5 Ways Law Firms Waste Money
“You have to spend money to make money.” That’s a well-known saying and there’s a lot of truth to it. I’ve worked with law firms for MANY years and I see these same 5 mistakes over and over. All of these mistakes start out as good intentions, but the good intentions never make it through to full implementation which results in a losing investment. The list is shared with you to help you avoid, or correct, your good intentions gone wrong.
1. Hire a great receptionist, but never train him to close the deal
You place ads or hire recruiters to find the best candidates. You take your valuable time reading resumes and interviewing them. You bring the best candidate on-board paying a competitive salary and benefits. Good job! You did all of the right things. But, if you fail to train him to “close the deal” with prospects who call your office, you might as well toss all of that money and time spent out of the window! Your receptionist, or whoever answers your phone, should be fully trained to be able to talk to prospects and convince them to make an appointment with you. Make sure that this person understands your ideal client’s pain points and can describe how you can help them. Good customer service is great, but being able to talk about your services and persuade them to make an appointment is invaluable.
2. Not following up on workshops, seminars or presentations
This one really causes me pain. I know that workshops and presentations take a lot of time and effort. Finding the presentation and workshop opportunities, advertising the event, the costs of the workshop such as food or hand-outs, not to mention the time it takes for you to prepare, is really expensive! So many lawyers bring a list of names back to the office and hope they’ll call the office and make appointments. You stopped short of what you need to do to get the best bang for your buck. It is critical that you follow-up with these people. They are obviously interested in your services or they wouldn’t have taken their time to attend your event. For whatever reason, many people will still drag their feet about calling your office to schedule a time to see you. You need to properly finish this process with a well thought out follow up plan. You might schedule a series of calls or you might choose to follow up via email or snail mail. Or better yet, do both!
3. Not using CRM properly
Customer Relationship Management (CRM) systems can be pricey. Make sure that you are taking full advantage of your system. It’s easy to use CRM for contact management, but you need to use the powerful tools many of them have that can automate your practice management activities as well as your follow up activities. Setting up a CRM and the automated systems takes time, but you really aren’t getting your money’s worth if you invest in one and don’t take the time to use it to its fullest extent.
4. Advertising with brochure ads
Advertising takes money. You need to spend money on a designer who will create your ad and then the fees of the publication to place the ad. Advertising can reap great rewards, but only if you have a fully developed strategy. Many law firms pay big bucks to place ads, but the ads are just all wrong. If you have an ad that only provides your name, contact information and a list of services you provide, you are wasting your money. Before you do anything else, develop your marketing strategy and make sure it includes non-threatening ways for them to take another step toward you. For example, you could create a free report and offer that through your ad. They are more likely to go to your website and download a report than to call your office right after seeing the ad. When they download the free report, make sure to collect their email address and other contact information so that you can follow up with them.
5. Learn tips and not implement
With the power of the internet, you now have scads of great law firm marketing tips at your fingertips. If you follow this blog, you know that I provide tons of tips and tricks that you can easily implement. If you haven’t already, sign up for our 21-Day Marketing Bootcamp and you’ll see what I mean. But, don’t just stop at reading – implement! Take steps, even small ones, every day to grow or tweak your marketing. Don’t just learn it, DO it!
If you would like to learn more about legal marketing AND be held accountable for taking those consistent steps to implement, check out our Inner Circle Accountability and Private Group Coaching Program. In fact, here is a coupon that will discount the month fee to $97 – just enter SAVE at check out.Our group is lively and fun and best of all, I will hold you and your team accountable each month to achieve consistent and measurable growth. This is the perfect group for you if you need help and encouragement to get things going and keep them going.