How to profit from rampant unemployment

June 6, 2014 by
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92,009,000 Americans aren’t working. That’s a lot of people who can’t afford to hire you.

What can you do to protect yourself? How can you profit (there, I said it) from everyone else’s misfortune?

I jotted down a few ideas. They may be obvious, but just because people know something doesn’t mean they’re doing it. And let’s face it, lawyers are very slow to change (anything), so there’s a good chance you may not be doing the obvious, or if you are, not doing it enough.

  1. You might be tempted to target lower “income” clients. Don’t do it. Do the opposite. Re-focus your efforts on higher income clients. Yes, there are fewer of them. But they can afford to hire you. What good is having millions of people who need you if they can’t hire you?
  2. Target industries and market sectors that are growing. For example, companies that sell to the Feds, and the people who work for them. And the companies that sell to these companies. And the professionals who advise these companies and the people who work for them.
  3. Consider adding or switching practice areas. I read one report that said half of the country is having trouble paying their mortgage and rent. Does this mean you should take up bankruptcy, foreclosure, unlawful detainer, and the like? It means you should take a look at them.
  4. Get set up to accept credit cards, PayPal, and other payment systems. Give clients alternative ways to pay you. (Bitcoin? Barter? Tulips? No comment.)
  5. Put more resources into marketing. I’ll bet you were expecting me to say that. But hey, with a glut of lawyers competing for fewer clients, you’ve got to step up your game. Review your website. Consider more “reaching out” methods than you usually use. Work on your interpersonal skills. Do some joint venture marketing. Learn how to sell.

I guess I could add, “considering moving”. Some parts of the country are doing much better than others. This may seem extreme, but in view of where we are today, nothing should be ruled out.

Review (or create) your marketing plan. This will help.

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Filed Under: Increase your income, Legal industry, Marketing Plan

Would you advise your kid to go to law school?

June 4, 2014 by
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Would you advise your kid to go to law school today? I wouldn’t. Not unless they were passionate about it and could think of nothing else they wanted to do. And then I’d make sure they did it with open eyes.

You know the drill. You’ve seen the articles about the lack of jobs for newly minted lawyers, $200,000 student loans, and the huge number of lawyers afflicted with depression and substance abuse. Lawyers are leaving the profession in record numbers, either because they can’t find a job or because they hate their job.

If you’re making it as a lawyer, if you’re earning a living and not ready to slash your wrists, if you’re reasonably successful and happy, thank your lucky stars. There’s nothing better than helping people and being well paid to do it.

Isn’t that why we went to law school? To help people and make money? That’s why I went. And I’m proud to say I accomplished both of those objectives.

So why did I retire? I practiced for over twenty years, but I was still young. I could have gone for another twenty. Why didn’t I?

There were other things I wanted to do. My priorities changed. I got bored.

Yes, the profession changed, too. There were things I liked about those changes, but many more things I didn’t like. Let’s just say that for me, the thrill was gone. It was time to move on.

How about you? You may be successful and happy, but is there something else that might lead to even greater success and happiness? Perhaps something you toyed with once but rejected because you didn’t have the time, contacts, experience, capital, or nerve?

No, I’m not going to suggest you pull up stakes and start something new. Unless. . . you want to. If you want to do something else, do it. No matter what you lack in resources, no matter what the risks. Helen Keller said, “Life is either a daring adventure or it is nothing.”

If you don’t want to completely change course, look for ways to dip your toe in the water. Spend a little time each week dabbling with your secret interest. Read about it, meet some people who do it, and imagine what it would be like if you could do it all the time.

Two things might happen. One, you’ll find that you’re not as interested in the subject as you thought. It’s a passing fancy. This happened to me with real estate investing.

The other thing that might happen is that you discover something that excites you more than you ever imagined. It stirs your creative juices. It makes you feel like a kid again. It makes your heart beat faster just thinking about it.

From this, you might discover a new hobby. Something you enjoy doing on the weekends and in your spare time. It doesn’t take anything away from your law career. In fact, it might add to it. It might allow you to meet new people or develop new skills.

On other hand, you might discover a new calling and you’ll be on your way to a new career.

Has your life thus far been a daring adventure? If not, don’t wait another twenty years. Jump in. The water is warm and it’s time to play.

Marco.

Marketing your law practice just got easier. Click here.

