GPSOLO Touts “Niche and Target Market” – Finally

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I felt somehow honored (or at least vindicated) by the current issue of GPSOLO magazine, the publication of the small firm and general practice section of the ABA. The cover headline shouts “Niche Practices,” and the article is titled “Building a Niche Practice: Go Small to Go Big.” For the section whose charge is seemingly to represent the “general practice” attorney, such a cover story is a remarkable admission.

The article starts with some obvious statements: “it’s no secret that the legal marketplace is in turmoil… In this competitive environment lawyers must distinguish themselves from the competition in order to claim a bigger piece of the pie. One way to do this: build a niche law practice.” Duh.

For a decade I have been preaching that most lawyers look through the wrong end of their telescopes.  They look from the perspective of the 20th (or perhaps 19th) – century world — “this is what I do and here I am.” Or even worse, “I’m a lawyer, what do you need?” They should be asking “who is my target market, and specific services do they need?” “Anything for everyone” isn’t a target – it’s a plea.

Most consumer-level  legal work is rapidly being commoditized and is leaving the legal profession. Software, LegalZoom, RocketLawyer and hundreds of other web services offer consumers a wide range of cheap (though not always good) alternatives. The only long-term road to legal success is abandoning the commodity market and moving into the “value” areas, focusing on specific legal expertise that is highly valued by a clearly-identifiable segment of the sophisticated buying marketplace.

How do you “niche” and “target market?” There are two very specific ways. The first is the obvious: developing or focusing on a specific area of your expertise, identifying the market which most needs that service, and finding avenues to reach it.

For instance, I have helped an estate planning attorney in a state with complex pension rules dramatically expand their practice by positioning them as “the teacher’s pension protector.”  In another case, I helped a personal injury lawyer position themselves strongly in the parent and education community as the “child injury lawyer.”

The second route is less obvious. How the consumer perceives you  – as a commodity or a “value” lawyer — depends not so much what service you provide, but on the buyer’s perception of your special value to them. When a prospect is referred to you, someone they trust has identified you as having special – or at least higher – expertise than strangers from the phone book, or services from LegalZoom. In a very real sense, your referrer has actually “branded” you with that prospect. This ratifies the importance of personal referral marketing, which I have always emphasized in my seminars and my coaching.

The day of the “GP” lawyer is passing. Too many young lawyers, unable to find jobs, are hanging out their own shingles and taking whatever they can find — becoming the new (and legally dangerous) generation of “GP” lawyers. The smartest lawyers are moving up the food chain, identifying their niche and target markets, and prospering.

The Rise of the Walmart Lawyer

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First came the Legal Grind. Then came Chicago’s Legal Cafe. What’s next?  A prediction.

Walmart – or some other Mart – will contract with LegalZoom or an equivalent to re-sell their service, buying it wholesale and selling it retail. They will then place hungry, young, otherwise unemployed lawyers in small cubicles next to the bank & the tax preparer cubicles, paying Walmart wages, to await customers needing a will or a lease or some other simple legal work. The lawyer will briefly interview the customer to determine their need, then find the appropriate form on LegalWhatzis, help the client enter information and print the document out, and offer a brief explanation of the document. The customer (note – not “client”) will then whip out their debit card and pay Walmart for the LegalWhatzis service plus a service markup – with a voluminous disclaimer printed on the cash register receipt.

And, as Inspector Clouseau would say, voila! The customer has bought a LegalWhatzis document. Has a lawyer-client relationship has been established? Walmart has made a profit from re-marketing LegalZoom. Enter the Walmart divorce, the Walmart will – courtesy of LegalWhatzis.

Hyatt Legal Services, eat your heart out. And Bar Associations get ethics heartburn. Who is liable for malpractice? Walmart, the young hungry lawyer, LegalWhatzis?

And wither the young hungry? Double shifts in the sporting goods department and free chili dogs at the snack bar?

Lies, Damn Lies, and (Legal) Statistics

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Here’s my follow-up post dissecting the very interesting survey by Altman Weil on how corporate legal counsel make decisions on hiring lawyers. So here it is.

