Peter Bilfield gets it. He embraced business development enthusiastically, found a niche, markets in a disciplined way and is on the fast track to being an accomplished rainmaker.  

And he is delivering results that his firm respects: Peter has originated a significant and impressive level of fees for Withers Bergman in 2008.

Overview of Peter’s Business Development Strategy:

As an associate in the commercial group of Withers Bergman, Peter made a commitment to becoming a rainmaker for the practice group and the firm at large.

The first step was to find a viable market niche to focus on. By targeting portfolio managers at established firms seeking to start their own funds, his goal is to build a funds practice. Getting in on the ground floor of these operations, Peter assists in the structuring of the fund as well as counseling the client on the expected evolution of the fund (i.e., where investors will come from and what their tolerance will be for certain fund characteristics). 

As the client attorney relationship grows, Peter assists clients in their fund investment activities – venture capital investments, PIPEs, asset sales, refinancings, acquisitions and other liquidity events.  He also uses his securities background to advise on securities filing requirements and other regulatory concerns.

Throughout his firm, all attorneys are encouraged to offer fully integrated services for fund clients including estate and tax planning for the principals in order to minimize any gift and estate taxes they might incur.  Peter effectively coordinates with partners to cross-sell estate and tax planning for these principals and strongly believes that the firm’s private client services will create additional value to the client and translate into substantial, additional fee income to the firm. 

Peter splits his time between the New York and Greenwich offices allowing him exposure to a large number of attorneys in the firm, spread across several practice groups.  He also switched practice groups in 2007 which was beneficial to understanding the workings of the firm’s Funds & Tax group and building on those relationships to cross-sell services to their commercial clients.

Outside of the firm, he targeted two organizations for business development purposes: the CT Hedge Fund Association and Alpha Delta Phi Fraternity. 

An Impressive List of Client Wins

While Peter’s originations are impressive, the inventory of specific wins shows how he worked hard to become a success by sourcing a wide variety of business contacts. He is also a skilled cross-seller.

Here are some specific wins that Peter achieved:

1. A new hedge fund client based in NY and Greenwich - Peter originated this indirectly through a former adversary who is now the general counsel of a large hedge fund. The client is focused on managing money for family offices which dovetails with the firm’s family office practice. At the initial meeting, Peter brought the head of the family office practice and estate/tax planning counsel to secure the initial engagement. The original engagement was to review their existing fund counsel’s draft operating agreement to ensure the principal’s tax and estate planning needs were being met.  Following the firm’s review, the client hired the firm to advise them on structuring all of their management entities as well as representing the principals in connection with the buyout of another asset management business and hiring of a strategic partner.  Furthermore, on the strength of all this work, client hired the firm to be their de facto general corporate/funds counsel.
   
   
2. Peter provided advice to hedge fund principals on the structuring and the negotiation of an operating agreement for their investment management entity. As a result, the firm is expected to act as fund counsel once the principals are ready to launch their first fund.
   
   
3. Peter introduced the Managing Director of a large international bank to another practice group in the firm that is now providing comprehensive estate and tax planning advice to the client.  The client is a fraternity brother and close friend, demonstrating Peter’s ability to be a fantastic networker and convert social contacts into business relationships.  Further, the client has also served as a valuable referral source to another Greenwich based research analyst (see next item) and a third party marketing company for emerging hedge funds.
   
   
4. He represented a research analyst in an employment dispute with Greenwich-based broker dealer and other corporate matters, including the negotiation of the purchase of an art/sculpture portfolio. This matter involved significant cross-selling into the firm’s employment, litigation and art practice groups. 

In addition to significant client wins, Peter has made a number of introductions through his extensive network of contacts. He definitely grasped the vital importance of cross-marketing and selling at an early age. These contacts have been invaluable to other practice groups in the firm in developing new business prospects:

1. He introduced the firm to the Commonfund, an approximately $39 billion not-for-profit investment firm which manages money for the top college and university endowments in the country.  Both firms are teaming up in September for a joint seminar on fiduciary responsibilities of trustees.
    
2. His ongoing relationship with a relative of a former associate of Withers Bergman led to this person’s contacting the firm to represent him in the sale of his business to a larger brokerage/property and casualty firm.
    
3. Peter did some pro-bono work for a startup Indian spice company through an introduction by a current client.  The company recently received a buyout offer and Peter has been asked to represent them in connection with the sale.
   
   
4. Through a network of contacts, Peter sourced an opportunity for the Hong Kong office to provide tax planning for the Chinese principal of a large conglomerate with US subsidiaries. 
   

So, what can we all learn from Peter?  In many ways, Peter stands up to the most impressive of a strong set of our award winners. Why? He realized early in his career that business development is a professional skill and requirement for long term success in the profession. So, he started early and found a niche where his age was not an issue.

Secondly, he didn’t let the day-to-day pressure of doing work or competing priorities deter him.

Third, he has made himself aware of how the firm overall can help its clients, and has demonstrated keen insights into making introductions and finding a way to be of help to his colleagues.

And, fourth, even at an early stage of his career, he knows the value of business relationships and building his network.