Law Firm Marketing: 3 Myths Attorneys Believe About Referrals
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One of the questions I am asked most frequently is: "How do I find more clients?" We all know that referrals are the best way of finding new clients, but there are 3 common myths I would like to dispel about referrals:
1. Clients are the best source of referrals. This surprises a lot of attorneys when I tell them this is a myth. Clients are simply the most obvious source of referrals, not the best source. There are simply too many variables you cannot control when trying to get more referrals from clients: Do they know all the different services you offer? Can they accurately explain who your ideal target market is? Will they remember you when they meet someone who needs your services? Did they just receive a large bill from you? Every firm should have a client education plan that positions your firm, explains what you offer and keeps your current clients informed as to what's going on in your firm (we will show you how to do this in a future issue), but most attorneys find referrals from current clients happens haphazardly, not consistently.
2. Most referrals come from other attorneys. According to industry research, 25% of an established attorneys practice comes from referrals from other attorneys, so logically about 75% of your clients will come from other sources (this may vary greatly by practice area). A good tip is to set up an easy tracking system as part of your client intake file and then review on a quarterly basis where those leads came from.
3. Formal networking is a great way to get more referrals. Over the years of helping attorneys, we have found that formal networking events (like trade shows and chamber of commerce, etc.) work exceptionally well for a select group of attorneys and not at all for most attorneys. There are a few reasons why: (1) they attend the wrong kind of group -- one filled with their peers not their prospects; (2) most people don’t know how to network properly and so it becomes a game to see how many business cards you can pass out in 2 hours; and (3) there is no plan for following up in a timely manner. You have 48 hours to follow up with a hot lead or they will likely forget about you. If you are a solo practitioner or just starting out we do recommend trying out a formal leads groups, depending on your practice area.
By now you're probably thinking, if all these are myths, then what's the best source of referrals? Strategic Referral Partners (SRPs) are the best source of new referrals. SRPs are people who already have a relationship with or already do business with the people you want to reach. By building a large network of people who already have relationships with your target market, you can reap the benefits of more referrals.
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Learn How to Generate More Referrals at May 11 Webinar
What would happen to your practice if you could have 20, 40, or even 60 new referral sources every single year who consistently send you new clients?
On Wednesday, May 11, I will walk you through the 8 steps of building a network of strategic referral partners during a one-hour webinar beginning at 2 p.m. ET.
You will learn practical skills for:
- Identifying who the best referral sources are for your practice area
- 3 ways to get introduced to them
- How to talk about cross referrals
- Setting, meeting and exceeding expectations
- 7 ways to keep in touch after the initial meeting
Here are the details for the May 11 Webinar on 8 Steps to Generating More Referrals from Attorneys, CPAs, Financial Advisors & Other Professionals:
Wednesday, May 11, 2011
11am-12pm PT | 12-1pm MT | 1-2pm CT | 2-3pm ET
Cost: $97
Click here to register now!
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