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Filed Under: Career satisfaction, Legal industry, success

Building a law practice is like growing a Chinese Bamboo tree

March 17, 2014 by
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I mentioned to my wife that the recently planted tree in our yard didn’t seem to be growing much. She reminded me that it would first build its root structure before it grew above ground.

Of course. Roots before branches.

What a perfect metaphor for building a law practice. Before you grow branches or reaching out methods, make sure you have a strong foundation.

Before you attract prospective clients, make sure you are ready to do a good job for them and leverage their experience with you to generate referrals, website traffic, and positive word of mouth.

The roots of a successful law practice include your core competencies, your operating systems, and a commitment to delivering exceptional service. If your roots aren’t strong, networking, advertising, and content marketing may bring prospective clients to your door, but you may not sign them up. You may be able to do the work but if you aren’t prepared to surprise and delight the client, he may not be back.

Before you do any external marketing, you should know how you will ask clients for referrals. What will you say? When will you say it? What collateral material will you provide to make it easier to provide those referrals?

Before you connect with anyone on social media or at a networking event, you should be ready to respond when they ask for information about what you do and how you can help them. Make sure your website is filled with information and success stories that demonstrate your expertise and knowledge.

Before you sign up your next client, make sure you have a new client kit, thank you letter, and a system for sending out timely bills.

I am told that the Chinese Bamboo tree shows no visible signs of growth for four years after it is planted. All of the growth is underground. Then, in the fifth year, it breaks through the surface and in the next six weeks it grows to a height of 80 feet.

My law school torts professor told us it would take five years to build a successful practice from scratch. I didn’t want to believe him, but he was right. Today, because of the Internet, you can do it a bit quicker. But you still must have a solid root structure before you do anything else.

The 30 Day Referral Blitz shows you how to quickly get referrals. Click here for details.

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Filed Under: Law office management, Legal industry, Marketing legal services, Marketing Plan

This is not your father’s law practice

February 17, 2014 by
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Every few weeks, a real estate agent in my area sends me oversized postcards describing her listings. The other day, she mailed me a calendar for the fridge. I’d had enough. I wrote to her and told her, “Take me off your list! UNSUBSCRIBE!”

The nerve of some people.

Okay, that never happened. I told my wife I was going to do it, thinking I would at least get a charity laugh, but she’s endured my warped sense of humor for 34 years and this was probably too much to ask.

But it did make me think about how the world has changed since I first opened my law practice, or my father did before me.

Before email, if you wanted to communicate with prospective clients (real estate or law), you could put something in the mail. It worked before and it still works today. In fact, it works better today because so few do it anymore (and because nobody accuses you of spam when you do.)

You may have never done any direct mail, but if you want to bring in new business, this is a viable choice for many attorneys.

Advertising works.

If you don’t want to do direct mail, there are alternatives. Display ads, ezine ads, pay-per-click ads, classified ads, and more, can drive traffic to your website and clients to your office.

If you don’t want to advertise your services, you could advertise a book or report or audio. You could advertise a charity or cause you believe in and include your firm’s name (and web link) as sponsor.

Writing articles, blogging, social media, speaking, networking–they’re all forms of advertising. You may not write a check when you do them, but you’re doing something to get your name in front of people who can hire you or refer others. When you write to former clients, you’re reminding them that you’re still available to help them and the people they know. Yep, advertising.

A PI attorney in Georgia, Jamie Casino, ran a local two-minute TV spot during the Super Bowl. Perhaps you saw it. It’s received over five million views on Youtube. We can debate whether the ad is ethical or in bad taste, or whether he did it as a stunt or truly believes in his message, but one thing is certain: the ad and the buzz it has created will put more than a few shekels in Mr. Casino’s pockets.

I’m not saying that if you advertise, you should look to this as a model. I’m saying, it’s a tough market for attorneys today and if you’ve never thought about advertising before, perhaps you should. Even if all you do is mail out some calendars.

Don’t want to do paid advertising? Here are the best alternatives.

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Filed Under: Advertising, Legal industry, Marketing legal services, Publicity Tagged With:

Miscellany Friday (no, it doesn’t rhyme)

February 7, 2014 by
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Today, I thought I’d share a few miscellaneous items with you and let you choose what interests you. If you like “round-up” posts like this one, let me know.

1. Find Out How Much You Are Overbilling Your Clients

A discussion about how lawyers who delay recording of their billable hours, usually until the last two days of the month, routinely overbill clients by an average of 23%.

