3 Ways to Fire Up Your Law Firm's Profit Potential (Part 3 of 3)This is the final post in my three-post series this week on the three ways to fire up your law firm’s profit potential. Click on the following links to read the first post in the series and the second post in the series.

Improve Lead Nurturing & Conversion

Do you have a system in place that generates high quality leads for you every week? Do you have a system that nurtures those leads along a predetermined path until they are ready to call you for a consultation? Do you have a way of sending regular communications to all your former clients and all your referral sources every month just to keep you “top of mind” for their legal work?

I understand every attorney wants the “one call close.” Unfortunately, it doesn’t usually happen that way. Many people who initially contact your firm are still in the early stages of making a decision, meaning that they are still researching attorneys looking for the best fit or they just aren’t ready to come in for a consult yet. However, they might be ready next week or next month.

If you’re spending time and money generating leads, but you don’t have a drip marketing system that can follow up with these leads until they are ready to buy, then you are likely losing dozens and perhaps hundreds of clients every month!

Five Steps to Manage & Convert Leads

No. 1 Only ask for crucial information. Research shows that contact forms with only three fields convert 25 percent more leads than those with more fields. You really only need a name, phone number and an email address these days. People don’t want to give out more than that for a first contact, so don’t put stumbling blocks in your own way right off the bat. Keep it simple.

No. 2 Follow up fast. You can have an assistant or an intake specialist follow up with a lead. You can program auto responses that immediately follow up once you receive a new lead. Every single lead must be called back within five minutes or less. The faster you call back a lead, the more appointments you will set. Studies show that after an hour passes with no response, the chances of doing business with that lead are reduced by 400 percent.

No. 3 Make it all about them. Be sure you ask the right questions and record the information you receive from the lead in a central place, such as an excel spreadsheet or an intake form (or a software program) so whoever is tasked with another follow-up has all the information they need to make a smart decision on whether to move forward with that client or not. Nothing is more annoying to a prospect than having to repeat themselves.

No. 4 Focus on the next step. The goal of that initial call should be (1) qualify or disqualify the lead and (2) get all the qualified leads into your office as quickly as possible.

No. 5 Play the long game. According to inbound marketing firm HubSpot, 50 percent of new leads are not ready to buy right now, but they may be ready to buy later. This means to convert the maximum amount of your leads, you need a system in place to stay connected with them over a long period of time. Having a lead conversion system in place that allows you to pre-program a series of emails or text messages to automate the process of nurturing prospects, takes all the pressure off your back while still getting the job done.

In today’s hyper-competitive legal services market, necessity will surely be the mother of your reinvention. Don’t be afraid to make the necessary changes that will profit your practice in 2016.

++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Free Webinar 2/18: Law Firm Finance for Contingency-Based FirmsDon’t Miss Out!  FREE Webinar Tomorrow (2/18) on Law Firm Finance for Contingency-Based Firms!

Many attorneys don’t know the questions to ask or who to trust when it comes to law firm financing. And many traditional lenders and banks will not even consider you if your firm is a personal injury, workers compensation, SSD or another contingency-based practice area.

If you are looking to significantly grow your law firm this year, getting the right financing can play a big role. Learn how by joining this free webinar on Law Firm Finance for Contingency-Based Firms.

Thursday, February 18 at 10 am PT | 1 pm ET

All registrants will also receive a recording of the live webinar after it airs.

Click to learn more.