The Rainmaker Blog : Law Firm Marketing and Business Development : The Rainmaker Institute : Stephen Fairley : Professional Legal Marketing

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The end of the old year and the beginning of a new year makes us all think about setting new goals.  It’s easy to set goals; the hard part is staying focused on them long enough to accomplish them.

If a goal is important enough to have, then it’s important enough to write down.  Carve out 2 hours, get out of your office, turn off your cell phone, and go somewhere creative and relaxing.  Here are some of the areas for you to think about:

Financial goals for your business --Don’t just focus on the money; focus on how you will get there.  If your average trademark client spends $5,000 with you, how many new clients do you need to break $500,000 this year? (Answer: 100). That works out to about 2 new clients per week.  Unless you want a high volume law practice, you will need to develop a way to up-sell new clients into higher-end services.

Practice Area Specific Goals -- How many new estate plans do you want to do in the next 6 months?  How many new trials are you willing to take on this year?

Marketing Goals --All the top law firms in the country recognize the importance of marketing and business development.  You need to set measurable marketing goals. “I will meet with 4 new referral sources every month.” How are you going to meet them?  Who is going to set those meetings up?  Who will do the follow up?

Strategic Business Goals-- This is where you start to think big about your practice.  Challenge yourself, how can you come up with another $100,000 this year? How can you go from your current 5 referral sources to 30 in the next 6 months?

Personal Goals --Perhaps you need to schedule a vacation for yourself every quarter.  Maybe you have an idea for a new business venture.  What place does your family, friends and significant other hold in your life?

Above all, make sure your goals are S.M.A.R.T. -- Specific, Measurable, Achievable, Results-oriented, and Timed.  A good goal needs to incorporate all of these criteria.
 

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