“New Texas Partners Value Business Development, But Law Firms Don’t Give Individual Budgets for It”
Nearly half of the new Texas partners who participated in annual new partner survey says their firms don’t provide them with a budget for business development.
“Even associates are encouraged to connect with people, take people out to lunch and do different things,” said Mark Sloan, managing partner of Thompson & Knight. “We don’t tell a particular lawyer you have “x” dollars budgeted for business development.”
Despite encouraging all lawyers to establish personal relationships with contacts at firm clients, the firm doesn’t look at the dollars spent, Sloan said.