how to grow business as a lawyer

^{6 business development ideas for law firms}

1. Commit to attend a certain number of networking events per year. Goals are easier to achieve if they are concrete. ...
2. Write or speak to demonstrate authority within your practice area. Are you an expert in your field? ...
3. Hire additional associates and take on a higher caseload. If you are lucky enough to be turning down cases, is that actually what you should be doing? ...
4. Cross-sell other law firm services to current clients. Consider the following scenario: A divorcee who needs a new estate plan. ...
Expand to a new geographic market. A survey by iLawyerMarketing found that 75% of consumers won’t travel more than 30 miles to an attorney.
Brainstorm new referral sources. To find new referral sources, think about providing a discount to a local union or church congregation.

How do I Grow my law firm?

Much of law firm growth boils down to strategic delegation, so start by coming up with a system to facilitate growth and prioritize marketing to bring in new clients. Nurture your client relationships, and be proactive and responsive.

Do you need a lot of business to be a lawyer?

See The Seven Most Important Choices Every Attorney without a Lot of Business Makes for more information. More important than your success as an attorney will be your security as an attorney. Having a lot of business is essential to having security as an attorney because you will always have work to do.

Is starting a law firm a good idea?

Starting a law firm may be the best decision you’ll ever make. In fact, it was for many of us! Unfortunately, most law schools are designed to teach you how to think like a lawyer and don’t devote much time teaching you how to start and run a business. That’s where we come in.

What is the role of Business Development for lawyers?

In business development for lawyers, you’re still making it rain, but instead of the sales-focus one-time transactions of marketing, you build bridges, relationships, and revenue streams that are more sustainable and will serve you in the long run.

How do lawyers attract businesses?

In summary, lawyers get new clients by two major methods–referrals and reviews. By utilizing networking skills and events, you can get your name out there and let people know that you are a reliable, trustworthy source of legal representation.

What are the growth opportunities for a lawyer?

Here is a suggestive list of alternative careers for lawyers:In-house counsel for corporations/companies.Paralegal workers.Government lawyer.NPO / NGO lawyer.Real estate broker.Freelance attorney.Legal recruiter.Journalist.More items...

How do you make a lot of money as a lawyer?

Here are eight ways to start doing that.Stop wasting time with the wrong clients. ... Spend time getting better clients. ... Work smarter, not longer. ... Spend less money. ... Improve your client intake process. ... Accept credit card payments to get paid faster. ... Hire staff or use cost-effective services. ... Use technology to streamline your day.

How can I make my law firm successful?

To maximize your firm's growth potential, here are eight tips for putting your law firm on the right path for success.Plan A Firm Vision — And Stick To it! ... Wisely Select Your Leadership And Partners. ... Invest In The Company Culture. ... Be Client-Driven. ... Standardize Systems And Common Procedures. ... Invest In The Firm As A Business.More items...•

Are lawyers rich?

Most lawyers earn more of a solid middle-class income," says Devereux. You probably will be carrying a large amount of student loan debt from law school, which is not at all ideal when you're just starting out in your career. "Make sure you only become a lawyer if you actually want to work as a lawyer.

What is the highest rank of a lawyer?

A principal is an executive-level attorney, equivalent to a chief executive officer, according to employment website Indeed.

How can a lawyer make 7 figures?

4 Keys to Achieving a 7-Figure IncomeRun your law firm like a business. You studied the law as a noble profession, but to break the seven-figure barrier, you must run your law firm like a business. ... Focus on a niche. ... Identify your ideal target market. ... Pay attention to your firm's finances.

Which field of law pays the most?

Highest paid lawyers: salary by practice areaTax attorney (tax law): $122,000.Corporate lawyer: $115,000.Employment lawyer: $87,000.Real Estate attorney: $86,000.Divorce attorney: $84,000.Immigration attorney: $84,000.Estate attorney: $83,000.Public Defender: $63,000.More items...•

Which area of law makes the most money?

