Five keys to growing a law practice and increasing cash flow

Share

You probably know most of what I am about to tell you, but knowing something doesn’t mean you’re doing it or that you can’t do it better. So consider this a helpful reminder to regularly examine these five areas of your practice:

1) Marketing

Marketing is everything you do to get and keep good clients, and it should be your top priority. Examine the marketing activities you now do and see how you can do them better. Look at other strategies you can implement. Look for ways to expand what’s working and minimize or eliminate what’s not.

2) Systems

Every practice should set up and maintain manuals that detail every aspect of work flow and office management. Detailed checklists, forms and templates, and the like, help you do what you do more quickly and efficiently, train new hires and temps, reduce mistakes, save money, and increase profits.

3) Personal Development

Everyone associated with the practice needs to continually re-fresh and improve their professional and personal skills. These include staying current on law and procedure, learning how to use technology, and improving their writing, speaking, salesmanship, marketing, and productivity skills and habits.

4) Human Resources

Hiring and outsourcing are an important part of improving profitability. You need to regularly review who’s working for you, what they’re doing, what else you can assign them, training, scheduling, and incentives. You should also consider when to hire additional staff or replace the ones who aren’t doing a good job.

5) Infrastructure/expense management

Every dollar saved is a dollar earned. This category includes offices, leases, service contracts, technology, library, supplies, repairs, insurance, etc. Can you get it for less elsewhere or by buying in bulk? Can you negotiate? Can you eliminate it? Also look for ways to make the work environment safer, more compliant, and more pleasant for staff and clients.

Of these five categories, most lawyers should focus 70-80% of their time and resources on marketing. When you bring in more clients, bigger cases, or higher fees, the rest of the things on this list will be relatively easy. When you don’t, the rest don’t matter.

Marketing plan for growing a law practice: Go here

Share

What kids can teach you about marketing legal services

Share

If you have kids you know that they are like a Terminator when it comes to asking questions. They never stop. They have an innate and insatiable curiosity about the world and their place in it and asking questions is how they make sense of it all.

Of course you also know that their favorite question is “why?”

When you tell them to eat their peas, they ask why. “Because I said so” isn’t a very good answer.

And yet “because I said so” will get many kids to comply. It is a reason, after all, even if it carries an innate threat of punishment for failure to do so.

On the other hand, if you give them a good reason to do what you ask, you should find it easier to get them to comply.

Well guess what? It works the same way with your clients, prospective clients, friends and followers on social media, and everyone else in your life. You want someone to hire you? Tell them why. You want them to click and read your post or register for your event? Tell them why. You want them send you referrals, tell them why?

What’s in it for them? What will they get out of it? What will happen if they don’t?

I got a text this morning from one of my business partners. There’s a conference call at 10 am and he would like me to listen to it. He told me what to do, but he didn’t tell me why.

What I will learn? What’s the subject matter? Who is the speaker? What will I get out of the call?

Many people will do what you ask out of habit or allegiance to you, out of curiosity, or because you said so. But more people will do it if you tell them why.

Studies have shown that the reason doesn’t have to be particularly strong. Offering any reason will increase response. “It’s Monday and we have a call at 10 am” isn’t a very good reason but it’s enough to get some people to dial in who otherwise might not.

But if you ask me, and you do, offering better and more compelling reasons will get more people to sign on and do what you ask.

In fact, the degree of your success in marketing legal services is a direct function of the persuasiveness of your message.

No reason? Some will comply. Lame reason? More will do so. Great reason? Home run. Multiple reasons with valuable benefits and invoking a fear of loss if they don’t? Grand slam.

You can’t threaten to send clients to their room if they don’t hire you or send you referrals. You need to tell them why.

Get this and you will get more clients and increase your income

Share

Do you have five minutes? Great, then you can market your law practice

Share

Like a broken record, I promote the idea that you can market your law practice in only 15 minutes a day. You repeatedly hear me say, “Put 15 minutes on your calendar and make it an appointment with yourself.”

But I know that many lawyers don’t do it.

