The Ultimate Step By Step Guide To Growing Your Law Firm
There will be two types of attorneys in the near future.
The first will embrace the future and grow their law firm.
The second will initially stay stagnant, and then slowly fall behind.
As technology and methods of acquiring clients moves forward, the lawyers who embrace it will quickly have a distinct advantage.
After helping over 550 law firms grow, 1.5 million leads in various areas, and 5,000 marketing tests, we tend to keep our finger on the pulse.
And what makes a law firm grow today is completely different to ten years ago.
While you are reading this article there are ‘Super Attorneys’ out there who are making use of these growth strategies.
Although, to the outside world, these super attorneys seem to be ‘lucky’ or ‘clever’, the truth is very different.
Each of these steps is simple and have been thoroughly tested and planned by pioneers in the industry.
There isn’t any guesswork involved. You simply implement the steps outlined, the very same steps the super attorneys have taken, and see the results.
Even though it is simple, very few attorneys are willing to make the small adjustments required to reach the next level in service and income.
That’s the good news. The attorneys who act now will quickly jump to the front of the pack, while other attorneys dither and hesitate.
There are only two ways to grow your law firm:
Get more income from your existing leads and clients.
Get new fresh leads calling your office every week.
We’ll be exploring both.
So here, with all the dogmatism of brevity, are the steps you can take to copy these super attorneys.
PHASE A: How To Get More Income From Existing Leads & Clients Without Raising Your Fees
I know, that’s a pretty big and bold claim. So I am going to invite you to be skeptical.
Read every single word in this guide and see whether or not you can prove my claim wrong. It’ll be very hard to poke holes in these strategies, but I invite you to try.
There are several ways to achieve this, the first being:
Step #1: Make Your Services More Affordable & Get Your Full Retainer Up Front With Financing For Legal Clients
In the early 1900s only the very rich had cars. They were expensive to buy, and even more expensive to maintain. Therefore, only 1% of Americans owned a vehicle.
Today there are 253 million cars on the road in America.
This was made possible via financing.
The firms who offered it grew fat and rich.
The firms who didn’t, withered and died.
Americans now use financing for everything from vacations to furniture.
The legal industry was late to the party. Very late.
Mostly because the Bar Association prohibits attorneys from forcing clients to pay their fees.
When you finance a car, and you don’t make your payments, the car gets taken away and your credit score gets ruined.
Attorneys don’t have any of those options. When you extend terms, you simply have to hope and pray that clients make good on their promises.
This was a problem for a long time, and lawyers up and down America have suffered.
For example. In 1988 the average attorney took home $70,747 per year in today’s money.
And by 2012 that figure had dropped down to $49,130.
It won’t get any better either.
According to a Delloitte Insight report, 100,000 attorneys will lose their jobs over the next few years.
This slow decline in earnings has not gone unnoticed by the super attorneys.
And a dramatic solution, like that of the car industry, was needed.
As it turns out, like all great solutions, this is a simple one.
Instead of offering financing to legal clients, we could offer a way for them to get a normal loan, then ask them to pay your fees up front.
The loan will be independent of the attorney. The client can spend it on whatever they like.
Therefore, the loan technically has nothing to do with the attorney.
You don’t need to chase up payments, you got paid all up front.
Just like getting a loan for a vacation or a couch, clients can now get finance to cover their legal fees.
You, the attorney, gets all the cash up front, and the client pays affordable monthly instalments. And all of it complies with bar rules.
A win-win for everyone.
Attorneys that have deployed this financing strategy have already started to pull ahead of the pack.
The cash flow in their firm has improved dramatically. Some have even increased their fees without losing a single client.
Increasing your fees by 20% could simply mean an additional $25 per month to the client in financing costs. Something they tend not to flinch at.
One dramatic shift has been the savings this has brought astute attorneys.
Not only will your income and cash flow increase, but you will save several thousands of dollars per year according to law firms who are using financing.
The average law office spends 14 hours chasing up clients who have been offered conventional ‘terms’.
