IBA cancelled: what it really means for your business

This heartbreaking breaking news saddens the whole legal profession. Although planned in November, which seems very far away, the event is cancelled. Like most prominent conferences for lawyers and CPA’s actually.

Beyond travelling to a nice place and meeting our friends and colleagues, something bigger hides behind that cancellation… Your business is at risk.

Most professional firms base their international business development on the basis of peer to peer meetings at large conferences. Lawyers and accountants exchange referrals with colleagues during events.

The massive cancellation of events and the fear to delegate your best professionals to places where they could get infected, heavily impacts the origination of referrals. 

This is particularly impactful for firms dealing internationally. International clients are usually more remunerative than domestic clienteles and international conferences are a must. 

Romantic lawyers and the Covid 19

The Corona has made the “old boys clubs” useless. Romantic lawyers abiding by the obsolete model of the sole referral system will face a difficult year in terms of business development.

Some large domestic firms start to face the “fat cat” effect. Without the big transactions, which have been postponed, they are stuck with heavy fixed costs and an army of hungry partners and staff. This recession leads to the secession of dynamic partners who create their own niche firms with a more profitable model. We had seen that effect of spin off firms in 2008 with the financial crisis.

Global law firms and the Big Four have very heavy internal compliance systems. They leave opportunities for smaller firms that are more agile to respond to the crisis.

Are you able to innovate and renovate ? 

Many professionals only change their business model when they face a harsh crisis. They abide by the revolution rather than the evolution. No doubt that the cancellation of the IBA and other events can be a catalysator to deeply look at your business model and align to what the market wants…

Corona cuts off your traditional source of networking. You will soon be forgotten by your fellows who used to send you referrals after a good dinner or a cocktail at IBA, IFA, UIA, MIPIM,…

The main alternatives for lawyers and accountants left without networking are to evolve from “networking” into “matchmaking” and “dealsourcing”

Let me share what we have done with ISFIN and how we have positioned ourselves as one of the most innovative platforms for professional firms.

Matchmaking

Our market intelligence team focus on generating referrals through matchmaking. It offers you a specific itinerary to potential clients aligned to what you offer. This is the new generation of business development based on market intelligence and the power of introduction.

Instead of mass fishing for referrals from colleagues, we focus on a bilateral connection to the final client.

ISFIN has accumulated a unique experience and created a system that gives you thousands of hours of networking instantly. Our connections built up over a decade and the unique data management system ensure matchmaking between you and the buyers of legal, tax, corporate, financial, investment, estate,... services. 

Matchmaking and introductions can be supported by video-conferencing and digital tools. 

Dealsourcing

Investors are looking at the numerous investment opportunities which will arise from the crisis.

Our operating dealroom which allow professionals and trusted advisors to submit off market deals to a community of investors is a very effective way to actively generate the business. 

You get to do the legal and tax work for your client before it gets poached by bigger firms, you get a success fee if the transaction is completed by our investors and if your ethical rules allow you to cash a success fee. You keep your client happy. You are introduced to an investor.

Our portfolio of investors combined with a CRM of 60,000 decision makers are seeking off-market deals provided by professionals who are the trusted advisors of their clients. You offer a far more secure and competent environment than brokers as you are “regulated professionals”.

We have the place for buy-side and sell-side mandates. (https://www.isfin.net/market-solution/386)

The Corona crisis only brings one positive effect: it pushes us to refresh our business development in a time of disruption.

We look forward to helping you find solutions for your business. 

Sincerely yours, 

Laurent Marlière ([email protected])

Laurent Marlière is Professor of Strategy and Marketing. He is the CEO of ISFIN. www.isfin.net. He is the author of the Best-seller “Marketing for Law Firms” and has attended the last 20 IBA annual conferences.

“success in business in the Covid 19 era is a smart combination of digital culture; product realignment and professional matchmaking with clients at distance”