Is that you? If 15 minutes a day is too much, how about 5 minutes?

The beauty of five-minute marketing is that it can be done on the spur of the moment. You don’t have to schedule anything. When you’re waiting for your next client, when you’re eating lunch, when you’re driving, you can make calls, dictate emails, or brainstorm ideas.

You can even write the first draft of a blog post or article. Yes, in five minutes.

The trick to writing an article in five minutes is to separate the idea-getting from the writing. Set up a notebook dedicated to ideas for articles or posts. When you have five minutes, add a few bullet points, examples, or sub-topics to each idea.

When you have another five minutes, you’ll be ready to crank out the first draft of an article.

Assuming you’re writing about something you know, with notes in hand, in five minutes you should be able to write 200 to 400 words. More if you dictate them.

Whether you type or dictate, the trick is to write for five minutes without stopping to edit or even to think. Remember, you know this subject and you know what you want to say about it. That’s enough for a first draft.

That draft will be rough and better for it because it will sound conversational. At least it should.

Put the first draft aside and come back to it when you have another five minutes. Re-write, add links or cites or quotes, edit and polish.

As proof, I wrote the first draft of the foregoing in about five minutes. I’m taking another ten minutes or so to make it pretty for you.

Whether it’s writing articles or emails, calling former clients to say hello, or calling other lawyers to talk about how you might work together for your mutual marketing benefit, you can do a lot in five minutes.

If you’re not willing to commit 15 minutes a day to marketing, make a list of things you can do in five minutes and keep it handy. If you are willing to commit 15 minutes a day to marketing, during those 15 minutes you can do three of them.

How to talk to lawyers about referrals

Share

My biggest shortcut to success

Share

Think about someone you know, or know about, who has accomplished something you would like to accomplish. A lawyer, perhaps, who has the kind of practice you would like to build.

It might be someone you know, someone you met, or someone you’ve read about. It could even be an historical figure.

Find out all you can about them. Read what they have written and what has been written about them. Talk to people who know them or who have studied them. Immerse yourself in information about them–how they got started, their daily habits, the tools and resources they used, their philosophies, their priorities, and how they spend their time.

If you could talk to them and explain your situation and your goals, what advice do you imagine they would give you? If you know them or can meet them, ask them this yourself.

Study them and then reverse-engineer their accomplishments. Identify the steps they took to achieve their success. Then, use those steps to create a plan of action for yourself.

You may not do as well as they did. Talent, timing, and a host of other factors might see to that. But you might do better than you would if you didn’t follow their path, for one simple reason. They’ve shown you what’s possible.

When I wrote my first marketing course I knew about marketing and building a law practice but I didn’t know how to package and sell that knowledge. I’d never written a course before. How big should it be? What should it look like? How much should I charge?

I was fortunate to find a course that someone else was marketing to financial professionals and I used that as a model for my own.

I studied how he packaged his information, how he priced his course, and how he marketed it. I conscripted many of his ideas and my course finally began to take shape.

More than anything, what helped me get it done and (finally) up for sale, after three years of work, was being able to hold his course in my hands and know that I could create something like it, or, as it turned out, something better.

Without that course to model, who knows what I would have come up with. Who knows if I would have had the courage to come up with anything.

My biggest shortcut to success? Find people who have done what you want to do and model them. Let them show you the path, and let them show you what’s possible.

Need a marketing plan? Want to earn more without working more? Go here

Share

You can do more than you think, in less time than you think

Share

This is embarrassing. When I was in college I had a class that I never attended. Oh, maybe I went a few times, but I didn’t crack open the textbook. The semester came to a close and it was time for the exam.

I wasn’t ready. How could I be? I hadn’t gone to class or read the textbook. But that’s not the embarrassing part.

With only a couple of days left until the exam, I realized that if I didn’t do something, I would fail the class. So I did what many misguided college students do, I prepared a set of cheat notes.

I went through the textbook and took detailed notes. I had to skim the book, but the bullet points at the end of each chapter told me what was important. I wrote many pages of notes, referring back to the text to fill in the blanks. I then re-wrote my notes several times, each time condensing them.