Types of Lawyers That Make the Most MoneyTax attorney (tax law): $122,000;Corporate lawyer: $118,000;Employment lawyer: $88,000;Real estate attorney: $87,000;Divorce attorney: $86,000;Immigration attorney: $85,000;Estate attorney: $84,000;Public defender: $66,000.More items...

What business can a lawyer start?

Any business that offers legal advice is a law firm. If it offers legal advice and sells sandwiches, it's a law firm. Maybe it's also a restaurant, but it's a law firm.

Is law a growing industry?

It's also an industry with a great deal of growth in other parts of the world. Globalization is likely to impact many decisions that lawyers make as they decide which areas of the law are most important. The global legal services markets will be over 5.7 billion and are expected to continue to see growth in the future.

How do I make my law firm stand out?

Yet, many lawyers are unable to articulate a reason clients should choose them over the firm across the street....Provide transparency and collaboration in pricing. ... Recruit great people. ... Listen to your clients. ... Improve your workflow. ... Offer a great client experience.

1. Cross-Sell

Any conversation about lawyer business development should start with existing relationships: Are there opportunities to do more work for the clients or referral sources you already have? Start by preparing a “gap analysis” for a specific client, reflecting past representation (both substantive and geographic) as well as areas where you have not represented the client.

2. Be Visible

As the saying goes, “Out of sight, out of mind.” If you want to be on the shortlist for new files or referrals, you will need to be top of mind. Send out substantive information and helpful tools to prospects on a regular basis. If you do this more than your competition, you will have an edge.

3. Make Proactive Pitches

Many companies are using the pandemic as an opportunity to reassess their legal needs and relationships (read: budgets). This could be a great time to see if you can throw your name in the hat. Ask for an opportunity to submit a proposal or make a virtual pitch for new business. Nothing ventured, nothing gained!

4. Expand Institutional Relationships

When lawyers were traveling, attending conferences, or entertaining contacts, it usually meant that attention was focused on one or a small number of people from the targeted entity. Since most contact is virtual now, you can involve more people.

5. Respond Immediately to Inquiries

The passage of time is magnified in an environment where people are sheltering in place and working from home. If you receive a request for a proposal or invitation to pitch, or even a simple inquiry about an issue, a prompt response may be the thing that puts you at the top of the list for the business.

6. Set Up Conversations

Finally, do your best to connect with people and have conversations. Plan a virtual meeting with some contacts from a specific industry; share intel on what you’re hearing or what you’re seeing in their space and invite them to talk to one another.

Stay Vigilant With Lawyer Business Development Efforts

I know it’s hard to imagine that you can implement lawyer business development when you’re feeling somewhat isolated and your usual practices are constrained. But there are still ways to develop relationships and new business despite the restrictions on activities. Be persistent, be helpful, and stay vigilant with your efforts.

What is law firm business development?

What does law firm business development mean for lawyers? Law firm business development essentially means anything you do, in a systematic way, that expands your firm’s revenue streams. It takes into account strategies to grow revenue from a big-picture perspective rather than one-time transactional decisions.

What is business development in law?

Business development for law firms means pursuing strategic opportunities for your law firm. This includes building new relationships and identifying new revenue streams and sales opportunities. Examples are cross-selling to existing clients and adding new practice areas to your firm. It might involve geographic expansion, ...

What is legal CRM?

A legal CRM is a contact relationship manager. It is basically the modern Rolodex, with logs of communications included. Clio Grow is an obvious choice here for Clio Manage users since the two fit together seamlessly. Clio Grow also works really well as a stand-alone solution.

How to build a strong relationship with a client?

To build strong relationships, focus on the five key aspects of running a client-centered law firm. See things from your client’s perspective. Creating a better client journey and overall client experience at your law firm means truly seeing things from your client’s perspective. Don’t make assumptions.

Why do I love marketing?