In my first comment, I gleefully dissed social media, which ranked a non-existent zero on a 1-10 scale. Now I want to take my comment back – sort of. Let me step back a couple of steps and explain why.

Much of the survey was related to a legal counsel’s perceptions of a lawyer or firm. In that venue, social media is definitely off their radar. Don’t expect corporate legal counsel to want to be friends on Facebook, or on your Twitter feed. That said, social media  does play an important part in their perceptions – but second-hand. Someone they trust – who IS on your twitter feed and is a friend (virtual or otherwise) referred them to you. In other words, wisely executed social media, which builds and maintains your referral network, can be very valuable indeed. So, social media ranks a “0″ for corporate counsel. But quite possibly it DID get you the client – because of social media one step removed from that counsel.

“Demonstrated understanding of your business/industry” was the top-ranked issue with 9.6 out of 10 points. Again, I don’t imagine too many legal counsel do raw research on the web to find the right attorney. Rather, they first go to others in their industry, other lawyers, or other related professionals for recommendations. Only then, when they’ve gotten a couple of recommendations, they may do some research into the background of those lawyers. But the recommendation comes first, then the check of history & track record.

Same goes for the issue of “directory listings, traditional or online,” which ranked a paltry 3 out of 10. These fall into the same category as websites. The primary purpose of a website – at least for higher-level attorneys in more complex areas – isn’t so the attorney can be found in a Google search for “securities lawyers.” In fact, you really don’t want that type of call. Rather, it’s for VALIDATION – for a more valid prospect to check out a lawyer who has already been recommended. So, directory listings and websites both aren’t big factors – unless you don’t have one.

Why didn’t “personal contact: visits / phone calls / personal notes” rank higher than a 6? Because of a dichotomy. Those things, done too early in a relationship, are usually off-putting. Done judiciously after a reasonable level of relationship has been established are valuable. So essentially “cold” calls would probably rank in the minuses. And calls, cards and visits from “friends” would rank maybe an 8 or 9.

One item I didn’t mention in my last post was “Direct mail / email communications about a firm” which ranked a dismal 2. Why – or better said, why do you really need to ask? Because we are all so overwhelmed by e- and regular-mail that anything that is not strongly and directly relevant to our needs at the moment is viewed as simply annoying. The lesson here is to handle such communications with utmost care. Does it pass the urgency test – “you really need to know this” or just the our-gency test – “we really want you to know this.” If it’s the latter, ditch it.

Enough for now, a bit more later. In the meantime, I highly recommend you peruse the Altman survey and chew it well.

(No) Surprise – Clients Still Hire Lawyers the Old-Fashioned Way

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A new survey of corporate chief legal officers by Altman Weil offers considerable food for thought – and marketing. Highlights, on a 0 to 10 (median) scale:

  • Social media isn’t on their radar – a 0 rating. How much time are your people spending on it?
  • Demonstrated understanding of their industry is critical – the top (9) score.
  • Referrals (8), personal contact (6) and demonstrated expertise(6) are still king.
  • Free seminars & training for the company’s legal department (3) are useful but not deciding factors.
  • “Branding” as full service (4) and participation in industry events (2) helpful but again not deciding
  • Websites, brochures & advertising surprisingly low (2) on the list
  • Direct mail & e-mail communications about the firm (2)
  • But the biggest surprise is the ranking of social media (0) and invitations to sporting and social events and dinners – (0).

So what are you doing right & wrong? Before you decide, look for my next post, which will attempt to deconstruct the survey and address the many unanswered questions of this surprisingly simplistic survey.

Trust Accounting & Credit Cards – A Potentially Combustible Pair

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Colleague Peggy Grueneke, in her blog lawbizcoo, explains how the new IRS regulations concerning credit card acceptance create a very nasty web of ethical, financial and legal  traps for law firms. Accepting credit cards is increasingly important for all attorneys, but these new regulations create a level of complexity that could stop some from doing so. Clearly the new regulations come from the retailer point of view (users are all labelled “merchants”) and never considered the issues of trust accounting and retainers. An absolute must-read. if you’re out of compliance you could also be out of luck.

