After gaining competency as a lawyer and starting a small or mid-sized law firm, the next step is to make your business grow. For this to happen, you have to understand as well as apply the principles of business development, management, operations and marketing on a daily basis. Here are 8 areas you have to focus on as the owner of a law firm in 2020.
You will not get as many clients as you want if you don’t market. Marketing helps with the generation of leads. There are numerous ways of doing this. A good place to start is by marketing using your blog, website, email marketing, PPC advertising and social media. All these channels work in legal marketing Chicago but they are not ideal for all legal firms. Find 3 to 5 channels that work for you.
The purpose of this step is to sign up new clients that you bring in through marketing. It is important to have a system in place for nurturing leads. Having the wrong people answering calls will cost you valuable business. The person answering your phones needs to be someone who has experience selling stuff over telephone. You need someone that responds to a lead within 5 minutes of the call and follow up with leads that don’t schedule appointments.
After getting new clients, you need to offer the best service. If new clients don’t have confidence in you, they will leave. Performing the services for clients is the third step.
You will need additional staff to render the services. You must hire a team that helps create the culture you want in your firm. Compile a list of qualities the new staff should have. You only have a handful of positions to fill so make sure you only hire superstars. Focus on excellence and don’t be afraid to fire the underperformers.
To efficiently scale your business, you need to have documented systems. You need a written system for each major part of your law firm from intake and marketing to metrics and money. Everything must work logically.
As your client base grows, you will need more staff and advanced systems. At this point, you will want to move to a bigger office space. Don’t rent spaces that are more expensive than you can afford. You don’t want to entangle yourself in unmanageable financial obligations. You should avoid long-term agreements too more so when you are getting started.
Managing your money properly is the key to achieving optimal business growth. Understand the basics of finance. You must also not overstretch yourself when it comes to law firm marketing Chicago. Manage your money wisely.
Keeping track of your progress is paramount. Here are a number of things you need to monitor and measure:
- Number of new clients per month
- Leads generated per month
- Number of appointments/consultations per month
- Amount of all new retainer agreements
- Actual gross revenues
- Amount of payroll and non-payroll expenses
- Amount of net operating income
Take an Hour to Transform the Marketing Program of Your Law Firm
Regardless of how busy you are, it is good to set aside an hour to transform the marketing program of your law firm.
For your law practice to grow, it is imperative that you keep looking for better ways to improve on what you are already doing when it comes to marketing your services. There is no one strategy in legal marketing Chicago that will keep you afloat for years without revising it. Times keep on changing and what worked like a charm two years ago might not work for you today.
Transforming your law firm marketing program requires paying attention to the most instrumental parts of your marketing strategy. Some of the most important areas you should focus on include:
- Why your law firm is not getting referrals: Most law firms thrive on referrals. If you are not getting as many referrals, there is something you are not doing. You need to change that situation fast.
- Not finding new clients: There comes a time when even the most effective marketing plan stagnates. If you are noticing a decline in the number of leads you are getting each month, it is time to revise your marketing plan. You also need to rework your marketing program so that you get the clients you love and those that pay you on time.
- Upgrade your marketing tools: The use of the wrong marketing tool will definitely limit your success. You need to find a marketing tool that is not only up-to-date but one that works for your practice and personality.
- Cost effective online marketing strategies: Online marketing cannot be ignored. You have needs to consider your strategies and find one that is more effective for your firm. The strategies you use in SEO for law firm Chicago should not only be cost effective but effective for your law firm.
You will be amazed by the sheer number of resources you can use online to improve your marketing plans. There are numerous legal marketing seminars that you can enroll in. However, you should be careful where you get your information on marketing. Not every strategy out there will work for your firm.
When deciding on the course to take, you first need to consider the reputation of the trainer. Do they have a good reputation in the business? Do they have experience working with law firms? Secondly, you need to check for their guarantee. Most reliable courses have a 100% unconditional money-back guarantee. If you don’t believe you have learned anything worth your money, you get your money back mostly after the first phase of the training program. Make sure you understand what the money-back guarantee means before enrolling in a course.
It is obvious you want your law firm to thrive. This will only be possible if you keep updating yourself and revising your marketing strategies. Don’t be stuck in the past.