The Perfect Pitch Notes on My IWIRC Panel Experience

Authored by: Marianne S. Mortimer, Corporate Attorney, Stradling Yocca Carlson & Rauth, P.C.

I recently had the honor of moderating a panel, on behalf of the So-Cal Network of the

International Womens Insolvency & Restructuring Confederation (or IWIRC), entitled, The Perfect Pitch. The panel, which sought to provide tips of the trade in relation to developing and delivering an effective and compelling prospective client pitch, was comprised

of three distinguished professionals in the restructuring community:

Mette H. Kurth, Partner at Fox Rothschild LLP in Los Angeles (The Lawyer), Teri Stratton, Managing Director at Piper Jaffray in Los Angeles (The Banker), Victoria L. Creason, Senior Managing Director of VLC Associates, Ltd. in

Chicago (The Advisor)

While each presented a different take on the subject, their collective perspectives on how

best to develop and deliver a solid pitch produced a number of invaluable points. Whether

one has a budding practice in the making, or a blossoming book, each of these savvy profes-

sionals summarized what they believe it takes to deliver a perfect pitch. Here are some of

the key takeaways from our discussion.

Be Prepared. The number one mistake made by professionals when developing and delivering a pro-

spective client pitch is the failure to sufficiently prepare.

All of our panelists agreed that this is a surprisingly

common occurrence noted by clients and professionals

alike and one that can be easily avoided.

In summary, while each pitch will differ by circum-

stance, our panelists suggested that proper preparation

requires, at minimum, the following:

Knowing your prospects industry (or, if you dont, bringing someone to the pitch meeting who does)

Understanding your prospects pain points Being able to highlight situational risks and opportu-

nities targeted to your prospect

Asking insightful questions that reflect a genuine

desire to better understand what keeps your pro-

spective client up at night.

At the end of the day, a well-prepared presentation will

speak volumes about who you are (as a firm and pro-

fessional), as well as how you could collaborate with a

prospective client on the issues they will likely face in

the future. Most importantly, a well-prepared presen-

tation can smooth over any perceived flaws you may

otherwise have in your presentation or capabilities,

such as a lack of experience within the prospects in-dustry.

Know Your Audience. According to our panelists,

the second most important aspect to delivering a solid

client pitch is to know your audience. As an initial mat-

ter, this means doing some diligence on the people with

whom you will be meeting. This includes having a solid

knowledge of a prospects:

Background

Position in and history with the company

Political and professional motivations (including, for

instance, an understanding of the reason(s) why

you were invited to pitch).

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Having a better understanding of the people with

whom you are meeting will enable you to tailor your

pitch to meet your prospects needs and wants. Above all else, people want to work with people

who are extremely capable and with whom they can

relate. This means that when you are assembling

your pitch team, you will want to consider the skills and traits of your audience so you can properly align

your team with theirs.

Know Your Value Proposition. Our panelists

also noted that it is critical to know your elevator speech before you walk in the door. This entails being prepared to answer the inevitable why you question and being able to back it up with three compelling reasons that reflect the essence of what

you and your team can offer.

When developing this message, our panelists sug-

gested keeping in mind:

The likely composition of your pitch audience

(and what will resonate best)

The particular circumstances of the matter at

hand (and what skills will be required for a suc-

cessful outcome)

Your personal strengths and weaknesses (and

how you can differentiate yourself/your firm

from your competitors).

While the message may get tailored and tweaked

during a pitch meeting, having and capably delivering

a general sense of your value proposition from the

get-go will give you an edge that can resonate long

after youve left the room.

Follow-up and Be Gracious. Lastly, a pitch meet-

ing does not end when you walk out the door or

hang up the phone. Regardless of how you felt

about your performance, a pitch can be won or lost

in the follow-up. Each of our panelists stressed the

importance of following up with a prospect in a

timely and attentive manner. A thoughtful follow-up

could include any or all of the below:

Ensuring you have a sense of your prospects considerations and timing for a decision (either

before concluding, or shortly following, a pitch

meeting or call),

Connecting with and thanking any professionals

who were helpful in securing or preparing you

for the pitch,

If you are comfortable, placing a friendly call to

an insider to stay on the radar and obtain intel on how best to follow-up, and

Graciously accepting the final decision - win or

lose.

Even if you dont ultimately win the work you pitched, our panelists all agreed and had examples to back it up that your demeanor and actions fol-lowing a pitch can make or break your chances of

solidifying your position with a prospect for years to

come. Ultimately, even losing with grace, and asking

for feedback on your performance, will reap rewards

in the long run. In fact, some of our panelists noted

experiences where a graceful exit following a loss

deepened relationships with prospects and led to

work in the future.

In addition to the pitch suggestions and tips, our

panelists offered a glimpse into their networking and

business development styles by providing additional

tips for aspiring rainmakers.

If its Not a Relationship You Enjoy, Dont At-tempt to Nurture It. If you dont get along with a potential prospect or source of business, move on.

Not everyone will like you, and not everyone will

want to do business with you. If they dont, they arent likely going to want to give you any business. It is more productive to spend your time and atten-

tion on truly enjoyable, and likely fruitful, relation-

ships.

Cast a Wide Net. You never know from where

your next lead will come. By keeping a large net-

work, you are likely to find opportunities that other-

wise you might not. Stay focused and be open to

working with new clients in different industries.

Dont assume that just because an industry is slow, there are no opportunities. Opportunities can arise,

or be created, when least expected so you need to be open and ready to accept those that originate

from your network and close personal connections.

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The Perfect Pitch Continued P A G E 5 V O L U M E 3 , I S S U E 1

Nurture Your Connections. In order to maintain your

relationships, you need to nurture them.

Stay in touch by sending along tidbits of information or

articles of interest to your contacts. This reinforces that

you are an invaluable resource who is in the know and helps to keep you top of mind. In addition, actively help-

ing and contributing to the success of your contacts is

another great way to earn good will.

Overall, what was highlighted throughout our panelists comments is the consistent theme that the softer skills of client and relationship development can be just as criti-

cal to the success of your career as the more substantive

skills you develop every day. As Ive learned through my own career, these softer skills are not typically taught and often need to be independently developed. By focus-

ing your personal and professional efforts towards build-

ing a vast and extensive network of contacts, and actively

working to improve your client and relationship develop-

ment and maintenance skills (including your pitch

performance) you can set a strong foundation for an established career. At the end of the day, our careers will

likely be long ones in the restructuring industry, notwith-

standing the ebbs and flows of the market. To pave that

pathway towards the end goal, we must nurture our de-

velopment accordingly.

Marianne S. Mortimer is an attor-

ney in Stradlings bankruptcy and re-structuring practice. Ms. Mortimer has

a broad range of experience advising

clients on a variety of bankruptcy and

restructuring matters. She has repre-

sented corporate debtors, creditors,

and official and ad hoc creditor

committees in chapter 11 cases in

courts throughout the country.

The Perfect Pitch Continued

MEMBERSHIP NEWS

Congratulations to IWIRC member Eve Karasik. Eve was named Bankruptcy Lawyer of the Year by the Century City Bar Association. She received the award on March 23, 2015 during the Bars 47th Annual Installation Banquet and Awards Ceremony. Eve also recently joined Levene, Neale, Bender, Yoo & Brill L.L.P., a Los Angeles-based law firm specializ-ing exclusively in matters involving bankruptcy, busi-ness reorganization, commercial law, out-of-court re-structurings and commercial litigation.

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