Ten Tips for a Successful Practice

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The profession is going through an upheaval and shakeout of unprecedented impact. Some futurists predict that as many as a third of the lawyers in practice today will have left the profession within the next five years. How will small firm & solo attorneys need to change their thinking to stay viable? Some of my thoughts –

1. Learn from change, don’t resent it. Ask yourself “what is the opportunity here?”

2. The past ain’t coming back. Move forward or be left behind.

3. Embrace technology. It’s not a choice. Every old dog can learn new tricks. As Yogi  Berra once said, “first ya gotta wanna.”

4. Hire or keep a strong right arm. Without it you don’t have a practice. You have a job.

5. Attracting work is just as important as doing it. Get over it.

6. Develop a clear identity. General practice is not an identity. It’s a plea.

7. Three (okay, four) key words to remember that will help you stay alive: focus, niche and target market. You can’t survive trying to sell everything to everyone.

8. Be highly visible and active in your own and your target market’s community. You won’t be found by prospects if you are hiding in your office.

9. Your worst enemy is inertia, not your competition.

10. Think beyond this month’s billings. Without a roadmap to tomorrow you are living in yesterday.

Extraordinary Client Service – How It Translates to More, Better Business

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Colleague and Legal Project Management Guru Pam Woldow of the Edge Group just posted a tale of client service as experienced at the Trump International Hotel. Her story, when considered seriously by attorneys and firms, can literally mean more, better business.

In working with my clients I emphasize the “Prospect to Client Continuum,” about how each touch, from first mention by a referral source to website impression, how the phone is answered, how they are greeted and treated when they come in, and especially how they are treated by the attorney – add up to a series of experiences that either increase or decrease their trust. And that translates to whether or not they hire you.

The truth is that most consumers, save the very sophisticated, don’t know how to evaluate whether or not you are a great lawyer. Instead, they will make decisions based on what others say about you (referrers) and how they “feel” about you. “Really liked them,” and “felt good about them” will be their reason for hiring. Conversely, “just wasn’t comfortable” or “we just didn’t seem to click” will be their reasons NOT to hire you (or sometimes even “too full of herself”). Those sentiments are the unconscious result of either great service, as alluded to in Pam’s post, or not-so-great service, as delivered in many offices.

Most lawyers think clients come in for the law, because of their “process” perspective. In truth, no client really wants an attorney or a “process.” They have a problem or opportunity, and the lawyer and the legal process are actually the obstacles they have to get through to get what they really want – a solution or a win. It is up to the attorney to deliver an overall positive “experience” and not just a “process.”

Then, great service continued throughout the representation adds up to bills that are paid faster, greater client cooperation (due to greater trust), and more client referrals. Yes, even if the outcome of your representation wasn’t the hoped-for one, so long as you have built their trust through great client care.

Every day, the profession is seeing more competition from every direction. It’s time we as a profession focus on service, not just process, because it’s the way the world outside the law works, and what consumers expect – and deserve.

Tips From an Old Friend In the Field

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Long-time friend and client Jason Studinski, one of Wisconsin’s leading trial lawyers, has not only survived but thrived after the Wisconsin “off the cliff” experience when Governor Scott Walker managed to pass tort reform within 90 days of his election. A few years ago, BW (before Walker) I advised Jason in very successfully re-inventing his PI practice. He took that experience into the battle, re-inventing himself once again after the personal injury “cliff.” I recently asked Jason to share his insights on how he did it.

Jason: “There have been seven points that I have identified in the last three years concerning my approach to marketing.”

1. Relationships are everything.  We have worked hard to find new referral sources and shore up existing sources. (Cole: Jason fully understands and wields the power of relationship marketing.)

2. Get free press instead of paying for it.  We are going to be doing more press releases. (Cole: Jason harnesses the daily thirst of the press for copy.)

3. Recycle my marketing materials.  If I do a talk on a subject, I try to find additional venues for that same talk.  I try to turn the talk into articles.  I try to find talk radio for the subject too.  I will be posting all of this on our website as well. (Cole: Jason regularly uses the “three cushion shot,” re-purposing his work to leverage  the power of his marketing.)

4. Make use of part-time folks for purposes of marketing. (Cole: leverage your marketing with systems and people – lots of talent available cheap – if you know how to harness and direct them.)

