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The Economy Doesn’t Matter

Posted by Dave Lorenzo

I saw something the other day that is a great lesson on “How to make money in this economy”.

In a shopping center down the street from my home, there was a high end restaurant on one end.  The place was given five star reviews by just about everyone.  It had been around for 25 years.  In the boom economy you could never get a table there. It was always packed and the prices were outrageous.

On the other end of the shopping center there was a Burger King.  During the good times, the dollar menu was a favorite of the “mommy and me” crowd and the drive thru had a line of contractor’s trucks around the block.  That place had also been there for over a decade.

Last week both places closed their doors for good. Bankrupt.  Out of business.

Was it because of the economy?

Well, let’s see…in the same shopping center there is a casual Mexican joint that has a line out the door everyday for lunch.  They open at 11AM and they close at 9PM. I drove by last week on three different nights and the parking lot was packed during dinnertime.  It’s not fast food but it certainly is not gourmet.

Same shopping center.  Same traffic.  Same economy.

What is making the difference?

I can’t say for sure but here’s what I know:

I received a post card in the mail from the Mexican place when they first opened.  It was a discount coupon and invitation to visit.  When I went there for the first time they asked for my email address and every Monday I get their “special of the week”.  They also gave me a “bring a friend for free” coupon during my first visit (so that I would return).  And they asked me for my birth date (so they can invite me to celebrate it at their place with a free meal if I bring three or more people).

The gourmet place never sent me anything; never invited me to come over, and damn sure never cared about my birthday.  And good old BK didn’t do anything locally to promote their business.  They just relied on the scary bigheaded king character on television to drive traffic to them.

The key take away for you is this:

You have to take responsibility for your own success.  Do not rely on the economy.  Do not rely on the “brand” of your law firm.  Do not rely on your reputation as an exceptional legal practitioner.
Make an effort to develop relationships with people who will become your clients and with the people who will refer clients to you.  Invite them in.  Get to know them.  Show them you care.

You make your own economy.  You can still do well.  You just have to work a little harder and work a lot smarter than you did in the past.

Complaining about how tough things are will get you nowhere.

If you want to attract clients to your law firm you need to take action.  If you are confused about what action to take, give me a call:  305.692.5531.

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