The night before the exam, I had reduced an entire semester to two pages of notes.

I folded those two pages and put them in my shirt pocket for easy access. I hoped they would at least keep me from flunking.

The exam was in it an auditorium which seated hundreds of test-takers. I purposely chose a middle seat in a middle row so the proctors would have a harder time seeing me using my notes. They passed out the exam, I took a deep breath, and began.

When it was over, I felt pretty good about what I had written. I felt even better because I never did look at my notes.

I didn’t have to. I knew the material. I learned it in two days. What I thought would be a cheat sheet turned out to be a study guide and it helped me to get a B.

I was proud of myself, because I didn’t cheat and because I discovered that I was capable of doing some pretty amazing things. If I could learn an entire semester’s worth of material in two days, what else could I do?

(Don’t bust my chops; I realize I cheated myself by not going to class. I’m making a point here, Mom.)

Having a deadline helped. So did the looming potential of a failing grade. But when the chips were down, I found that I could more than I thought, in less time than I thought.

Oh yeah, I got something else out of the experience.

Years later, when I was studying for the Bar exam, even though I had gone to class and done the homework and taken mid-terms and gotten good grades, even though I was well-prepared for the Bar exam, I used my “cheat sheet” idea to create study guides for each subject. I took my all of my notes, and all of the bar review manuals, and everything else I had, and distilled them down to a few pages per subject, and finally, to a single page per subject.

I still wasn’t done. I took those seven or eight pages and reduced them to one. Three years of law school on a one page study guide.

Call me crazy, but there was no way I was going to take the Bar exam again. I didn’t have to, but decades later, I still have dreams about the damn thing.

Share

When was the last time you were scared?

Share

I was pretty cocky about starting law school. But I was also scared.

It was new, it was different, and it was intimidating. I didn’t know if I was embarking on a great adventure or I had made a big mistake.

I can say the same thing about opening my practice and about many other milestones in my life. I’m sure you can, too.

It’s not the fear of failure so much as the fear of not knowing what’s next. H.P. Lovecraft said, “The oldest and strongest emotion of mankind is fear, and the oldest and strongest kind of fear is fear of the unknown.”

But the flip side of fear is excitement. Not knowing what’s about to happen can be thrilling. So can the notion that you might be about to accomplish something great.

And so I ask you, when was the last time you were scared?

Because if you’re not scared from time to time, if your career or your life are boring and routine, it means you’re not taking enough risks, or big enough risks, and you’re not growing.

Former CEO of Evernote, Phil Libin, said recently that one of the reasons he stepped down from the company was that he was bored. He’s now with a venture capital firm and thrives on not knowing what’s next. “It wouldn’t be the best time if it wasn’t scary. When we started Evernote, it was terrifying,” Libin said. “I don’t think I’ve ever embarked on anything great without being scared.”

Of course too much fear can be paralyzing, so you have to find balance. You have to find things to do that challenge you and frighten you but also excite you and pull you forward.

What might that be for you career-wise?

Take on a partner? Go out on your own? Start a new practice area? Revamp your marketing?

Or are you ready for a new career?

Helen Keller said, “Life is either a daring adventure or it is nothing.” Do something that scares you. Find your next daring adventure.

If you’re ready to revamp your marketing, start here

Share

“Please let me do my job”

Share

Don’t you love clients who want to micro-manage their case? Don’t you love it when they want you to check with them about every little thing?

You don’t? Maybe you should post a sign in your office like this humorous price list posted by a graphic designer:

Design Services Price List

I design everything… $100

I design, you watch… $200

I design, you advise… $300

I design, you help… $500

You design, I help… $800

You design, I advise… $1,300

You design, I watch… $2,100

You design everything… $3,400

Yes, it is their case. Yes, they are entitled to make the big decisions. But you are the attorney and if a client wants to “help you,” they should pay for the privilege.

