March 12, 2024

Mapping the People Who Send You Work

Ask a partner where new work comes from and the answer is nearly always people. Yet few firms keep a clear list of who sends the work, and fewer act on it.

Start with a plain list

Write down every person or organization that sent you work in the past two years: existing clients, other advisers, bankers, lawyers, former colleagues. A spreadsheet is enough at this stage.

Include people you might not think of as referrers: a former colleague who moved to a client, an adviser in another discipline, an alumnus who mentions you at dinner. Informal sources are often the most valuable and the least tracked.

Record what they send and why

Next to each name, note what kind of work they refer and what they seem to value in you. A referrer who sends complex work values different things from one who sends routine work.

Keep the notes factual and professional. Assume that anything you write could be read by the person concerned. The purpose is to remember how to be useful to them, such as a topic they care about or a deadline that matters in their year.

Note the direction of the relationship

Some referrers only send. Others exchange work with you. Knowing which you have tells you how to keep the relationship fair, and reminds you to send work back where that is appropriate and permitted.

Where you can, send them something of value that has nothing to do with your own services: an introduction, a relevant article, an invitation to a small gathering. Referral relationships grow when they are not treated as transactions.

Respect professional rules

Rules on referral fees, independence and confidentiality differ by profession and place. Check them with your compliance lead before you set up any arrangement, and never assume that what works for one firm is allowed for another.

Ask your compliance lead to write a short note for partners describing what is and is not allowed in your jurisdiction. Put the note where people will find it. Most breaches come from good intentions and a missing rule, not from bad faith.

Say thank you promptly and specifically

A short note that says what the referral led to, within the limits of confidentiality, is worth more than a gift. Prompt follow-up also tells the referrer you will treat their contacts well.

Where a client's name may not be disclosed, thank the referrer for their trust without describing the matter. A quick call is often better than a written note in these cases, and it gives the referrer a chance to say how they are hoping you can help next.

Review the map every quarter

Look for referrers who have gone quiet and for new ones who deserve more attention. Assign each key relationship to one partner, so that nobody assumes someone else is in touch.

If the list is long, rank it by the volume and quality of work over the past two years, and give the top ten the most attention. Do not let the effort of keeping a full list get in the way of keeping the best relationships warm.

Where a pipeline record helps

A referral source belongs in your pipeline records as a field on each opportunity. Over time you can see which relationships lead to conversations and which lead to engagements, and you can see how long each usually takes.

Treat those figures as rough guides. A small number of referrals from one source is not enough to draw firm conclusions, and a partner's sense of a relationship's warmth counts for something the numbers cannot show. Whatever the numbers say, the underlying task is simple: know who helps you, be useful to them, and make sure they hear from you when you have nothing to ask.

VIPMarketing Editorial