Law Firm Marketing: Sacrifice Sacred Cows to Find Out Where the Beef Is
We may have all heard that the Great Recession is over, but I don’t really know how many of us are feeling a recovery. At best, the recovery is predicted to be a slow one – about one percent per year – which means that for your practice to thrive (or even survive), you need to think about doing things differently.
Now is not the time to coddle your sacred cows. It's time to challenge the traditional ways of doing business. To think creatively about your business model. What may have made sense in the past may no longer work.
Creative thinking involves breaking out of one pattern in order to create a new one. All too often, we become ensnared by the familiar phenomenon:
We make rules based on reasons that make a lot of sense.
We follow these rules.
Time passes and things change.
The original reasons for the rules may no longer exist, but because the rules are still in place, we continue to follow them.
Ask yourself these challenging questions:
- How can you provide the same level of services at a lower cost?
- How price-sensitive is your target market?
- How can you structure payments to better fit the new financial realities in our economy?
- What parts of your practice make the most profit?
- Should you expand your practice areas or get rid of one?
- Should you really hire another associate or paralegal or could you outsource it to a part-time contractor for half the price?
- Does your current client base present opportunities for growth?
Start by making at least one change in your practice that makes sense today, and continue to identify those areas that no longer serve your best interest or your bottom line.
Maybe you just need some new ideas to spark that new train of thought. Well, you can get those by attending a Rainmaker Retreat.
I’m in New Jersey all this week presenting Becoming a Rainmaker seminars in different locations around the state that are sponsored by the New Jersey State Bar Association and local County Bars. Go to www.BecomingARainmaker.com/njsba -- there is still time to sign up!
I will also be holding a session of our two-day legal marketing boot camp this Friday and Saturday in New Brunswick at the New Jersey Law Center. There’s a special discount available for NJSBA members. Go to www.rainmakerretreat.com to sign up for this session or one of our upcoming sessions in Scottsdale and San Francisco.
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