When professionals walk out the door, does your firm see this as a closed chapter—or an opportunity? If you’re not leveraging former employees to create lasting relationships, you’re overlooking a prime source of referrals and potentially new business.
A corporate alumni network – employers who maintain a relationship with their ex-employees – historically functioned as levers for talent recruitment and lateral pipelines, but savvy firms have also begun harnessing alumni to cultivate new contacts and business opportunities. With a professional services industry that is overflowing with competitors and where recruiting is cutthroat, taking advantage of your firm’s alumni has become a business imperative.
We’re delving into how firms can transform employee exits into mutually beneficial relationships, and how to implement relationship mapping to deepen these connections for business growth.
Alumni as a Source of Revenue
Departing employees often leave with deep institutional knowledge of the firm and its services. This enables them to be strong brand ambassadors with an insider’s understanding of your firm’s capabilities and culture. Alumni can be credible advocates who recommend you to their current firm for collaborations or to make referrals within their professional circles. Their new role can introduce your firm to a fresh pool of contacts, including clients, colleagues and others who may not have been accessible otherwise.
This was a topic of discussion at the Marketing Partner Forum 2023, where Orrick shared a few statistics that underscore the importance of tapping into your alumni network:
- 17% of the firm’s clients had at least one alumni
- Within the top 30 clients, 50% had at least one alumni
By maintaining communication and strong ties with former employees, you can turn what may have been a loss into a benefit for your firm. Your alumni network can be helpful not only in generating new business but also in furthering work and relationships with current clients.
Continuing with another law firm example, lawyers who leave to be general counsel at a company create a huge network of new people who can potentially become clients. And frequently, GCs end up going back in-house to law firms and bring those connections with them.
Six Degrees of Kevin Bacon
Most are familiar with the Six Degrees of Kevin Bacon theory that any two people can be linked back to each other by six or less acquaintances. The same concept can be applied to professionals and their contacts; you are often closer than you think to key decision-makers. Consider one professional who has worked at two firms in their career and holds leadership roles or is an alumnus in four organizations / universities – that is a tremendous number of contacts created through just one individual. Now multiply that by the number of people those contacts know, and this extensive network is a goldmine for prospects and referral sources.
People naturally prefer to do business with those they know and trust, making professional relationships and networks an invaluable resource. A trusted referral can carry more weight than traditional marketing because it’s a personal endorsement with first-hand knowledge of your firm, although marketing remains essential to reinforce your credibility. By actively identifying, mapping out and nurturing your professionals’ contacts, firms can uncover opportunities that might otherwise get overlooked.
Implementing a Relationship Mapping Initiative
This can sound overwhelming, depending on the size of your firm and your bandwidth to take on a relationship mapping initiative, but it can work for small, medium or large firms.
At the Marketing Partner Forum, Goodwin shared that they created a dedicated “Senior Manager of Strategic Alumni Engagement and Client Relations” position to oversee their alumni network. While every firm can’t follow this exact model, it is important to designate a point person(s) to lead the charge. This ensures someone is constantly looking for opportunities and keeping information up to date.
Another way to segment out the work is to divide alumni into class years and appoint people to make regular contact. Or, make this a business development project for associates/junior employees and have them help.
Regardless of your firm size, you must ensure your data (contacts and historical information) is current. If you don’t have clean, timely data, there won’t be any intelligence to pull from it. Also, lean into technology to aid your efforts. If your CRM doesn’t have the capabilities, find a relationship mapping tool that can plot contacts and analyze your network for you. If you’re starting from scratch, so be it. Work with what you have and move forward.
Creating a Jobs Referral Network
Another aspect of your alumni network and relationship mapping initiative may be to establish a jobs referral network for professionals departing your firm. You may be thinking – why would I want to help someone leave my firm? The idea is that an individual’s career is likely going to take them several different places, so if they’re thinking about leaving, let them talk with you first so you can help them make the best transition. This sets the stage for a positive, ongoing relationship and allows you to continue expanding your network easily.
Goodwin also gave the example of their, “So You Think What to Be a General Counsel” program. Moving into a GC role can be intimidating, even if that’s the individual’s ultimate goal. Why not be there to “hold their hand” and guide them through the process? The lawyer will see you as a trusted partner and this should benefit your firm in the long run.
You want your firm to be the one placing professionals versus them running out the door. Foster a culture where individuals are valued equally whether they are coming or going, and celebrate alumni as enthusiastically as when they were employees. Treat them as lifelong members of your firm’s family and integral to its ongoing success.
The Gift That Keeps on Giving
Contacting alumni is the warmest call you’ll ever make. Unlike cold-calling prospects, you can skip over introductions or trust-building and get right to the meat of your conversation because they already know your strengths and capabilities. A well-managed alumni program ensures these former employees become lifelong allies who can support your firm’s growth.
Partner with a Trusted Marketing and PR Agency
Berbay Marketing & Public Relations has nearly three decades of experience providing law, real estate and financial firms with strategic marketing and public relations services that propel your business forward. Berbay’s dedicated team has demonstrated success securing media placements, achieving nominations and rankings, revitalizing websites and social media, obtaining speaking engagements, and more.
Looking to grow your firm with a proven marketing and PR team? Contact Berbay at 310-499-2584 or info@berbay.com
