One of the things I constantly hear from lawyers is that they do not have any time to write, edit and mail a monthly print newsletter. They tell me how busy they are and they lament about the amount of time they spend working on client matters and, in the same breath, complain that they do not have enough work. That is when I know something is fishy.
Both Cannot Be True
If you do not have time to write two brief articles each month, how can you possibly need more client work? The two things should be mutually exclusive, unless….
If you are as puzzled as I was when I heard this, I will make things clear:
If you take on lots of clients at low fees, you will feel like you don’t have enough work. In reality you have too much work. It is just work at a really low rate. This is a different kind of marketing problem. It is not a problem of quantity but a problem of quality.
The solution to the quality problem is to get your clients from better sources. As far as I know referrals are the absolute best sources of new clients. This is where your newsletter can be a very helpful tool. Your newsletter is designed to keep you “top of mind” with your clients and referral sources. That means it helps you generate awareness among these groups so that when someone has a need for your services, they immediately think of you. That is the value of a newsletter. It is a referral tool.
Can Your Law Firm Benefit from a Monthly Newsletter?
Here is a good way to tell if you law firm can benefit from a monthly newsletter:
Ask yourself if you receive one referral per month per 500 people you know. This means if you have 1,000 people in your contact database, you should get two referrals per month. If the answer to that question is “NO” then you will definitely benefit from a law firm newsletter.
Addressing the Time Issue
For the sake of argument, let’s say your time is worth $500 per hour. And let’s say it takes you two hours to write each article for your newsletter. That means you are spending about four hours per month on your newsletter. It costs you $2,000 in “time” to put your newsletter together. If the printing and mailing cost of that newsletter is $1 each (that is a very high estimate) and you send it to 1,000 people, your total cost, including your time, is $3,000.
If you do this consistently, you will get at least two leads per month from your newsletter. If you stink at converting leads you will only convert half of them. So your newsletter will be responsible for only one client each month. But if your average client fee is $6,000 or more you have received a 100% return on your investment.
The bottom line on the use of newsletters for lawyers is they work. This is indisputable. They are probably one of the most cost effective tools you have in your marketing arsenal.
I highly encourage you to add a monthly print newsletter to your law firm marketing plan.