Your Email:
Your Name:
To:
Subject:
Message: Hi, I thought you might be interested in this article I found. Five Resolutions for Solo Law Firms — Wrap-Up This article is one in a five part series. Here are links to all the articles in this series: Law Firm Marketing Resolution Part 1: Don’t Feel Guilty Law Firm Marketing Resolution Part 2: Run Your Law Firm Like a Business Law Firm Marketing Resolution Part 3: Make Marketing a Priority Law Firm Marketing Resolution Part 4: Pick a Niche and Get Rich Law Firm Marketing Resolution Part 5: Measure, Manage, Multiply Law Firm Marketing Resolution: Wrap-up During the past few days we have discussed Five Resolutions for Solo Law Firms that look more like solid business practices. Here is an outline of some of the ideas we covered – in case you missed them: Resolution 1 – Don’t Feel Guilty If you are in a solo law firm – a private business that you own that helps people solve problems related to the law – and you do not make as much money as you’d like, then you need to improve. Why? Because the only reason to start a business is: To make as much money as possible. Everybody needs money. There can be other noble reasons to go into business. But the main one is to make money. The sooner you come to grips with that fact the better off your law firm will be. Resolution 2 – Run Your Law Firm Like Business Your solo law firm is a business. It has revenue, profit and cash flow. You need to focus on these three things in order for them to improve. Resolution 3: Make Marketing a Priority You must make a conscious effort to build a business. There are only three ways to grow your law firm: 1. Increase your number of clients 2. Increase the fees you charge each client (average transaction size) 3. Increase the number of matters you handle for each client (frequency of purchase) Most law firms work on building clients solely through referral, they charge by the hour and they only focus on the matters a client brings them. Resolution 4: Pick a Niche and Get Rich There are many reasons to select a specialty and concentrate your marketing efforts toward dominating that area. Yet most attorneys fail to do this effectively. This happens partially because they lack the discipline and desire to define their practice as a specialty. This can be easily resolved by adjusting your approach toward the acquisition of new clients. An effective approach —one that includes sound strategy and aggressive tactics—can help provide enough discipline to get started down what, at first, seems like a limiting path. Once you start and see some results, you are more likely to stick with this approach. The results, like exercise, build upon one another over time. The hardest part is getting started. Resolution 5: Measure, Manage and Multiply The fifth resolution for solo law firms is, once again, a solid basic business practice. Don’t do anything (from a business development perspective) you can’t measure. What you measure you can manage. What you manage you can grow. This is an axiom that will pay big dividends for you from the moment you implement it. Take a couple of minutes and read through these five resolutions. If you want to grow your law firm, pick a couple of them and give them a try. You may be surprised at how effective they are. Link: http://www.rainmakerlawyer.com/site/permalink/five_resolutions_for_solo_law_firms_wrap_up/