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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