You studied for hours for the LSAT. Maybe even weeks, but for some, you probably studied for months. I know when I took the LSAT in 2008, a year BEFORE my first son was born I studied and studied about 6-hours a day during the week and another 16-hours on the weekend. After taking the test, I realized that all that prep work was only a part of what I needed to get through the logical reasoning and the essay question at the end of the test. There just seemed to always be more that I could do.
But after going through all that studying and then going to law school full-time to getting your Juris Doctor in 3 years, and passing the state bar on the 3rd time, you realized that instead of working at a large law firm that you want to try your way with you own practice. Classes on Torts, Contracts, Corporate Law… What happened to Marketing, Business Development, and Sales? I guess the committee on curriculum development forgot to include those as mandatory classes since 1000-years ago a lawyer was simply an orator that was helping a friend plead their case in ancient Rome.
Now that you’ve had your solo practice for the past six months or sixteen months, you haven’t been able to have the freedom you wanted, the lifestyle, or the joy you thought you would have owning your own business. Well, all is not lost. There’s more, but let me give you 3 Action Plans for the 21st Century that you can use to generate approximately $30,000 a month the following quarter.
If you place an advertisement in a publication, television or even sponsoring an event… that’s YOU telling someone that you’re a good lawyer as self-promotion. If SOMEONE ELSE tells other people that you’re a good lawyer that’s outside your firm… that is public relations.
Although, you actually have to be a good lawyer first before others are going to talk about you. At Prince Management Group, we offer public relations through all forms of mass communications to spread the word about your law firm. It takes consistency in your message in the media, a blog post, vlogging, or public speaking at events.
The action plan is to gather your resources and figure out what you’re good at and have your client’s testimonial of success do the talking…ala “Spread the Word” about how good you are.
Social Media Marketing
If a tree falls in the woods… and there’s no one around to see it fall… does it make a sound?
The internet is never going away in our lifetime! According to Pew Research Center in 2014 there were 90 percent of adults with a cell phone, 64 percent have smartphones, and 42 percent own a tablet. As a sign of the times, my six year son and my three year old son have V-Tech Tablets, to keep pace with Generation Z as researched by Indiana Univ. Kelley School of Business.
Yes, there’s an app for everything, the simplest to post is through a business Facebook Page, Twitter, and LinkedIn. Determine a timetable for your posts daily using a Social Media Calendar to release your posts at a scheduled time. Post to your website first so Google Search picks up keywords that will drive traffic to your website.
There are two types of lawyers … practicing and non-practicing. No matter what, your expertise should be shared with others.
Legally, you are NOT PERMITTED TO SOLICIT business, according to the ABAs Rule 7.3. The best way to grow your practice is to demonstrate you know what you’re talking about in specific practice areas. Conducting a seminar or workshop will help achieve your goal of maximum exposure and benefit your marketing efforts even if you are not sought for representation. By hosting your own event you’re able to reach hundreds to thousands of views/impressions for prospects to want to learn about our law firm.
You don’t need 100 percent capacity for your event, but you do need quality. Thus, you need to focus on building a precise database in your target market, have a relevant topic that will maintain your audience attention on information they will retain and remember you.
Investment in your Marketing Budget
At the end of the day, just as you practice law … you need to practice what marketing tactics work for you that produce results.
In order to make money you have to spend money. Investment into your marketing budget should have a low to high range of 10 percent to 20 percent of your estimated gross revenue. Then divide into nine equal monthly numbers, because for three months you’re focused on your marketing efforts.
You’re going to want to track every dollar that you spend because it’s your law practice to which you want to know the best activities that yield the highest results. It takes just as much work into understanding the right marketing mix for your personality as much as it does for you to become a good lawyer worth bragging about.
The return on investment is inevitable with your pro-active efforts into an energetic marketing lifestyle.
Investment Probability Scenario
Hypothetically, your estimated annual gross revenue is $300,000 which means your marketing budget would be in the range of $30,000 to $60,000. Let’ stay on the low end of that range. Investing $3,000 per month for the next ten months in your professional marketing services with Prince Management Group or on your own should generate $30,000 per month with 200 billable hours based on a mere $150 per hour billing rate. According to NALP, most firms have a 2,000 annual goal in billable hours which includes your much needed eight weeks off during the year.
This is purely an example because your efforts and thoughtful planning will be a critical factor in how successful you are. As you can tell, the phrase “It takes money – to Make money” as a solo practitioner or practice group in a small to medium sized law firm means if you’re scared to spend money on marketing your services and you rely only on word of mouth or social media, you will be disappointed in the results.
If you are going to put in the work, then by all means, do that. But if you want help, allow a professional marketing firm like Prince Management Group give you some guidance and direction to make things a little easier. Besides, all the studying you did to get through law school and start practicing on our own or in a law firm, you’re accountable for your compensation. Decide for yourself – before someone else decides for you.
PMG is the growing leader in excellence in preparation and organization to assist clients with their path to success. We help you reach your goals and attain your milestones that contribute to your bottom-line. Together we can exceed your expectations and provide value to your business, organization, or personal assets.
PMG is passionate about working with people by offering the advice and development you need to succeed while doing the right thing in tough times.