Will Your Law Firm Survive This Year?
We are in the middle of a financial hurricane. As I was reading a legal newsletter the other day, I was once again reminded of this scary thought. It seems like every other month, more law firms are closing and more attorneys are losing their jobs.
The financial state of this country affects all professions, including lawyers. Because of this, you’ve got to put your “A” game on more than ever. What do I mean?
I don’t mean you’ve got to win more cases, write better motions or appeals, and be more assertive in court. These are all bare requirements to merely survive as a lawyer. They are expected of you, after all.
To make your Law Firm truly thrive and be on its “A” game right now, you’ve got to think outside the box, be innovative and creative, and set yourself apart from the competition.
How do you do this?
Here are 3 key activities you should be doing to make sure your law firm thrives this year. Each of them focuses on one aspect of client development and rainmaking. You should be doing these things with a specific action plan, set timelines, and measurable goals in mind.
Networking. Networking gains you referrals. The key benefit to networking is growing your list of contacts. While growing your list of contacts, you are also included in more of others’ list of contacts. This increases your chances of getting referrals AND of building strategic alliances with other lawyers and professionals. Plus, it expands your social circle, allows you to make more friends, and can be a very nice change from sitting in front of your desk all day!
Public Relations.Public relations gains you exposure. It places you and your Law Firm in front of large groups of people. If done properly, this can be an incredibly profitable activity with a huge return on investment. Applying very easy strategies, you can become the “go to” expert in your field of law and have the media coming to you. However, you should have a very concrete and clear understanding of your target market and audience before you invest time and money into publicity.
Writing.Writing articles gains you credibility and authority in your subject matter. Writing articles in newspapers, magazines, and newsletters is absolutely free. This is the best return on investment you can ask for. You get to be published in print media, put your name and legal practice in front of the eyes of thousands of people, hone your knowledge of your legal field, and create an expert status for yourself. You provide informative material to the readers that need it and become an authority in your field. It’s a win-win situation for everyone involved!
These are all just a few of the basic techniques that successful business owners apply on a regular basis. Yet, they are new to many lawyers, as they are generally not taught in law school. Still, they are easy techniques to learn (much easier than the Bar exam you had to pass), and absolutely essential to the success of your Firm. These are the things that you can do to make sure your law firm doesn’t just survive this year. Do these things and make your law practice thrive!