to, at minimum, speculate about the answer.
Next, call or email Ms. X, thanking her for the opportunity to meet. Establish the meeting standards:
I know you're busy, so I have to make sure that the meeting will reliably be valuable to you. What outcome would cause you to say to yourself, "Despite being swamped, I'm really glad I took time to meet with that lawyer?"
At the meeting, don't waste any time proving that you're a great lawyer. She already perceives you as sufficiently qualified or she wouldn't have agreed to meet with you. Focus on producing the optimal outcome she described to you.
Subordinate to her expressed goal, define a series of your own goals for the meeting, in descending order of value. One might be to define a small set of specific business problems that have sufficient impact to obligate the prospect to do something about soon, if not today. Another is to learn the identities of, and gain contact with, other stakeholders in those business problems, and the nature of their stakes. A third might be to learn the process of converting mere panel authorization into preference and selection.
Here's a brief framework for your investigation:
Negative strategic or operational business effects (pain) from each now
Positive strategic or operational business effects (gain) if each is solved
Economic impact of successful solution (sets up ROI)
Positive personal impact on decision stakeholders if solved
How should you start? By testing to make sure her optimal meeting outcome hasn't changed since she declared it. Never assume anything. The world is dynamic. What was important yesterday may have been eclipsed by something else today.
Why is it so important to understand the negative and positive impact of the business problem under discussion? Because people only make the decisions they must make, and without a decision, you have nothing. Learn more:
These RainmakerVT online courses will teach you a reliable decision process:
The Decision Process, Step 1: Learning How Your Door-Opener Problem Affects the Company You're Talking to
The Decision Process, Step 2: Exposing the Cost of Doing Nothing
The Decision Process, Step 2: Stakeholder Alignment: Add Value By Helping Buyers Make a Good Decision