Don’t forget to check out my ebook on the subject: Get the Check: Stress-Free Legal Billing and Collection

2. Longer is Better for Blog Content: Truth or Myth?

Do longer blog posts draw more search engine traffic? Apparently so. But do most people read 2000 word posts, and do you have time to write them?

I’ve written before about this subject and have concluded that you need a mix of longer, authoritative posts, to draw traffic, and shorter posts to engage browsing visitors.

3. Legal ethics: Are blogs governed by advertising rules?

Is writing a blog advertising? I don’t think so, and neither does Kevin O’Keefe, the author of this post. And yet various jurisdictions seek to regulate blogs as advertising. Frankly, I don’t think we need specific rules for lawyer advertising at all. General rules (don’t misrepresent, full disclosure, et. al.) do quite nicely.

4. OneTab extension for Chrome saves up to 95% of memory

I always thought I was pretty good about staying focused on whatever I was doing. Throughout my day, I’ll keep a couple of browser windows open, each with six or seven tabs. No problem for a stud like me, right? Boy was I wrong.

I just installed OneTab, an extension for Chrome. It’s a simple thing that collapses all of your open tabs (or whichever ones you designate) into a single tab with links you can click to re-open those tabs. I’ve found that not only does this reduce the drain on memory, up to 95% we are told, so everything works faster, videos don’t stall, and so on, it’s also making me way more productive.

For example, instead of checking email every 15 minutes, I check it when I’m done with whatever I’m working on. Stupidly simple, but it works.

I’m sure there are equivalent extensions for different browsers and platforms.

So, there you go.

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Filed Under: Attorneys fees, Blogging, Fees and Billing, Legal industry, Productivity, Technology

A few thoughts about lawyer suicides

January 23, 2014 by
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We’re seeing lots of articles lately talking about an increase in lawyer suicides, speculating about the causes and offering solutions.

We know the causes. Money, stress, and variations thereof.

We also know the solutions. More money and less stress.

If you know someone who is struggling and depressed and following a destructive path, or if you are that someone, I want to offer some thoughts. I’m not an expert. I’ve never had a substance abuse problem or thought about killing myself. But I’ve been through a lot of major challenges in my career and personal life. I know what it’s like to hit bottom, and what it takes to turn things around.

First, you can get through this. Most do. It will be painful and it may take a year or two before things are completely healed, but there is light at the end of the tunnel. You must be know this.

Second, you can’t find solutions until you admit there is a problem. If you are in denial, you’re only prolonging your misery and inviting other problems.

Third, don’t dwell on the problems, focus on the solutions. Things aren’t going the way you want? What would fix it? Make a list and get to work.

Fourth, there’s lots of help available. Support groups, information, counselors, family, friends. Don’t for a moment think you have to go through this alone. It’s okay to admit you need help and it’s smart to avail yourself of that help.

Fifth, start immediately. Call someone, today. Do something, right now. The sooner you start, the sooner you will be on your way to a new beginning.

One more thing. You don’t have to continue practicing. If you’ve been thinking about doing something else but have been rationalizing why you can’t, you have my permission to explore other options.

Yes, I know you have all this time and money invested in your career. And yes, I know how difficult it is to walk away and do something new, especially in this economic climate. But none of that matters. If you are unhappy, you don’t have to continue. If you’ve always wanted to be or do something else, you can.

If you have people who depend on you, it will be harder and take longer. It took me three years of writing and planning before I launched the course that issued in a new chapter in my life. But I did it and I’m very glad I did.

I learned to smile again. You will, too.

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Filed Under: Dealing with stress, Legal industry, Personal development

Why some attorneys earn more than you do

January 16, 2014 by
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With my CLE compliance deadline approaching (I finshed, thanks for asking), I’m being inundated with emails offering all manor of courses. I noticed that some companies charge much more than others. In fact, prices are all over the place. I could get all 25 credits for $299 or for $60. Are one company’s courses five times better than another’s? Probably not.

So why would attorneys pay more for something they could easily get for less?

Because some companies are well known to them and have good reputations. Lawyers will order from a familiar company because it’s safe. They don’t need to check them out. Click, order, done. They may realize they are paying more but the convenience and peace of mind are worth it.

I’m sure some attorneys equate a higher price with higher quality. They assume that by paying more they’re getting better courses. Or conversely, that if they pay a low price they will get inferior quality.

Other attorneys simply don’t want to take the time to shop around. They’re busy.