By offering financing that is independent of your law office, you do not need to follow up for payments. That is all handled by the financing company.
Therefore, you can save hundreds of staff hours per year by widely deploying financing in your law firm.
This saves thousands, if not tens of thousands.
The third and final surprising benefit arises from the fact that closing a client becomes dramatically easier.
Let’s say someone walks into your law office and needs $5,000 of services.
They can’t afford it, so you offer them terms.
“Pay $2,500 up front, and the rest on a monthly plan”.
How many times have you heard the client say, “I have to think about it”.
Or “I still can’t afford it?”
Now imagine this scenario:
“It is $5,000, however we have a financing option available, would you like to see what your monthly instalments will be?”
You simply fill out the form and it checks whether or not they will qualify for a loan BEFORE applying for it.
The client then sees a repayment option of $175 per month.
How much easier do you believe it is to acquire a new client by asking for $175 initial payment, than asking for $5,000, or even $2,000?
That’s why attorneys who deploy financing spend MUCH less time convincing potential clients than usual.
To summarize, there are three main benefits you will experience.
You increase your income, because more clients will pay you up front instead of needing to offer ‘terms’.
You save money, because you do not need to pay staff to keep on top of delinquent clients.
You save time, because clients are used to financing. You do not need to hammer out complex deals with them.
Like I said at the start of this article, while you are reading the very words on this page, attorneys up and down the country are growing. Without needing to work more, and without pissing off their clients.
In the past, an unhappy client will simply go wild and post negative reviews about you online.
With this review system you have a chance to address it BEFORE it goes out to the world. 9 times out of 10, the unhappy client won’t post anything at all on other websites if it is controlled in this way.
Step #2: Rapidly Get New Clients Using The Infamous ‘Problem First Advertising’ That Almost All Super Attorneys Use
About 6 months ago I sat with an attorney from Portland, Oregon.
“Advertising doesn’t work”, he said.
“Yes, you are absolutely correct”, I replied.
“So there’s no point doing it!” he continued.
“Correct, there is no point”, I said.
“Wait, but don’t you do advertising on behalf of attorneys?”
He was right. Advertising, in general, is pointless. And of course, my team successfully run thousands of ads for attorneys across the country.
How is that possible?
Most advertising firms treat law offices like they do their other clients.
However, your law office is NOT the same as a normal business.
And therefore, normal advertising will NOT work for you.
Normal businesses cater to people’s desires.
People desire coffee, flat screen TVs, vacations, cars, houses, new clothes etc.
Like it or not, but nobody has a burning desire to hire an attorney.
In fact, the only reason people hire an attorney is because they have a problem that needs solving.
Nobody sane desires to have problems.
Yet, you are there to solve them. To you it is just another day in the office, but to your client it may be the worst ordeal they’ve ever gone through.
Most advertising does not consider any of this. Usually they’ll say something like this:
“At ABC Partners we’ve got a combined experience of 30 years, right here in XYZ county. Come to our office today.”
“We practice family, commercial, and criminal law. If you are in need of help, we’re here for you.”
Those kind of ads are not about the client’s problem. In fact, they have absolutely nothing to do with the client at all.
They are all about the attorney.
Let’s flip it around and see what some of the most profitable attorneys in the country would do (I know because I do it for them).
Rapidly Take Complete Control Of Your Divorce Case Get your FREE 1-1 consultation now so that you can get the best possible outcome for your divorce.
This headline speaks directly the problem that the client is facing in that moment.
Your reputation, your experience, and your location comes after that initial headline.
Clients first want to know that you can solve their problem, before looking at anything else.
The more specific you are, the better it’ll be. Here’s another example.
Rapidly Get Help With Your DUI Today We’ll tell you exactly what to do next to get the best possible outcome. The quicker you get in front of the charge, the better your chances of getting out of it. So call us right now for a free consultation.
You can use that ad inside of Facebook, Google, Twitter, even T.V. and newspapers.