It’s true that law firms require a unique approach to marketing, and even at times a complex one, but one thing is for certain - a practice cannot grow if it doesn’t advocate for itself. That advocacy necessitates planning, analysis of the practice’s best clientele, development of a well-illustrated brand, and a clear and attainable goal on the horizon. Today we’re going to demonstrate and prove, beyond a doubt, that following those steps and deploying the right law firm marketing plan does help practices achieve more.
Exhibit A: The Majority of Practices Plateau at the $100K-$250K Revenue Mark
If you observe law firm growth as a path or, as I describe in this video, a Pyramid, you’ll notice that the vast majority of practices are stuck below the $250K mark for total revenue. The primary obstacle that’s keeping firms from developing beyond this point is fear; more specifically, the fear of using too much of that revenue as an investment. Without putting more resources back into law firm marketing and your brand, however, you can’t bring in more clients. Those clients, of course, are the key to breaking that $250K barrier. Without them, these firms stall out or, unfortunately, decline.
Exhibit B: Operational Work Serves as a Bottleneck for Practice Growth
The principal attorney at a given practice often has a dual role early in the life of the practice - provide direction, and keep things running. When the practice matures, many of these principals are still functioning in two roles. That workload is only meant to be temporary, when it’s necessary to have all hands on deck. The most successful firms reach their success because they have a well-defined plan for growth and a leader to direct that growth. Conceptualizing that growth plan and subsequently monitoring it takes time - time that can’t be spent on day-to-day operations.
Exhibit C: Advancement Requires a Focus on Strategy
Similar to what we explained in Exhibit B, dedicated focus on strategic work is vital to actually executing a firm’s growth initiatives. Usually that strategic work is best performed by a leading partner or principal in the practice. Of course, that means that distractions need to be culled or significantly minimized to accommodate for that focus. Delegation is going to be key for accomplishing that goal. I described this focus hierarchy more in depth and with visuals in a previous post; click here to go to it now.
Exhibit D: About 60% of Lawyers Don’t Value Their Own Time
This may sound harsh, but it’s evident that the majority of attorneys just don’t dedicate their attention to the most important tasks at hand. Instead, they approach every task as if it’s the most important one. “Answering this email is important to serving my client.” “Organizing my calendar is important to preparing for tomorrow.” “I’m the only one who can take this conference call.” While some of these tasks are worthy of lawyers’ attention, it’s only when practice leaders draw a line in the sand and direct their attention toward key strategic efforts like marketing that they make forward progress.
The binding factor found in the evidence I’ve presented is this: among all the work that attorneys focus on day-to-day, the piece that is easiest and first to be pushed off is strategic work. One of the most sizable and undoubtedly critical components of that strategic work is law firm marketing. Time and time again, I’ve talked with attorneys that feel like they’re up against a wall and out of ideas for growing their practice - but when we work together to prioritize their marketing efforts, they find that wall crumbles, and the path to growth opens once again.
So you’re now presented with a choice: continue doing what you’ve been doing, putting out fires and handling the day-to-day work. Maybe you’ll be able to add hours to your day and fit in your marketing work around everything else, and maybe not.
Your other option is to work with us. Practice Alchemy will help you regain control of your practice, and forge ahead toward mastering your firm’s growth, marketing, and ultimately, your income. Schedule an assessment of your current strategic and marketing efforts with us today and we’ll work together to identify your next steps to success.