5. Take advantage of the new visibility opportunities of social media. (Cole: Yup.)

6. Hyper-niche.  General practice no longer exists – even if you say I generally practice personal injury.  Niche. (Cole: two new keys to building a successful practice: NICHE, which allows you to identify and reach a specific TARGET MARKET(key two) efficiently, rather than trying to reach everyone.)

7. Say no. Now more than ever it is critical to say no to bad work or work that simply doesn’t fit.  We have to leave behind a scarcity mentality and adopt more of an abundance mentality.  This means that instead of taking work on that we don’t want or can’t do efficiently, we should say no – and spend that time on marketing and building the business. (Cole: SELECTIVITY means you don’t get overwhelmed with lots of work on low-value matters, so you can spend more of your time in high-value areas. “Busy” doesn’t always equate to “successful.”)

What Makes Clients Really Want to Pay Your Bills?

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Heated discussion on Lawyerist.com about sending effective bills. Couldn’t help but add my two cents worth here.  

Most attorney bills, with their point-somethings and cryptic billing program-generated phrases, are horror stories that stress clients out and invite challenges. ”3.2 – conference call with opposing counsel. 1.4 research and writing of response. .5 – client telephone discussion.” It’s enough to make them crazy – and often does.

When a client opens your bill, they want to know two basic things: what did you accomplish for me this month, and how much are you charging for it? The bare bill, even one with a nice cover letter, doesn’t really tell that.

The solution is a “progress report.” Grab the detail bill and translate it into client language. “In August we made significant progress toward an agreement. We had several positive discussions with opposing counsel and have resolved some key issues…”

Let them know what you actually did for them. Not the process and the time it all took – but how you’re moving their matter toward resolution. Then, instead of the laundry list of point-somethings, give them a simple summary bill. Attorney hours 12.3, paralegal hours 8.2, miscellaneous charges $147.50, with a “total charges for month” line below. And at the bottom, “detail billing on request.” Unless your client is a sophisticated user of legal services, few will ever ask for the detail, because you actually answered their real questions: “what did you do for me this month, and how much do I owe?”

If your client is sophisticated you still send the detail. But the “progress report” is always a powerful idea that will help you maintain more positive client relationships – and get you paid more quickly.

Costco Has Some Wisdom for Lawyers

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Costco is one of the nation’s smartest companies. Even their Costco Connection magazine, which began as advertising flack, has evolved into a publication whose every issue provides value and insight to its members (along with a lot of advertising flack).

Last month’s edition has an article entitled “Top Five Mistakes Small-Business Owners Make” that hits attorneys dead center, and re-states some of the key points I have been teaching my clients and firms for twenty years:

1. Not knowing why customers buy
2. Offering a transaction rather than an experience
3. Being the answer (wo)man
4. Allegiance to how it’s done
5. One-dimensional thinking

I encourage everyone to read the Costco Connection article first, and over the next few days I’ll provide my own legal spin on each.

The Legal Balloon Goes Pop

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Another story in the ABA Journal predicting the already  in-progress turmoil and diminishment of the legal profession.

One thought that always rattles around in my head: the profit margin of the average business is, in a good year, 20%. Grocery stores operate on a margin of 2-3%. Law firms operate on an average profit margin of 45-55%, yes, even the pretty good local and solos. Let’s not talk about the margins for some PI firms.

The legal profession has never had  a focus on efficiency and process because of its immense “slop” factor. Even poorly-run, inefficient firms could make barrels of money because they were keepers of the secrets, gods of the law. But technology and the web is stealing the bottom layer, at the same time as hordes of young lawyers are wandering homeless, willing to do whatever work they can find for whatever the client will pay.  And you’ve read, I’m sure, about how technology is now being used to do the kind of complex discovery that associates used to do – and better than they did, because computers don’t get tired or distracted – and also the massive analysis of contracts and agreements to identify key issues. Like all technology, such is now being brought down to the retail level and being made available to smaller firms.

Frankly, all of this is why today I am working with more attorneys and firms than ever – not simply on “marketing” or “operations,” but on transformations – rethinking firm directions, structures, target markets and niches.

