Legal Marketing Secrets

Every Law Firm Employee Should be Marketing

The layoffs and de-equitization won't stop.

It's ugly out there. White & Case recently announced it was laying off 200 associates and 200 staff; Morgan Lewis (55 attorneys and 161 staff); and K&L Gates (36 associates and 79 staff).  White & Case has signaled that partners will soon be showed the door. According to the WSJ Blog,

in a memo circulated today, the firm says it expects to undertake: An evaluation of our partnership, which will result in a reduction in the number of our partners, commensurate with current and anticipated business needs.

In this economy, every employee must become a salesperson. You can't afford to have anyone on staff who isn't doing some marketing effort. Secretaries, associates, paralegals and other support staff should be incented to form and cement relationships with clients, encouraging current clients to refer more, or unearthing new opportunities.  Even receptionists can have a sales attitude. When trained and incented, these people can become solid lead generators.

But how do you turn someone who doesn't have a sales personality into one who seeks out and seizes sales possibilities?

Start by developing a meaningful reward system and give them the knowledge and skills to take the plunge.

Training and rewards is the key.

Black Thursday...Disaster or Opportunity?

Law.com reported that yesterday February 12, 2009, six prominent firms sent more than 700 attorneys and legal staffers packing, in what may well become known as Black Thursday in the legal industry. 

Lessons learned from some of the hundreds of law firm associates who have been dismissed during the past six months, are that jobs are scarce and competition for openings is fierce.

However, some practice areas are still hot in this cold economy especially litigation, bankruptcy, foreclosures, corporate securities and patent proceedings.

I can tell you from running a couple businesses, there are basically two ways to grow.

Either you take market share from competitors or you create a new market.

Adding to certain practice areas may make sense today, but this is not the optimal time to grow new markets.  It's expensive and risky.

However, with so much fear and anxiety in the market, this is an excellent time to take market share away from competitors.

And, the flat out best way to accomplish this is to provide better service. Whether it pertains to billing, added services, or just anticipating clients needs better, this crazy market can represent an unbelievable opportunity for you.

The Phone is Your Best Marketing Tool

The economic situation is very serious.  With layoffs increasing, sales and profits depressed, and global turmoil, it's clear that this deleveraging is going to take some time.  Since you're probably reluctant to spend any serious money on marketing your law practice...why not just pick up the phone?

You don't need fancy software, a flash website or sophisticated equipment to make money. You can do extremely well with a legal pad, your rolodex, and a telephone.  Call your clients, friends, network and everyone you know just to say hello and ask them how they're doing.  Then listen carefully...really carefully and you'll pick up some ideas as to how you can help them in this difficult time.  People are fearful and as a lawyer, it's a perfect time to show you care and are there to help...in any way you can.

While you're at it, update their email and cell number to get them into your electronic database.  No doubt you'll hear something that requires a legal solution.  Then you can provide a solution to them even before they asked.

Your phone and an empathic ear is all you need to market your practice.

Business Development is a Priority to Counter the Downturn

Lawyers and law firms are suffering.  Law firm layoffs, de-equitization of partners, revenues and profits depressed, law firms closing, increased competition, and commoditization of legal services are all putting increased demands and pressures on firms and hitting the profession like never before.  It's clear that law firms are not immune to the current downturn. 

Just a few weeks ago, the Wall Street Journal Law Blog predicted that in 2008 many lawyers will be lucky to meet last year’s revenues.  The 2008 Hildebrandt Client Advisory summed it up accurately when they said: “The competition to win and keep clients is intensifying notwithstanding the downturn”.

Besides costs cutting and other belt tightening measures, the only thing that will help is to be able to continue to get and keep profitable clients.  The lawyers that have a profitable book are not being fired or de-equitized!

It’s difficult to find an instance where someone with a substantial book of business didn’t remain an equity partner and command a high salary, as well as being in total control of the economic events currently taking place.

Make business development a priority for 2009 and see for yourself.

Happy Holidays.

Legal Marketing During The (Recessionary) Holidays

Everyone is being adversely affected by these difficult times.  Whether it's real or being driven by fear, the fact is that for many people the downturn is causing a lot of stress and anxiety.

This holiday season is a perfect time to show how you're concerned about your client. 

So, forget about the boring and traditional holiday cards, and send something warm, yummy, and comforting.  You know what your clients like...just make it memorable. 

And then follow-up with a call...not an email... and ask them how they're doing... and just listen.  You'll get a lot of new ideas on how you can help them and serve them better in the coming year.  That's real marketing.

Happy holidays!

Law Firm Layoffs...The Personal Imperative

Hardly a day goes by that you don't hear of layoffs at law firms.  The American Lawyer and its sibling publications presented coverage listing layoffs at some of the biggest national firms.  You can review the article at: http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1202425647706.

It's very sad, as I suspect that many of these people have high expenses, kids in college or may be caring for older parents.  It is unfortunate and, in many ways, unfair. The rules seemed to change quickly.  One has to wonder what would have happened if, over the past few years, they would have spent more time "marketing" their services and thinking more like an entrepreneur? 

Two things are certain: (i) they would have not been laid off; or (ii) if they were, they would be able to find a home quickly or open their own office.  It’s impossible to find an instance where someone with a substantial book of business didn’t remain an equity partner, command a high salary, and be in total control of their future.

