Top lawyer warns that many law firms on brink of collapse
Yorkshire Post (03/09/13)
Dear Friend,
A friend of mine runs his own law firm in Manchester. I got to know him from the Latino club where he goes to dance Salsa.
When I first got to know him, he was working for another law firm. About a year after we met, he decided to open his own law firm.
When he established his firm, I noticed he went to the club once a quarter.
He did not even smile any longer.
He had completely lost his vibrancy.
Every time he enters the club obviously dragged there by his girlfriend, he looks like a man facing his moment of truth.
When I asked him the reason for his infrequency, he responded that he was constantly busy.
He explained that with all of the new legal regulations; the new insurance regulations and the introduction of the Alternative Business Structures (ABS), it is becoming increasingly difficult for law firms to generate incom and make profit.
When he informed me that he was contemplating opening his own firm. I advised him to take some business and marketing training.
There are two reasons I gave him this advice:
Firstly, I run a security firm. We provide security services to lots of office buildings around Manchester. Many of those buildings host law firms. I have noticed many of those firms constantly downsizing.
Secondly, when I started law firm marketing and consulting, I discover that most law firms are struggling because their owners and partners lack the ability to make the distinction between the profession and the business of law.
There is a difference!
The profession of law is the deliverables: defending the client, writing contract and briefs or representing the interest of the client.
The business of law is about three things:
- Operations: the deliverables
- Marketing: attracting and retaining clients
- Finance: knowing your numbers
Most lawyers are trained in the profession of law, therefore, even when they establish their own law firms, they tend to ignore the other aspects of running a legal business.
This was why I advised my friend to take some business training.
Attending law school does not automatically qualify you to run a legal business.
Just recognising this simple fact will save lots of entrepreneur lawyers the agony of working for less than the MINIMUM WAGE.
There are known and reliable principles for law firm business growth that when deployed properly in a practical way, can attract truckload of potential clients to your firm.
Those principles are the focus of: How To Effectively Market and Manage A Law Firm
Your will learn:
The Law Firm Business Growth Process
The three step law firm business growth process:
- Generating new client
- Increasing the volume per transaction
- Increasing the frequency with which those clients hire you
The Client Attraction Process
The three step effective client attraction process:
- Crafting an effective marketing message
- Identifying the right target market
- Selecting the right media through which to channel your marketing message
What You Must Know About Your Law Firm Marketing
The ultimate key to law firm marketing:
- Psychology
- Mathematics
The skill that brought you out of Egypt cannot take you to the Promise Land.
You cannot succeed as an entrepreneur lawyer with the skillset of an employee.
Learn the requisite skills and the process of growing your law firm from in: How To Effectively Market And Manage A Law Firm.
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