The Best Competition is No Competition
If you are wondering how to make money as a lawyer you may often be looking at your competition with envy. It’s easy to fall into the trap of comparing yourself to others. Easy but not productive.
It happens to all of us. You read a press release or do a quick on line search and you see the name of one of your competitors associated with something positive – and you wonder. You wonder if they’re getting clients you should be getting. You wonder why they are attracting clients you feel you should be attracting. You reassess the woulda, coulda, shoulda’s you’ve had in your mind during the last few weeks.
Then you get angry. You’re angry because they’re stealing your clients. You’re angry because they are cutting into your market share and ultimately your income. You’re angry because they copy your marketing, your strategy and even your tagline.
It happens all the time.
As an example: Right now, as you read this, there are no less than two dozen former lawyers, using some variation of my principles, and claiming to be legal marketing gurus. I send out a couple of cease and desist letters each week to these folks.
But that’s not the solution.
The solution is to innovate faster than they can copy. The solution is to go where they won’t go and to do the things they won’t do.
Here you go (readers and copycats break out your notebooks):
Charge higher fees: If you charge the highest fee in your profession you can spend the most to acquire a new client. This automatically puts you in rarefied classification. Everybody wants to attract clients on the cheap. Hell, you might have even stumbled upon this article trying to figure out how to make money as a lawyer without spending any money. Well, that lumps you in with everybody else. Charge more so you can out-gun the others.
Provide a better experience: My competitors are personal injury attorneys moonlighting as marketing wizards, bankrupt granola crunching trust attorneys and assorted failed lawyers from all practice areas. They have no idea how to create a great experience for their clients, referral sources and prospective clients. They simply take their cash and sprinkle some regurgitated knowledge on them.
You can do better. You can make the experience exceptional for your clients and referral sources.
Be persistent and consistent. Most of your competitors will not be able to keep up with the discipline necessary to hold a market leadership position for the long term. Stay the course. If you continually execute the fundamentals, more often than not, you will be successful and you will crush your competitors.
There’s more to it than just these three tips but mastering these will be enough to crush most of your competitors.
Side note: If you are in the business of helping clients solve the mystery of how to make money as a lawyer (my competitors) and you are going to use this post as a road map, I’m glad to have you along for the ride. There’s a pretty good chance you will wind up circling the drain like the others who have preceded you. I wish you well.
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