The profession is in the process of deflating — until 80% or more are operating like businesses, with similar margins. Law firms in general have no idea how to do that, and senior lawyers will be horrified to see their share of that 45-55 percent profit disappearing.

Law is becoming an business, an industry – at least 80% of it is. And yes, one with high standards. But no longer a high priesthood. And only a few sharply focused superstar lawyers and firms will be left making those amazing profit margins, while thousands of others will be joining the middle income brackets, or less.

 

The Walnut That Rules Us All

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What’s stopping you from moving forward? Changing firms, hiring an associate, launching a new practice area, firing that assistant, moving to better offices? It’s likely a legacy from our ancient ancestors.

Sitting atop our spinal column beneath our cerebrum is a walnut-sized organ known as the limbic brain. It was there before our ancestors became thinking beings, long before we came down from the trees, and while it has numerous functions, one of its most important purposes was – and is – to keep us from being eaten in the jungle – to keep us alive. You could call it the “watcher,” or even better, the “watch out” organ. It’s hard-wired to be constantly on the watch for whatever could harm us, and in that respect we owe if a debt of gratitude. Because it was, most probably, responsible for the survival of homo sapiens.

But once we developed a brain – let’s say “consciousness” – it went underground. It didn’t disappear – no, still today it’s constantly scanning our jungle looking for potential disaster. But it doesn’t “talk” – it’s not a part of the conscious mind. Instead it communicates emotionally. So when, for instance, we confront anything new or consider anything out of our familiar order, that reptilian brain telegraphs us a message – “watch out or you’ll die!” And we get a lump in the pit of our stomach, a feeling of discomfort, or a vague sense of un-ease, urging us to avoid that new step, return to the fold, step back to the familiar, because the familiar is safer than the unfamiliar – even when we may be unhappy with it.

Why the ramble into phsyiology and psychology? Because, if we remain unaware of that constant “watch out” message being sent to us by our little walnut, we will forever be trapped by its message.

Heaven knows, our offices of today are noticeably devoid of lions and tigers and bears – creatures that could eat us. Very few of our decisions, short of stepping in front of a bus, are today likely to kill us. Make us unhappy, put us in financial distress, disrupt our lives yes, but kill us? Not likely.

The fact is that moving forward – growing, changing, experimenting, taking new paths – is the only road to success in any aspect of our lives. So, that walnut is not always your friend.

But it can’t be silenced, even in the safely OSHA-padded civilization we live in today. It’s hard-wired to do its job. It will continue to shout – at that emotional, unconscious level – those “watch out!” “step back or you’ll die” messages. And if we remain unaware of them, we are at their mercy. They will keep us trudging down the least-risk, most familiar – and often least rewarding – path forever.

If you truly want something better, something different, you need to start learning to recognize the telltale signs of its message – those non-verbal, emotional messages – and move them into the consciousness, your intellectual brain, so you can decide – will this decision truly endanger me? Or is the risk worth the potential reward?

Most people know, or at least have some inkling of, what path they should be taking to better their businesses, their careers, their lives. But the reptilian brain is a coward. After all, “fight or flight” is a true survival trait in a dangerous world. But the path to success almost always conveys some level of risk. Some level of fear. And therefore, some level of courage. And courage flies in the face of instinct.

So, for your consideration I share my best definition of courage: “positive action in the face of fear.”

“Top Ten Causes of Malpractice” Article Hits Home

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My recent article “Of The Top 10 Causes of Malpractice & Grievances – 8 Are Sloppy Housekeeping!” has been reverberating around the web thru LinkedIn, Twitter and e-mail at a far greater volume than I ever expected, especially my comment on the all-too-typical lack of control of open files. I’ve lost count of the times I have forwarded my Case Manager Form to worried attorneys.

So I’ve decided to follow up in three ways. First, I will deconstruct the half-day seminar I have been conducting around the country,Ethics and Managing Risk in the Law Firm into small bites, and post them right here over the next few weeks.

Second, I will offer a free 30-minute coaching call on key areas of concern to the first 10 people who send  an e-mail request to me at dustin@attorneysmasterclass.com.

