IS YOUR MINDSET HOLDING YOU BACK FROM GROWING YOUR LAW PRACTICE
A common desire for most lawyers is to have more clients and more revenue –sounds great! Before looking at how to maximize revenue in your practice, I recommend you look at your overall revenue versus your actual profit, which can be the difference between a thriving practice and one that is ‘getting by’. All too often, practices strive to do everything they can to generate higher revenues. This may include marketing campaigns, flashy ads, more team members, a bigger office, or other similar classic campaigns. Yet, at the end of the day, profit is lacking. If this has happened to you, you are not alone. In fact, this was made painstakingly clear for many practices throughout the current pandemic, resulting in additional stress and negative outcomes. Here are two simple ways you can think differently with regards to technology and how to grow your firm’s profitable revenue:
1. Go after the under -40-year-old market! Historically this has been a very unprofitable segment, so attorneys have stayed clear. The fees were modest, and the work was manual. Today this segment wants a digital experience, human interactions provided as the exception, not the standard, and long-lasting relation-ships with service providers. With advancements in technology, information intake, client education, and the ability for legal document creation to be fully automated, are you currently completely automated? What does removing the administration, education and drafting do to the profitability of your revenue? Lastly, what is the value to your firm of a happy loyal client to that you can provide services to for the next 40 years?. Make sure your technology is working for you!
2. Large group plans This is another area that has been unattractive for attorneys; why deal with 100s of people that are only going to pay a few hundred dollars each? It won’t be profitable and it will be an administrative nightmare, so it never made sense to approach. Today going after larger groups haves never been more attractive, so long as you have the right technology to support the practice. We have seen clients deliver final Wills for entire police forces and fire departments in weeks, or POAs for graduating high school classes going off to college in weeks, with all interactions being digital. Law firms have embraced such opportunities for the ability to earn profitable revenue, provide a needed service to their community and market this brand. Would you also like 100’s of happy clients that you can add to you marketing funnel for future work and referrals?
In summary, thinking different about your clients, market dynamics and how leveraging technology can dramatically change your firms’ opportunities can start to set you apart from others. Finding profitable revenue is a marathon, not a sprint, and delivering your services with the technology now available to you can put your firm on the growth trajectory you’ve been looking for.
To learn more please contact Enrico Linscheer from LegalGEN.
CEO of LegalGEN
A Legaltech platform helping attorneys serve their communities.