Increase Your Firm's Revenue with Four Simple Steps
As a solo practitioner or owner of a small firm, you know that practicing law is not your only focus. Your choice to hang your own shingle requires that you embrace the role of entrepreneur as much (if not more so) as a lawyer. And as an entrepreneur, there is really one motto that must become your mantra above any others, and that is this: grow your revenue or bust.
“Grow your revenue” is easily said, but not always as easily done. But before you begin pulling your hair out and succumbing to stress, look at these four first-rate ideas for growing your business and increasing your revenue.
Utilize your existing list of clients. Your current clientele is without doubt your most reliable form of increasing your revenue. Hopefully, you have a long list of clients that are satisfied—really, let’s hope they are deeply impressed—with your work on their case. It is these clients that you can reach out to for future cases and avenues of resource. Additionally, it will be these satisfied individuals who can spread the news of your excellent work to other potential clients. In other words, remember when you are working with any given client that not only is that person providing your revenue in the present, but they can also help you grow your revenue in the future through either their own continued needs or through their stellar references to others (if not both).
Educate and inform. As crazy as it sounds, hosting a seminar is another way you can grow your revenue. In many instances, potential clients fail to become actual clients out of a lack of understanding about the law and what you as the lawyer can do for them. Setting up an opportunity for you to share your knowledge and talk about your services with clients gives them a chance to abandon their misconceptions and anxieties in addition to recognizing you as an expert who can help them. These seminars can be formal or informal, all-day or half-day events, depending on your time and availability, your client demographics, and the general message you wish to send out. While you may not be able to gather revenue from the seminar itself, simply reaching out to and educating prospective clients can directly result in growing your business by getting them in the door, informing them, and opening up an opportunity for them to choose your firm for their legal representation.
Network, network, network. You may have heard this mantra so many times your ears are figuratively ringing with it, but that’s because it is one of the most important things you can do to grow your business and increase your revenue. When you started out, you may have hit the pavement with zeal to seek out other lawyers and firms that could serve as contacts, references and even advisors. As time drew on, however, you may have stopped reaching out to make new contacts and become complacent with the network you had already created. It’s a common tale, but can become a dangerous reality to the efficacy of your business. If you’ve found yourself in a networking rut, remember the networking mantra and get back out there. Cast your net even wider than before. Set up lunches and dinners. Go to the club or for a drink. Play a round of golf. Make some phone calls. Any or all of these strategies are brilliant and easily accomplished ways to make more contacts, which in turn translates to more references, which in turn can evolve into increased revenue. The math’s quite simple, really: the more people who are talking about you and what you do, the more likely you are to get calls from prospective clients who can’t wait to see what you can do for them.
- Continue to create. While it is more than acceptable to enjoy moments in which your business is running smoothly and you have a system that is working well for you, be careful not to bask in the moment for too long or you run the risk of stagnating. In order to continually grow your business and revenue, constantly challenge yourself to think of new and creative ways of advertising, contacting and managing clients. This could include things like hosting the aforementioned seminars, as well as creating blogs, improving your website, or offering something unique to clients who walk through your door in addition to your expertise and legal services. When it comes to running your practice and growing your revenue, the only limits are those that you set on your creativity, so simply refuse to set limits!
Ultimately, growing your revenue is as simple as 1, 2, 3 and, 4; it’s the reality of the effort that can be challenging. But since growing your practice and increasing your revenue are essential for success, make an effort to employ each of these four steps and you are guaranteed to see results.
Jared Pierce hung his own shingle right out of law school and has spent every minute since then discovering the joys and difficulties of chasing success.