Ed offers 5 ways to increase your law firm’s revenue.
1. Emphasize collections.
2. Hire lateral lawyers to meet specific demands, a new practice area, a new need.
3. Leverage technology.
4. Create a cooperative compensation model that emphasizes the law firm as an institution.
5. Outsource functions that are better done by others. Delegate.
Yesterday, one of the attendees at the Kansas City Metropolitan Bar Association suggested that increased competition was the largest challenge facing lawyers. He said that more lawyers are using television as a major promotional venue … and it’s very difficult to compete against. These are not just the lawyers on late night, early morning spot ads. But, rather, lawyers throughout the day and in a variety of practice areas.
Television advertising is an important marketing tool for many lawyers. It has become more important for some, despite the increasing importance of the internet.
One way to address these competitors is to focus on existing clients. Bond with existing clients, serve them in ways that creates loyalty, and have these very same clients be your advocates with others.
In such a case, you don’t need television. You won’t have competitors! You will be in your own bubble, growing your revenue and growing your profitability with clients who continue to return and who refer others to you.