The Number Every Consultant Solicitor Must Know.

If you are a consultant solicitor, there is one number that you absolutely must know and keep on top of every month. It is different from the number you were ruled by when you were a mere fee earner.

The Number Every Consultant Solicitor Must Know

Remember what that number was that you needed to know every month when you were an employed fee earner?

Your billing total.

What would happen if you didn’t hit the target? Well, you might hear from the accounts department or your managing partner if you didn’t hit it.

I remember the days:

“Jervis, you are £5,000 short, get billing!”

“But I billed £20,000 over last month Anthony.”

“I don’t care. I need that £5,000 this month or else.”

Did you have the same managing partner as me?

Well, I have some good news for you now that you are a consultant.

Your billing target is absolutely, totally, irrelevant.

Don’t worry. I have not gone mad. I know that money makes the world go around.

The point I am making is that there is a much more important number that you absolutely must know and live by now that you are a consultant.

“How many files do you need to open every month?”

You see, if your average bill is £1,000 and you want to bill £12,000 a month, you know that you need 12 files every month to get this sum rolling in consistently.

Open 6 files and you will never hit this target. Open 15 and allow for some drop off and you will hit it.

What is your number?

Are you on target this month?

If you are one third through the month and 10 new files a month is your number, you must have opened 3 new files at least. Half way through, at least 5. Have you done so? If not, what are you going to do to make that happen?

Every consultant solicitor must know their number and they must live and die by it – because financially that is what is going to happen.

Know your number and set reminders every week to ensure that you are hitting it or preferably exceeding it.

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Legal Marketing Services

Case Study

From biggest fee earner to no fee earning whilst doubling turnover

I’d been looking for somebody to help me with marketing for a while, and I came across Nick on Google.

That was three years ago, and in that time it’s fair to say that he’s had a massive impact on my business, and my life as a result.

In the early days, my goal was simple and specific: increase the turnover of the business so that I could take more money out of the business.

I had an amount in mind, and I expected it to take years to get there, but when I achieved it in just six months, it began to dawn on me that this guy really knew what he was talking about.

As a result of that early success, and with Nick’s help, I realised that my expectations were too low, and what I could actually achieve, with the right thinking and guidance, was far beyond what I’d ever imagined.

What Nick saw – and what he made me see – was that my business had fantastic potential, but to realise that potential, things needed to change.

Even before Nick got involved, we were getting a decent volume of leads, but it was what was happening to the leads that was the problem.

We weren’t tracking them, there was no process in place and to top it all off, we didn’t have a clear pricing structure, which meant that we were nowhere near as profitable as we could be.

And that’s where Nick came into his own. He built us a bespoke lead generation and sales process, and the results were staggering.

We pretty much doubled our turnover, allowing me to build a four-person sales and marketing team that gets us more leads and more sales.

Of course, Nick’s Google Adwords expertise has been a key part of our growth, and today it’s a hugely profitable marketing pillar for us.

But regardless of the medias or mechanisms we’ve used to grow over the last three years, it’s been Nick’s rock solid marketing plan that underpins it all.

He’s stopped me trying this and that, and got me to focus on the things that’ll have the biggest impact on the business.

And I think there’s a lot more to come – we still haven’t implemented everything that Nick has given us to do, and when we do, I reckon we’ve got around another £250,000 of revenue per year to add to our figures.

And it’s not just the business that’s seen a transformation – it’s been a personal transformation too.

When Nick first got involved, I was the biggest fee earner, and consequently I was reluctant to stop getting involved in cases.

Nick eventually made me see that if I was serious about growing this business, that needed to change and as time has gone on I’ve taken on less and less work – now I don’t do any of it.

And I only wish I’d done it earlier, because the result has been me having more time to build the business, and spending time with the people that are important to me.

Not only that, but the business is stronger, because it’s much less dependent on me.

Nick was right about that one, as he has been about pretty much everything else – it pains me to say it, but it’s true!

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