How To Tell If Your Law Firm Business Model Is Broken

I have had quite a few chats with solicitors over the years during which I discover that their business model is broken.

They don’t use these words, but I soon discover that this is the truth of the matter.

The conversation usually goes something like this:

“Nick, I don’t need any more clients. I don’t have enough hours in the day for the ones I already have.”

That is fantastic”, I reply. “So things are going really well for you and you have a continuing supply of new enquiries and are making really good profits then?”

“Oh no, I am working six or seven days a week and I am barely breaking even.”

“Oh no. Would you like me to tell you how to fix that then?”

“I would love you to!”

“Start by putting your prices up.”

“Oh no, it’s not that simple Nick. I can’t do that; I would lose all of my clients.”

It really can and is that simple; well almost.How To Tell If Your Law Firm Business Model Is Broken

If we have learned anything from this dreadful pandemic, it is a reminder that time and life are precious. We need to make the most of every second of every minute of every hour of every day.

When you automate or outsource your marketing so that it produces a steady and consistent flow of ‘the right types of’ new client instructions (not just anyone who will say yes to your cheapest rate), you can dramatically increase your profits and your time away from your law firm.

The key thing is to:

  • Have two or three automated marketing tactics working for you day and night to drive prospects to your website.
  • Ensure that your website pre-sells your expertise so that when your prospect has that first conversation with you, they know you are not going to be the cheapest, but that you are going to be one of the best.
  • Hold the Meaningful Conversation with your prospect, so that you get to the ‘nitty gritty’ of their challenges and concerns and explain why you are the best solicitor for their needs. This is Blueprint 2 inside the Marketing4Solicitors
  • Follow up in the right way to land more instructions.

When you put these practices in place, you can charge a proper price for your services, reclaim your weekends and generally have a lot more fun.

I have worked with conveyancing solicitors, possibly the most commoditised legal service in the country, and they have successfully done this, so it works for all legal services.

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Case Study

Now I’ve got eight staff and two offices, and we’ve never been busier.

I’ve been working with Nick for the last six years, and in that time he’s had a significant impact on my business.

We first start working together when I worked at an employment law practice, and when I left there to set up on my own, Nick was one of the first people I called.

I knew that one of the key pieces to get right was the website – in this day and age it’s impossible to run a successful firm without one – and with Nick’s advice, help and guidance, we created our own marketing-focused site that has proven to be the backbone of all the sales and marketing that has followed.

But a good website means nothing unless people see it, and that’s why we turned to Nick to run our Google Adwords, which quickly became a primary source of leads.

In addition to running the traffic, Nick held our hand through every element of the client attraction process, from how to communicate with leads, to how to close sales, and the impact that had on our business cannot be understated.

And that’s why I will always recommend Nick to anyone who needs help with marketing – particularly legal firms: his breadth of knowledge about everything to do with sales and marketing means that he can (and does) help with every part of the picture, resulting in a stronger business than you could have imagined.

Since we’ve been working with Nick, we’ve grown quickly – back in 2013 it was just myself and my wife, and she was part-time.

Now I’ve got eight staff and two offices, and we’ve never been busier.

And if our lead numbers are anything to go by, it’s only going to get better – 2015-2016 saw us get 800 good quality leads in employment law, and that figure more than doubled last year. I can only look forward to more exciting times, working hand-in-hand with Nick to grow my practice and enjoy the fruits that come with that growth.