I started my law practice with a few thousand dollars for rent, furniture, stationery, and a typewriter. It was a drop in the bucket compared to what I spent over the years to grow and expand that practice.
Like any business, I took a percentage of net income and re-invested it. A bigger office, more employees, marketing. How about you? How much do you re-invest in your practice, and in what are you investing?
- CLE
- Law library, form files
- Technology, equipment, furnishings
- Employees/outsourced help
- Employee training
- Human Resources
- Web site/blog
- Marketing/Client Relations
- Advertising
- Personal development/training
- Risk management/insurance/compliance
- Office management/HR
- Bookkeeping, billing, accounting, collections
- Investments/retirement planning
A law practice is a business. If you don’t re-invest in your business to stimulate and support its growth, your business will decay and eventually die.
Some of these categories are more important than others, and deserve a bigger investment of your time and money. One of these categories, however, is much more important than the others.
Which category do you think I would say is number one?
Nope, marketing is second. Number one is personal development. If you get that right, you will understand the vital role that marketing plays, you will commit to making it a priority, and you will get better results. You’ll also do a better job of handling all of the other categories.
Growing your practice starts with growing yourself.
If you’re ready to make marketing a priority, you need to master the six key strategies in The Attorney Marketing Formula.
