Multiple streams of clients

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Some preach the wisdom of multiple streams of income. “Don’t rely on your law practice,” they might tell you. “Diversify”.

Not so fast.

Building a successful law practice takes a lot of blood, sweat, and tears and if you want to make it, you have to give it everything you’ve got.

Mark Twain, among others, counseled, “Put all your eggs in one basket, and watch that basket”.

I agree.

Once you’ve built a successful practice, you can consider other ventures. But don’t try to do two things at once.

On the other hand, you should diversify your sources of clients. Don’t rely on just one marketing source or method.

No matter how well something is working for you, something else might work better.

And, things change. A strategy that’s worked for you for years may cease to work or may cease to be available. I used to do a fair amount of yellow pages advertising. Need I say more?

Besides, why limit yourself? If you can bring in clients from a variety of sources, without burning out or exhausting your budget, why wouldn’t you?

Jeff Bezos says, “Be stubborn on vision, but flexible on details.”

Take some time to find some new strategies to your marketing mix.

I’ll give you one: marketing joint ventures with other lawyers and other professionals.

This will help.

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