Why some law firms JUST don’t succeed…
Dear fledgling law firms and floundering attorneys! If you stumbled upon this blog a tad bit late, We apologize! First and foremost, If you are happy with your law firm’s success- This blog isn’t for you.
This is for the budding law firms that have been in their ‘budding’ stage for quite a while, and haven’t matured yet. This is for the struggling attorneys that juggle and dabble between the wheels of marketing and law practice, and alas- For the bleeding law firm CEO’s that want to churn out what’s left of their practice for the good!
Why do some law firms fail?
Lesson 1: Word of mouth is NOT your bible.
90% of all the ‘low-performing’ law firms to this day- Boast about how they solely rely on word of mouth. Their practice’s business model breathes and thrives on this ‘non-metric.’
But how will you scale?
For any business to scale, It must NOT only generate business, But also generate VOLUME. There is a limit as to how many clients can be ‘referred’ to your law firm.
If you built a law firm with a concrete personal reputation, expertise, grunt work, and have successfully maintained fruitful relationship with your clients over the years…
Congratulations, You were an initiative-taking, over-achieving, client magnet! But not all the lawyers at your firm are built that way. After all, they are lawyers, and not marketers!
Lesson 2: Reputation & Reprobation
Lesson 3: Billable hours & Blamable practices
As a lawyer, You have very little time for ‘school’. Yes, The school of Marketing!
We’ve given a statutory warning to many lawyers earlier. We’ve asked them to practice law and not marketing.
Realistically speaking, Most attorneys try to bring clients to their law firm. This comes at the cost of extremely valuable billable hours with their existing clients.
A high-performing attorney practices law, while a specialized marketing team ‘builds’ clientele for their law firm! This domain is stressful and as an attorney, You can’t afford to spend a minute marketing your law firm, When your existing client is neck-deep in a lawsuit.
Lesson 4: Fear not the fear mongers!
Fear doesn’t work for law firms. It is a stone-cold killer! A great attorney is always aware of the hazards to power-through, and the hazards to stay away from! A fearful attorney or a law firm never makes tremendous progress.
Do what is required to face the fear- Go to tango with it!
Most attorneys tempt themselves with an oasis of opportunities when they start out, But their lack of marketing resources and hands-on experience offer them a desolate wasteland!
There are plenty more reasons why a law firm could fail- We’re just hitting the highlights.
Some lawyers hire too early, Some of them ONLY measure their success by their credit score, and some of them are happy to remain as ‘has-beens’ doing a less than half-decent job at being an attorney.
If you are not that attorney, Click here for more industry experience-driven advice and guidance on how your law firm can find winning cases and take the legal industry by storm to dominate it!