How to Retain Clients When a Lawyer Retires: Plan for the Skill Gap
August 4th, 2017
A critical component of a law firm’s succession plan is to figure out how to retain the firm’s best clients when senior lawyers retire. Most law firms quickly jump to determine who in the firm is either ready to step up or ready to undertake proper mentoring and training to step up in the future. Before making this determination, however, it is important to ask several questions. ... Read More
The ‘Keep It Simple, Stupid’ Marketing Plan
July 17th, 2017
If you’ve searched the web for marketing plans, you’ve likely noticed that most so-called legal marketing experts recommend putting together a formal marketing plan. I suppose I fall into that camp — having a marketing plan is a necessity. But I am a contrarian in one key respect. ... Read More
10 Questions to Answer When Creating Your Law Firm Strategic Marketing Plan
May 12th, 2017
When putting together your law firm’s marketing plan as part of your business development and strategic planning efforts, don’t fall into the trap of simply doing what you did last year. Sure, that may be enough to keep the lights on for another year. But, don’t you want to achieve more for your firm? ... Read More
Categories: Business Development
Want to Avoid Ethics Complaints? Follow These Three Service Tenets for Satisfied Clients
April 7th, 2017
Unhappy clients often choose to file ethics complaints against their poor-performing lawyers. What leads to their unhappiness? It may come as a surprise, but most ethics complaints are not about incompetence. Instead, most complaints revolve around basic customer service expectations. They involve issues that, even without specific ethics rules in place, would make any reasonable person agree the lawyer should be disciplined. ... Read More
Categories: Legal Marketing Ethics
Succession Planning: Don’t Delay Identifying New Leaders
March 29th, 2017
I recently attended a CLE with approximately 25 other people. Two individuals introduced themselves as managing partners of their small law firms. Both were in their 60s and both indicated their firms had not yet identified logical successor candidates to lead when they retire. The situation these partners find themselves in is not unusual. ... Read More
Categories: Retirement/Succession
Appraising a Law Firm for a Buy-In: CPA’s Need Not Apply
February 23rd, 2017
You own a small law firm. For the first time, you want to make one of your associates a partial owner. But how do you determine the price of admission for the “buy-in?” ... Read More
Categories: Selling Your Practice
Email Networking Invitations: What Should You Say?
January 27th, 2017
Have you set your New Year’s resolutions for business yet? If yes, I hope that improved networking is on your list. And if no, make 2017 the year that you finally “up” your networking game. ... Read More
Categories: Business Development
Revenue v. Profits: Don’t Forget the Bottom Line
January 23rd, 2017
This lawyer fell into the trap that all-sized firms frequently do. They mistakenly believe the holy grail finance metric to be revenue. But if you ask anyone working in corporate America what the key finance metric is, you will hear one thing only: profitability. ... Read More
Categories: Business Development
A Rule of Thumb for Valuing a Law Practice Is Not to Use the Rule of Thumb
December 7th, 2016
Solo practitioners and small law firm owners wanting to know what their practices are worth frequently rely on the “rule of thumb” valuation method. The choice is an easy one to make, because the method is simple; even lawyers who can barely read a balance sheet or a profit and loss statement can understand it. ... Read More
Categories: Selling Your Practice
Successful Networkers Follow Up
August 22nd, 2016
In my last post, I talked about meeting new contacts at large networking events. Just as a quick reminder, if you think that by simply meeting people at these events, it will lead to business, think again. It will not. You need to follow up with the ones who seem to be worth following up with. You have merely started a relationship at the event. Following up develops the type of relationship necessary to bring in new business. Now that you have these new business cards, here are the next steps: Put the names and contact information in some type of system so you know who they are, what they do and how you met them. Doesn’t have to be a fancy software solution. It just has be one where it can be relatively easy to access information about your contacts. When you reach out to a new contact, use all of the information you have to help them remember you. They likely met dozens of other people that day – make sure they know who you are. Send a LinkedIn invite. Personally, I think LinkedIn is way overrated as a business development tool, but many of those who you meet may expect it, so why not? Especially since it takes little time or effort to do so. Get out your calendar and try to schedule some coffee or lunch meetings. That is the type of setting where you can really start developing the relationship. Listen for opportunities for you to help them. People love to reciprocate, and if you can do them a favor, they are more likely to do one for you. Remember, networking is only as successful as the networker makes it. Shaking a dozen hands won’t do you any good – you need to follow up and build relationships with the new people you meet. Only after that, will your phone start to ring from new clients. Read More
Categories: Business Development