In the current downturn, more than ever, it pays to put in place a strategy for effective client development.  It not only represents the key to your professional survival, but also unlocks the door to your overall wealth, happiness and success as a lawyer.

Dangerous Trends for Lawyers, And How to Overcome Them

The Legal Intelligencer and Pennsylvania Law Weekly will host “The Five Most Dangerous Business Trends Facing Lawyers Today…and How to Overcome Them” on November 5, 2008 from 8:30 am – 12:00 p.m. at The Hub Cira Centre, 2929 Arch Street, Philadelphia, PA 19106.

Cole Silver, Esq. will moderate a distinguished legal panel featuring Gina Rubel, Esquire, President of Furia Rubel Communications, Inc., Robert Denney, President of RDA Associates, Inc., Stacy Clark, Esquire, President of Stacy Clark Marketing, LLC, James Rohn, Esquire, Chairman of Conrad O’Brien, and Harlan Schillinger, Vice President of Network Affiliates.

You get 3 CLE credits and a wealth of information to not only weather the current storm but how to prosper!

The program is $175 per person or group rates of 10 is $1,600. Advance registration is required.

For more information, go to http://www.palawweekly.com/plw_net/business_trends/default.aspx

Marketing in a Slowing Economy

It surely is a crazy world right now. Every Monday morning we are waking up to another financial powerhouse biting the dust.  While the government tries to stop the bleeding, the fact is no one really knows how deep or serious the problems are.

With respect to your practice, it probably makes sense to be a bit proactive and put in place some sort of contingency plans.  For example:

1.  Review your practice areas and get a clear picture as to each area’s strengths and weaknesses;
2.  Look for new areas of practice to supplement your current practice;
3.  Put in place a marketing “system” that works on autopilot;
4.  Train your administrative help and associates on marketing;
5.  Call your current clients and see how you can help them weather the storm;
6.  Network with other lawyers to form joint ventures for increased referrals; and
7.  Continue to execute more efficient ways to do business.

Some firms are cutting their marketing expenses due to the slowdown viewing them as “overhead”.  Don't make this mistake.  Now is the best time to do more marketing because when the tide changes, clients will remember you were there for them.

 

Most Lawyers are Miserable…But You Don’t Have to Be One of Them!

            The Wall Street Journal reported that “Partnership is No Longer a Tenured Position” as partners who fail to maintain rich client lists and revenues are being demoted, fired or “de-equitized”.  And a YouGov survey for The Lawyer Magazine reported that almost a quarter of lawyers want to leave the profession because of stress, lack of career prospects and long hours, confirming widespread dissatisfaction with the work-life balance in law, despite record levels of pay.

            Sure, you could take a government or non-profit job and fight to address an injustice you’re passionate about.  But for those of us that are highly attached to a comfortable standard of living and don’t relish the thought of eating macaroni and cheese 4 nights a week, let me offer another suggestion. 

 

Create a career by design by putting in place a client development and retention plan that is uniquely tied to what you want to do, where you want to do it and whom you want to serve. It may be hard to believe that one little aspect of your business can change your life that much, but let me assure you that marketing boils down to one word.  CONTROL!  When you can easily obtain and retain profitable clients, you can make more money, at any point in the economic cycle. And when you know you can make money, you have achieved complete control of the game.  And total control equals total peace. It's that simple.

           

            The ironic thing though about client development is that it could be the very activity that brings many attorneys back to the enjoyment of practicing law. The development of deep and rewarding client relationships, which are in alignment with your passions and interests, offers a solution for a less stressful, freedom-driven, and purposeful career as a lawyer.  Done the right way, marketing your legal services can represent an opportunity to unlock your career happiness.  When client development is approached as serving more clients, solving more problems and helping more people, it not only becomes more financially rewarding but also emotionally satisfying. 

The Best Business Card You Can Have

I have no doubt you have a book inside you just waiting to be written. While you may not make it on Oprah Winfrey, writing a book is the number one way to become recognized as an expert.  The problem is...who has the time?  Well, instead of a normal and customary book...how about a "tips booklet". 

A tips booklet is shorter, faster, and easier than writing an entire book. A single tips booklet manuscript can be recycled over and over again, developing a new income stream with each deal you make. The booklet can be distilled from a book you've already written, a newsletter you distribute, or from sound bites you continually share with clients, audiences and anyone who will listen.

Since you're a reservoir of knowledge, choose a subject that you know you’re target group is interested in and one which addresses a question or issues they frequently ask about.  Your romance or spy novel can wait. Then just begin. If you think it’s hard to start, just keep jotting down notes every time something occurs to you that could fit into your booklet.

If you want some professional help, I strongly suggest you contact Paulette Ensign at http://www.tipsbooklets.com or call her at 858-481-0890.  She's been helping professionals put together tips booklets for marketing and additional revenue purposes for a long time and can help you do it all. 

Just imagine the powerful impression you would make when you send your tips booklet to prospects, the media, and clients that specially addresses an issue that helps them. Instead a giving someone a boring business card…offer them your booklet. 

Call Paulette and discover the endless possibilities!