 

Share

Lawyers need an “Easy” button

Share

Apple has a new app that makes it easier for Android users to switch to iOS. It allows new users to securely transfer contacts, photos, videos, email accounts, calendars, and so on, and helps them reconstruct their Android app collection on their new iOS device.

That’s smart. Very smart. By making it easier to switch, more people will.

There are probably millions of people who have thought about switching but hesitated because it seems like a major headache to do it. If this app makes it quick and easy to switch, I’m sure many more users will come to the dark side.

I thought, “Lawyers need an app like that.” They need a way to make it easy for clients to sub-out their current attorney and sub-in with them. They should supply them a document that explains their rights to switch lawyers, what to say to their current attorney, their rights to their file, and so on.

Actually, lawyers should make it easy for clients at every stage:

  • A lawyer’s website needs a page or widget that directs first-time visitors to the content that is specific to their interests.
  • Lawyers should have checklists or forms or a kit that makes it easier for new clients to gather up the information they need to bring to their first appointment.
  • The person who answers the phone should have a checklist or script that allows them to zero in on what the caller needs, tell them what they need to know, and transition them to making an appointment.
  • Lawyers should give their clients materials that help them identify prospective clients and refer them.

To grow your practice, make it easier for clients to find you, hire you, work with you, and send you referrals.

This makes it easier to get referrals from other lawyers

Share

Are you excited about practicing law?

Share

Are you excited about practicing law? I was, when I started. But it didn’t take long before the thrill was gone.

I liked helping people and I liked the challenge of building something from scratch. But I didn’t love what I was doing.

Is that all there is? Is that all there is? If that’s all there is my friends, then let’s keep dancing.

I kept going because I had invested so much into my career, how could I walk away?

How could I not? How could I wait twenty years before finally giving myself permission to do something else.

Successful people are passionate about what they do. Monday morning can’t come soon enough. They can’t imagine doing anything else.

Successful people don’t need to push themselves, they do what they do because they love doing it. Steve Jobs said, “If you are working on something exciting that you really care about, you don’t have to be pushed. The vision pulls you.”

That’s what I want for you.

I’m not saying you need to leave the law, although that may be the right thing for you at some point. I’m saying you need to find a way to get excited about your work.

How?

In The One Thing You Need to Know, Marcus Buckingham distilled years of research about personal success down to one thing: “Find out what you don’t like doing and stop doing it.”

Get rid of the things you don’t love about your practice so you can do more of what you are good at and enjoy.

It sounds simplistic but imagine if the things you don’t like about your work were gone. Handled. Not something you need to think about.

It would be liberating, wouldn’t it?

Is this possible? Could you delegate or outsource all of the things that cause you stress? Probably not. When you’re in charge, there are always burdens on your shoulders. But if you could get rid of 80% of the things you don’t like, you might smile a lot more.

Share

A simple way to increase your income you’re probably not doing

Share

Your ad is bringing in clients. Your website is making your phone ring. Your seminar results in client appointments every time you run it.

Your marketing is working, and that’s good, but what if it could work better?

What if a different web page would bring you 20% more traffic? What if a different ad would bring in 50% more clients? What if a different offer at the end of your seminar resulted in 18% more appointments?

They might.

A different ad, a different headline, a different offer, and other variables, can result in dramatic differences in results. A few simple changes might bring in double or triple the number of clients, without any added expense.

It’s called testing and it is the essence of direct response marketing.

Author Tim Ferris invested $200 on pay-per-click ads testing different titles for his book. “The 4-Hour Workweek” got more clicks than any other title by a huge margin.

Keep running the ad that’s working and also run a different one. Don’t change anything on your webpage but send some traffic to a different page and see if you get better results.

You’ve probably heard about the value of testing. If you’re like most people, however, you’re probably not doing it, at least as much as you could. When things are working, it’s natural to want to leave them alone and focus on other things.

But test you must.

Talk to your marketing or web people about running some test ads, pages or offers. When you find something that works better than what you’re doing now, make that your “control”. Then, test additional changes against it, because no matter how well things are working, you never know if something else could work better.

Get more clients and increase your income with your web site, here

Share