Still others never considered looking at anything else. They simply order from the company they ordered from the last time. They are a satisfied customer. When they get an email from “their company,” they just order.

Make sense?

Well guess what? The same things are true for buying legal services. People will pay more to hire an attorney who is well known to them or who comes through a referral. They will pay more to attorneys who make it easy and convenient to hire them. They will pay more because they believe they are getting more value than they would get from a “cheaper” attorney.

Yes, some clients shop price. You don’t want them. You want the low-hanging fruit, the clients who are willing to pay more for intangibles that are important to them.

And that’s why some attorneys earn more than you do for the same services.

Want to get paid more? Get the Check: Stress-Free Legal Billing and Collection shows you how.

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Filed Under: Attorneys fees, Client loyalty, Fees and Billing, Increase your income, Legal industry, Marketing legal services

Opening a second law office

January 9, 2014 by
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Every four to six weeks I pop over to a small barber shop near my home. Snip snip, buzz buzz, and I’m done.  Its quick, they do good work, and it’s a heck of a lot cheaper than the fancy places I used to go.

On my last visit, I learned that the owner had opened a second location about ten miles away. Good for him. Entrepreneurship rocks.

He’s got more overhead, responsibilities, and risk, but he’s got the system down and I’m sure the second store will be running smoothly in no time.

He opened the second location, I’m sure, because he understands that there is only so much upside in a barber shop. Men don’t buy a lot of hair care products, we don’t get our nails done or our hair colored (usually), and in a small local shop, if all of the chairs are busy, there’s only so much the owner can do to increase his bottom line.

When I was practicing law, at one time I had three offices. I earned more, but frankly, it wasn’t worth the extra time and headaches. What I should have done, and what you should probably do if you’re considering opening a second (or third) office, is to work on increasing the profits in the first office.

There are lots of ways to increase profit in a law office. You can get bigger cases and better clients. You can get your former clients to hire you again, or hire you for different kinds of work. You can get more new business, from referrals or advertising or through the Internet, and short of needing a bigger office to accommodate additional staff, you can do all of this from one location.

On the other hand, clients will only travel so far to see a lawyer. Opening a second office is tempting. Does it ever make sense?

Theoretically, yes. In southern California, for example, if your office is in Los Angeles, you might want a second office in Orange County, and another in San Diego. Three different markets, with enough population to make the investment worthwhile.

But the investment in a second office encompasses far more than rent and employee expenses. You must hire, train, and supervise the new staff, which is difficult enough when you are present. There are additional liability and ethical risks, not to mention the risk to your reputation if something goes wrong.

If you’re thinking about opening a second law office, consider yourself warned. It’s not for the faint of heart.

If you have the resources and the thick skin, a second office is a viable way to increase your income. But don’t rush into it. A good place to start is to get a shared office arrangements where you can use a conference room to see clients. This will allow you to test both the market and your capacity for operating a satellite office, before you commit to something bigger and more permanent.

Proceed cautiously, limit your downside risk, and if things don’t go the way you had hoped, you won’t have to. . . forgive me. . . take a haircut.

Get more referrals. Quickly. Here’s how.

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Filed Under: Career satisfaction, Increase your income, Law office management, Legal industry Tagged With:

The best way to market your law practice

January 3, 2014 by
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I read a book once about book writing. The author gave some sound advice. He said to write the book you can write, not the book you think you should write.

Some books are harder to write than others. A how-to book, especially in your area of expertise, is much easier to write than a historical romance novel, for example, especially if you’ve never written fiction.

Write the book you can write. Let others write the books they can write.

The same is true for marketing your law practice. The best way is to do what you can do, not what you think you’re supposed to do or what some expert says you must do.

If you allow yourself to do what you can an do, you may actually do it. You don’t have to learn something completely new and different or force yourself out of your comfort zone, you’re doing what you already know you can do.

You’ll do it better. And stick with it longer. And get results, which will inspire you to continue. As you grow, perhaps you’ll add something new to the mix. And then, you’ll be able to do things you previously could not do. Instead of forcing yourself to be something you’re not, or do something you can’t, you’ll grow naturally and you will enjoy the process.

Where do you begin? With something that feels right to you. Yes, feels. Don’t assume that because you have experience with something that this is where you should begin. You might have a lot of speaking experience, for example, but if you really don’t enjoy speaking, you shouldn’t do it.

Here are some common marketing tactics for attorneys. As you go through this list, imagine yourself doing them and note how you feel.

