Law Firm Marketing: What Associates REALLY Didn't Learn In Law School
Earlier this week, I ran across an article at Law.com entitled, Everything Associates Didn’t Learn in Law School.
Written by a partner in a big D.C. law firm, it was a partner’s words of wisdom to upcoming associates on how to make partner – dress well, socialize, know your current events, make your work flawless – all the stuff that makes partners in big law firms happy with associates.
I have my own list for associates who may some day wish to open their own firms and manage their own destinies. I call it,
What Associates REALLY Didn’t Learn In Law School:
It's all about marketing stupid.
- I wish it was as easy as ‘be a good attorney and the clients will flock to you’ -- but it's not. We can all point to terrible, unethical attorneys who are making a ton of money. We also all know highly intelligent, exceptional attorneys who are broke!
- It's the attorneys who get that it's the marketing that matters most when it comes to building a financially successful law firm.
The statistics are against you.
- There are 1.2 million attorneys in the U.S. today.
- Over 43,600 new law school graduates every year.
- Competition is fierce.
- Before the recession, the average attorney made about $85,000 per year. Since the recession that figure has fallen to the low $60s!
If you don’t know how to build relationships, you will always be at the mercy of someone else who can.
- Relationships with clients.
- Relationships with referral sources.
- Relationships with other non-competing attorneys.
Either learn how to find new clients or someone else will.
Rankings don’t matter.
- Clients could care less about where you went to law school! The only person who cares is the person footing the tuition—which is usually you!
- The old joke: what do the call the guy who graduated last in law school? A lawyer!
You can't discharge school loans in bankruptcy.
Highly successful lawyers understand they are running a business, not practicing law.
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