Articles Posted in Billing & Legal Marketing Strategy

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Every dollar spent on law firm marketing should return at least a dollar in profit. Most lawyers understand this concept called: Return on Investment.

What most lawyers (and most businesspeople) do not understand is that there is also a return on investment associated with your time.

Think about it: Your time is a perishable product. You will never be able to use the last 3 minutes again. You must invest your time wisely. This means you must receive a return on your investment of your time.

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There are rules for everything these days. In fact, most professionals have rules you have to follow in order to work with them. Yet lawyers never seem to make rules for themselves when it comes to clients, payment and acceptable behavior/participation.

This video has more on this topic.

 

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Why do most of us have trouble asking for money?

No matter how good your legal marketing is, if you don’t get paid, you will be unhappy.

Since most of our clients have trouble asking for money, particularly when the client is required to pay for the service up front, we decided to make this video. Use these tips to help you ask for money and get paid faster.

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An important part of your legal marketing is your client orientation system. I use this term to refer to the system through which a client is introduced to your services, interviews for your representation and pays you for your services.

This process is unorthodox compared to the ways other lawyers on-board their clients. But then again, that is what I am all about. Being unorthodox and disrupting the status quo.

Background

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One of the parts of law firm marketing many attorneys struggle with is closing the deal. This means first, getting the client, who is sitting right in front of you, to sign on the dotted line. But there is more to it than that. They must not only sign on the dotted line but they must also pay and follow your guidance.

We consider this all part of closing the deal and all part of law firm marketing.

Here is the process of closing the deal and on-boarding the new client.

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The goal in law firm marketing is to get as much business in the door as the firm can handle. Sometimes in attempting to achieve this objective the real, underlying goal gets lost in the shuffle. That underlying goal is to collect cash from the client for the work you do. I prefer, as do most of my clients, to collect this cash in advance of performing the actual services.

There is constant pushback from lawyers when I press them to change their business model and focus on cash in advance. They tell me they cannot be competitive if they operate in this fashion. They tell me this is not an industry norm. They tell me the clients will call them every five minutes for status updates if the money is paid in advance. They tell me lots of things, all negative, related to getting paid in advance. The trouble with these arguments is that they just are not true.

Ultimately, clients will work with you in any way you want them to. You simply need to set the expectations upfront and spell out what will be done and when it will happen. Then you need to deliver. And you need to have a track record of delivering. If you have positioned yourself and your firm properly, getting payment from your clients at the outset of the engagement is never a problem.

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Whenever the subject of marketing for lawyers arises, you cannot help but touch on the topic of the free consultation. Many lawyers offer a free consultation to their prospective clients with the though being that if they “just see how much I know, they will definitely retain me”.

Have you ever felt that way? Do you offer a free consultation?

While you may have an extraordinary amount of experience and you may intimately know a specific area of the law, you probably just shot yourself in the foot with the pricing strategy of a free consultation.

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Not all business is good business. Sometimes the best law firm marketing strategy is to walk away from a particular client opportunity and attract a better client. This video explains.

 

Here are three times when it makes sense to walk away from a business opportunity:

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The way you bill your clients can have a positive effect on your legal marketing. Legal marketing is all about relationships and presenting someone with a bill will often put a damper on your relationship with them. This video discusses how you can offer your clients both billing and payment options that will give you a competitive advantage.
 
 

Investment options for legal services are just one way legal marketing can help you build relationships with your clients. This can reduce or eliminate the negotiation game you play with clients when the bill is due. Legal marketing can extend to your billing and payment practices. Use them as an opportunity to create a competitive advantage today.