One of the reasons I love marketing is because you can seemingly create new business out of the blue. And depending on the advertising channel, the results can be instantaneous, through techniques such as turning on pay-per-click (PPC) ads and other forms of Google advertising. John Grisham writes books about the rainmaker, and that is precisely what a good marketing person is—a rainmaker.

Is a law firm a business?

It’s easy to get plugged into your legal work and forget about law firm business development and marketing. But remember, your law practice is a business. And in business, unless you are independently wealthy and don’t have to care about making a living, you have to keep an eye on the bottom line.

Is there a one size fits all law firm?

Remember: There is no “one size fits all” for law firm business development or marketing. Don’t be afraid to try a few different strategies. Remember: Business development is a long game of relationships and trust. The effects of your activities today may pay off for years to come.

How important is it to grow a law firm?

When thinking about how to grow a law firm, it’s important to be responsive to clients and potential clients. As outlined in the 2019 Legal Trends Report, a test emailing 1,000 law firms to check their responsiveness came back with dismal results: 60% of law firms didn’t respond at all.

How to market a law firm?

Start by reviewing these essential steps, and consider these tips for marketing to facilitate growth: 1. Know (or establish) your brand. Your law firm needs a clear identity to successfully market it. Ensure that tangible elements of your brand (like your firm logo, colors, etc) are consistent.

Why is a website important for a law firm?

An effective website makes it easier for clients to find you and connect with you online—giving them a more client-centered experience from the start —as you can see with these best-of-the-best examples. A good law firm website should:

Why is empathy important in law?

As Jack Newton discusses in The Client-Centered Law Firm, it’s important to remember that your clients are humans—and dealing with legal issues is stressful for them. Empathy helps your firm stand out and grow.

What is the importance of a strong culture in law?

A strong culture, filled with people that you trust, is essential for law firm growth. “At the end of the day, I mean that’s what the firm is,” he says. “It’s people. It’s a combination of people, working together for an end goal.

How to grow your practice alone?

Letting go can be tough, but you won’t be able to grow your practice alone. 1. Learn to delegate. While a strong work ethic is admirable, it’s not always in your (or your firm’s) best interest when it comes to growth—especially if you’re too busy to respond to potential clients or too busy to market your services.

Is it possible to be a one person growth machine?

No one expects you to be a one-person growth machine. It’s actually the opposite—you’ll likely be more successful if you are able to reach out for help and guidance when you need direction.

Grow Your Law Firm by Playing to Your Strengths

You have unique strengths as a small firm. Your strengths include agility, personalized customer service and ability to offer flexible cost structures.

Grow Your Law Firm by Focusing on The Right Business Development Strategies

Limited resources and budgets require laser focus on strategies that will propel your firm forward. Focus on growing your law firm through simpler CRM systems, identifying the most profitable clients, concentrating on existing clients and always adding value in your communication.

Grow Your Law Firm with Content Marketing

Content marketing has proliferated with law firms surprisingly being among the fastest adopters. According to Brian Hughes, Huffington Post contributor, “They’re bringing a well-thought out strategy to the game and hiring in-house talent or outsourcing their needs to ensure quality content that’s timely, compelling, and relevant.”

What are the benefits of owning your own law firm?

There are many benefits to being the proud owner of your own firm, including: The ability to do more than practice law. Sure, your legal services will be your bread and butter, but you’ll also be able to build your own business on your terms. Control when choosing your clients.

How much do lawyers spend on administrative tasks?

Lawyers spend 48% of their time on administrative tasks. 91% of firms can’t calculate a return on advertising investments. 94% of law firms don’t know how much it costs them to acquire a new client. Startling, but not insurmountable. You have the opportunity to build something great!

What is the chance to develop a business model that works for you?

The chance to develop a business model that works for you (and your clients and team). As someone else’s employee, you may have little control over the business model of the firm. As the owner of your own firm, you make the decisions, including those tied to your business model.

Is law a business?

Law practice is a business and a profession. To start your own law firm successfully, you must agree to see it as both. The skills that it takes to run a business aren’t the same skills it takes to practice law.

