I have a free money offer for you. It is a no strings offer and if you accept it you will receive free money every month for the remainder of your time in legal practice.
I know you have this free money available because in the last 15 years of running my law firm marketing consultancy I have never met a firm that doesn’t have it.
How much free money you have available to you depends on how bad you are currently.
That’s right, if you are bad you can have more free money. It doesn’t sound particularly fair, but it is true. The worse you are currently at turning new enquiries into new clients, the more opportunity you have to make more free money.
Let me tell you a stark truth. Even in the areas of conveyancing, an area which conveyancers tell me all of the time that their service can only ever be sold on price, I have a lot of clients that convert 8 out of every 10 enquiries into instructions. They don’t believe the nonsense that every other conveyancer tells themselves. What’s more, they are not selling their services cheaply, if that is what you were thinking. They generally sell at the top end of the spectrum.
How do they do this when everyone else just gives up when they hear the words “How much do you charge” to then just blurt out their fees and disbursements like a robot near the end of its mechanical existence?
First, they don’t answer that question immediately. How can they?
How can you answer a question of how much you charge before knowing all of the details of the transaction? I am not just talking about the value of the property either. I mean the real details. Why is the client moving? Where are they moving to? What are their timescales? What matters the most to them about this transaction?
You can only explain the value of YOUR services when you know what MATTERS to the client. Once you know that and then EXPLAIN why your service is ideally matched to your clients’ needs, then you win the instruction and price is not the determining factor.
The good news is that your competitors aren’t doing this – ever!
How do I know this? I have spent the last 15 years working with solicitors to improve their conversion skills (not selling skills). I have never worked with a firm that was brilliant at converting new enquiries into clients before working with me.
All of my clients came to me asking for more clients for their law firm. I realised that if I improved their conversion skills, they would have more clients for life without having to spend a penny more on marketing. Now in most cases my clients didn’t find this exciting, that is, until they saw what it meant to them financially.
If they were converting at the relatively low but very common figure of one in three, with 100 enquiries each month they were taking on 33 clients.
If I got them up to one in two, they had an additional 17 clients each month, which conservatively creates an additional £17,000 per month profit costs, or £204,000 per year.
Who doesn’t want that?
When you master the art of The Meaningful Conversation, you convert more enquiries into new instructions each and every month. I dedicate more than 20 pages to this topic in my book, The Law Firm Growth Formula – How smart solicitors attract more of the right clients at the right price to grow their law firm quickly.