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No matter how great your legal marketing is, there are only three ways to grow your income. We call these three profit opportunities.
The three profit opportunities are:
That’s all there is to it. If you want to grow your income as a lawyer your legal marketing must focus on these three aspects of your practice.
Let’s examine each of these opportunities.
Attract More Clients
This profit opportunity should come as no surprise to anyone. Attracting new clients is essential to the success of a law firm and it is the focal point of any legal marketing plan. The most important elements of new client attraction are:
To the uninitiated, this can be complicated. But if you do your homework and you really understand your target audience, this process can be easier than you think.
Since most attorneys are constantly under time pressure, systems must be created to automate much of the new client attraction. These systems must be step-by-step guides that can be executed with proficiency by every member of your team.
Do More Work For Existing Clients
This profit opportunity is about deepening the relationship you have with your clients. If you build up the amount of trust your clients have in you, they will call you when they need additional assistance. Just remember to stay in touch with them and remind them how much you care.
Raise Your Fees
This is the most basic profit opportunity. Charge more for doing the same work. You can raise your fees only with new clients as you on-board them or, for an instant profit boost, you can implement an annual fee review (and increase) with existing clients.
The biggest barrier to ceasing upon this opportunity is psychological. That’s right. This barrier is directly between your ears.
Conduct A Profit Review
Take a few minutes during the next couple of weeks and look through your client roster. Identify any immediate opportunity to source new work (from within the client base) and identify any immediate opportunity to raise fees.
The take some time and formulate a legal marketing plan that will help you capture new clients with low personal labor intensity.
Once you understand the dynamics of law firm income and profit, you can implement a great legal marketing plan to help you reach your goals.