Can you write a vision statement for a law firm?

Yes, your vision should be clear, measurable, and easy to talk about, but condensing your dreams and plans into one sentence can be confining. Use this time to write as much as you need. This is the first step to putting the foundation down for your law firm key performance indicators.

Is it a good idea to start a law firm?

In fact, it was for many of us! Unfortunately, most law schools are designed to teach you how to think like a lawyer and don’t devote much time teaching you how to start and run a business.

Do you need to practice law to run a business?

While many of the skills you need to practice law will help you in your business, running your business will require you to tackle different problems than practicing law. And these challenges don’t go away as your business matures and grows. They just change and challenge you in new ways.

Who is the lawyer who lays out a path for building a one of a kind, profitable niche practice

But many are stuck pursuing ineffective strategies. Others don’t even know where to start. In his popular book, lawyer-turned-legal marketer Jay Harrington lays out a path for building a one of a kind, profitable niche practice.

Is it easy to grow beyond yourself?

Growing your practice beyond yourself is not easy. But there is a way to push past your own limitations to far greater levels of success. Here are three fundamental steps to achieving scale.

How long does it take to become a partner in a law firm?

After around six to nine years at the firm, you’ll have a shot at becoming a partner, and eventually a managing partner. Some lawyers also choose to start their own firm after gaining experience within the field. Outside of law firms, there are a variety of places where lawyers work.

What does a lawyer do?

Lawyers represent their clients in criminal and civil trials by building a case and arguing in support of their client. Lawyers may work in both the public and the private sector. Lawyers may also give their clients advice and counsel on how to navigate their legal circumstances.

What is the main barrier to law school?

Pass the LSAT — The LSAT is the main barrier to law school. While passing should be your main goal, the higher score you receive, the more likely you are to be accepted into competitive law school programs, especially if your college GPA wasn’t stellar.

What are the factors that are considered when applying to law school?

Apply to law school —Law schools take a variety of factors into consideration when evaluating applications, including undergraduate GPA, LSAT scores, letters of recommendation and application essays.

What is immigration law?

Immigration Law. The majority of these fields are open to specialize in whether you work in a private law firm, as a corporate counsel, for the government or for an advocacy organization. Specialization can begin in law school and continue from there.

Is law school for everyone?

While law school isn’t for everyone , there are a variety of careers within the legal field that take less schooling to break into, and can be equally as fulfilling. Here are just a few of the many careers available in the legal field:

Is being a lawyer rewarding?

While being a lawyer takes a huge time commitment (and financial commitment to law school), the profession can be extremely rewarding — intellectually, financially and socially — no matter where you’re employed. From criminal justice litigation to environmental law, there are many fields you can delve into as a lawyer.

1. Partner With Other Providers to Offer Turnkey Solutions

Research has shown that a large percentage of consumers want to do one-stop shopping. Likewise, other customers have selected bigger companies that have established ethical methods of providing their services in combination with those that are important to address a particular client’s needs.

2. Build an Excellent Website that Convinces Visitors to Choose You

Some of your best leads will come right from your website. When people Google the service you offer in your location and you show up on the first page, it is having a decent website relative to other firms who just show up on the first page that encourages clients to get in touch with you.

3. Hire a Digital Marketing Agency

When you employ a digital marketing agency for your law firm, you get a lot more than one in-house marketer. You have a strong team with proven solutions that have worked for other businesses.

4. Grow Your Network

You can meet new people and grow your network while operating from home. Online social media networks make it simple and possible. You can send out cold emails or Linkedin messages promoting your law practice, but that will turn people off.

5. Track and Measure Everything

Ideally, you should never spend more than one-third of your profits winning new clients. That’s because if you get a 3X return, you know your marketing works. But how can you make sure you do so if you don’t have the ability to track and measure it?

Conclusion

Being a great attorney is no longer enough, going the extra mile will really make you and your business stand out from the crowd.