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Law Firm Marketing Increases the Value of Your Practice
How Does This End For You?
Have you given any thought to what will happen when you decide to retire?
Even if you have a couple of decades before this becomes a reality, now is the time to think about THE END.
Because everything you do influences the value of your law firm. This is especially true of your law firm marketing.
Over time, you may accumulate some assets that your law firm will own. Some of these will appreciate and some will depreciate. But the most valuable assets you have are your client database and your business systems. Let’s take a brief look at each of those to see the value they provide.
Ideally, your law firm can (and does) run efficiently whether you are there or not. Everything from client intake to some of the basic services you provide should be automated and scripted so that they can be handled effectively and efficiently without you. On most cases, the input you provide should be limited to development of case strategy and marketing strategy. The execution of the day-to-day tactics (both operational and marketing) should be left to your team. (On cases where clients have specifically asked for you, a premium fee should be charged and you should work the case personally).
These systems not only make the office run smoothly, they also provide you with better quality of life. That is what the attorney who eventually purchases your law firm will pay for. This is a tremendous advantage.
Included in your database of past and current clients is your database of referral sources. All of the people in this database are folks who know you, like you and trust you. And they are not shy about sharing your information with people who ask for it.
This is valuable because it provides an ongoing revenue stream for the future owner. In most cases, when an attorney starts a new law practice, they have to start from scratch. In the case of your law firm, someone taking over can simply continue to communicate with the client and referral database and they will enjoy the same stream of referrals you have, for years to come.
Realizing that these two areas provide the most value for your law firm is one thing. Doing something to create and increase value from these areas is something completely different. This involves work. That means:
1). Creating systems that make the day-to-day operation of your law firm foolproof and
2). Developing and nurturing your client/referral source database.
Law firm marketing does not just make things easy for you now; it helps you prepare for the future. You should be building equity so that your life’s work can provide you with a significant return when you are ready to sell.