Why the intergenerational team is key to future BD success
Business Development is going through another revolution, driven mainly by the rapid changes in technology with teams looking to embrace, exploit and harness the potential benefits this will bring. Many of us have been here through many a ‘revolution’ and this is where experience, leadership – and harnessing the power of intergenerational teams - counts, says Arendt’s Brian Gribben.
Why the intergenerational team is key to future BD success
Business Development is going through another revolution, driven mainly by the rapid changes in technology with teams looking to embrace, exploit and harness the potential benefits this will bring. Many of us have been here through many a ‘revolution’ and this is where experience, leadership – and harnessing the power of intergenerational teams - counts, says Arendt’s Brian Gribben.
When I say “another” revolution, the more experienced business development (BD) professionals reading this article will have already lived through several periods of time where BD has adapted to change and re-invented itself.
Recalling the 2008 financial crisis, law firms had to rapidly adapt their strategies to find new revenue streams as clients focused on reducing external spend. Firms had to quickly develop campaigns that attracted new clients, promoted practice areas that were benefiting from the downturn (mainly restructuring, insolvency and litigation) and ensured business kept flowing. This accelerated firms’ thinking on how to best use experienced BD teams in the market, and, for some firms, this was a completely new way of working.
BD was asked to step outside their usual space and move from a largely administrative function to engage directly with clients to win work. With so many clients focusing on cost reduction, some firms realised that, by harnessing the experienced members of their BD teams, they would be able to contact more clients and find other opportunities for growth outside their existing core client base.
BD supplemented the client facing activities of partners by developing business opportunities directly and opening doors. It was seen as a multiplier and many professionals gained a reputation as deal originators, relationship developers and winners of new business.
Encouraged by the success of senior BD professionals taking on this role, many firms kept this model post-2008 and even changed their career structures by opening new grades for BD with job titles such as associate partner or even partner levels. This trend continues today.
Fast-forward to 2024 and this group of BD pioneers are now senior leaders, managing successful BD and marketing teams and who have, over the years, developed their relationship building skills and understand how to implement growth strategies. Their teams often employ a blend of client-facing, experienced professionals and younger, tech savvy colleagues. These intergenerational teams can offer a balance of relationship builders working alongside market analysts, campaign developers and practice group specialists.
“I think the most successful firms will be the ones who can see the value of intergenerational teams. It is a cliché that only younger team members can harness technology and it’s a similar cliché only older ones can be true relationship builders. I’m often in awe of my own, less experienced colleagues, who have a real passion to learn how to develop a rapport with clients. If we get this mix wrong, there is a danger BD will reverse back to an administrative function.”
As the high volume, more administrative tasks (Directories submissions, RFP responses, Credentials etc..) needs someone who understands how to manage software solutions, there will always be a need to rely upon the insight of the older generations for strategic thinking. Their experience has taught them the practical steps needed to successfully deliver profitable, cross practice group sales. They can build complex client programmes, identify growth targets and coach not only their own teams but also partners outside BD to develop long term relationships and win work.
This level of experience and the gravitas that accompanies it can only come through a sustained track record of successful delivery. Technology cannot replace the benefits that are derived from experience. Whilst GenAI, for example, can identify market trends, analyse huge data sets and write exceptional presentations, the weak link in some firms is turning this output into key deliverables and ensuring the successful execution of the strategy. BD teams can lead the way by taking these plans out to the market and engaging directly with clients.
Looking ahead, I think the most successful firms will be the ones who can see the value of intergenerational teams and their relative strengths and weaknesses. It is a cliché that only younger team members can harness technology and the same is true for relationship building. I’m often in awe of my own, less experienced team members, who have a real passion to learn how to develop a rapport with clients. If we get this mix wrong, there is a danger that BD will reverse back to an administrative function where our main tasks are GenAI and software management.
This is where experience and leadership counts. Younger team members should be coached, encouraged and allowed to develop their client facing skills over time. BD will always be a relationship business, and it is those who understand the importance of relationships who are best placed to take leadership roles and will continue to drive the firms that thrive in our sector.