  • Networking with other lawyers
  • Networking with prospective clients
  • Writing blog posts and articles
  • Finding and engaging prospective referral sources on social media
  • Working with your clients to foster repeat business and referrals
  • Radio advertising
  • Youtube videos
  • Writing a newsletter
  • Podcasting/webcasting (e.g., interviewing other professionals, authors, etc.)
  • Creating websites to attract search engine traffic
  • Self-hosted seminars
  • Joint venture marketing
  • Pay-per click advertising

When you think about some of these tactics, you feel anxious. It’s not a good feeling. You find that your thoughts want to intrude and tell you why you shouldn’t, can’t, won’t do that.

With others, you feel lighter. More relaxed or more excited, but better. You can see yourself doing it, or at least exploring it further.

Trust those feelings. If something feels good when you think about it, it’s probably something you should do.

What if nothing feels good to you?

You can continue doing what you’re doing to bring in clients even though you don’t particularly like it, but to be honest, if there’s nothing that feels good to you, you might want to re-think the idea of being in business for yourself.

Yes, you can hire someone to do some of your marketing, or you can partner with someone, but those are really only workarounds. Marketing is an extension of you and your commitment to your clients and if you can’t find a way to express that commitment in a way that feels good to you, perhaps that commitment doesn’t really exist.

On the other hand, maybe you just need more information.

I find a lot of lawyers who say they don’t like marketing don’t really have much experience with marketing. They made up their minds early on that marketing wasn’t for them and they’ve spent years believing this to be true and acting in ways that are consistent with that belief.

If that’s you, do yourself a favor and take another look. Do some reading and try some new things. You may find that they’re not so bad and you’re not all thumbs and that there are some things you’re actually quite good at and enjoy.

The best way to market your law practice is to do what you can do and you can do more than you think.

The Attorney Marketing Formula will help you to choose the best marketing strategies and tactics for you

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Filed Under: Legal industry, Marketing legal services, Marketing Plan Tagged With: , ,

What if paying referral fees to non-lawyers was legal and ethical?

December 17, 2013 by
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Okay, time to put on your thinking cap and take a stroll with me down imagination boulevard.

We know that paying referral fees to non-lawyers is illegal and unethical for most lawyers. Some lawyers flout the rules and pay referral fees under the table. Others, if they were honest, would admit that while they never have paid referral fees, they have been tempted to do so. At some point in our careers, I think most lawyers have at least wondered why the rules are the way they are.

Rather than debate that hot potato, I’d like to ask you to think about what it would be like if the rules were changed. How would your practice be different if it was legal and ethical to offer referral fees to non-lawyers?

For the moment, forget about whether or not you would offer referral fees yourself, think about what might happen if you did.

When you meet someone new at a networking event, for example, instead of courting them and building a relationship, hoping that one day they might send you some business, you could simply tell them what you do and what percentage of your fees you are willing to pay for a referral.

Do you think you would get more referrals?

Ya think?

Your contacts would have dollar signs dancing in their brains. They’d start promoting you to their clients and customers, friends and family. They’d beat the bushes looking for potential clients, wouldn’t they? They’d refer everyone to you, not to other lawyers who don’t offer a referral fee, or who offer significantly less.

You could quickly build an army of referral sources, people not just willing to send you business but actively looking to do so.

You’d be signing up new clients every day of the week. You’d have more business than you could handle. What will you do with all that money. . .?

Okay, snap out of it. This isn’t going to happen. Not in our lifetime, anyway. And we don’t want it to happen, do we? Okay, maybe we do, maybe we don’t, but it’s won’t, so forget about it.

Let’s sit down, catch our breath, have a cup of coffee, and consider what we’ve learned.

We’ve learned that people who have the ability to make referrals to us often don’t, and that most people who have referred business in the past could probably refer more.

Where does that leave us? Back at square one. Building relationships, practicing the golden rule, serving our clients and professional contacts. In other words, doing the things we’ve learned about marketing and building a practice.

Your clients and contacts can and will send you lots of business. They will beat the bushes for you and promote you to everyone they know, and they will do this without a financial incentive. Smother them will love and attention, give them more value than they expect, stay in touch with them, and give it time.

Offering cash would be quicker, it’s true. But doing things the old fashioned way works just fine.

The 30 Day Referral Blitz will quickly bring you more referrals without asking for referrals. Click here.

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Filed Under: Legal industry, Marketing legal services, Referral sources, Referrals Tagged With: , ,
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