Third, I will again offer my Case Manager form, which provides a simple way for attorneys to track & manage the work, to anyone. Just e-mail me a request to the above address.

And stay tuned. If you’re not one of the first 10 requests, I’ll extend the offer again with each bite of my risk management program, so try again next time.

“Ethics and Managing Business Risk In the Law Firm”

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On July 26-27 I’m conducting a very important seminar in Greenville & Columbia, South Carolina. “Ethics and Managing Business Risk In the Law Firm” is a risk reduction program with a major marketing training component, because I believe a high percentage of malpractice and grievance problems occur due to insufficient income, which compromises the attorney’s ability to deliver the highest quality work and can tempt good attorneys to misuse client funds.

A catastrophe or a serious error can completely destroy a legal career. Too many good attorneys have gone down in flames because of lack of preparedness for a disaster(and they come in a wide variety, from natural to employees or even partners), or lack of income. Because of its importance, it qualifies for 3.0 South Carolina MCLE credit hours, including up to 3.0 LEPR credit hours.

If you’re anywhere close, I encourage you to attend. You can register at http://bit.ly/IZRt6n. If you would like a copy of the handout, e-mail me at dustin@attorneysmasterclass.com

Of The Top 10 Causes of Malpractice & Grievances – 8 Are Sloppy Housekeeping!

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The Florida Bar Law Office Management Assistance Service, and its Director, my friend Judy Equels, a while back shared some startling statistics with me as we co-developed a legal risk management program.

I’ve often said that most good lawyers are terrible business managers, and these statistics prove just that: of the top 10 most common malpractice & grievance issues, the top 8 are NOT LEGAL BUT OFFICE MANAGEMENT related – AND HIGHLY PREVENTABLE through instituting of basic operations systems and procedures. They are:

1. Failure to manage time/procrastination
2. Failure to docket – identify/document deadlines
3. Failure to manage information
4. Failure to obtain client consent
5. Failure to file documents timely
6. Missed or unresolved Conflict of Interest
7. Poor communications with client
8. Failure to follow client instructions
9. Inadequate discovery/investigation
10. Failure to know/apply the law

How do you know if you’re at risk? If your answer to this basic question: How many  files do you have open right now is – “uh, about. . .” If you don’t have a daily handle on how many, what you’re currently doing in each, and the deadline for its completion – you could well be headed for the cliff. At the very least, you’re losing too much sleep worrying about what you might have missed in that pile of files on your desk

Don’t ignore this major sign of potential disaster. If you would like a copy of my simple tool, the Case Manager Form, just shoot me an e-mail at dustin@attorneysmasterclass.com and request Form TP-04.

Told Ya So – Small Towns are the Next Big Thing

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WSJ had some “breaking news” about some midwestern law schools who are telling their graduates to look again at the small towns, and are actively setting up internships in such communities. (See “New Lawyers, Seeking Jobs, Are Advised to Think Small“)

The gist of the article is the revelation that, while in big cities the legal profession is eating its young (see June 19 WSJ article “Only 55% of 2011 Law School Grads Had Full-Time, Long-Term Legal Jobs“), smaller communities are hurting for legal talent. Seems that the number of lawyers in more rural areas has actually decreased, and those that are left are disproportionately older and transactional. And many of them would like to transition their practices but don’t have any candidates.

Been saying that to my audiences for several years, based on experiences with several brilliant and insightful clients. One, Ethan Vessels, some time back purposely moved to Marietta, in the remote southwestern corner of Ohio, next to Parkersburg West Virginia, and has built a very productive and satisfying contingency practice based on old-school techniques of building relationships and leadership in the community. A powerful benefit: a great lifestyle in a beautiful smaller city. Another, Bill Steffens, is on the other side of the coin with a truly great practice in Broken Bow, Nebraska. Says Bill “I wouldn’t trade my lifestyle here for any big city you could name.” But he has had trouble attracting a successor.

The Lifestyle Benefit
Even if you’ve been in practice a while but are seeking a less stressful practice and/or a saner family lifestyle, do some serious study about your state’s smaller communities. The stats are in your favor – and the payoff could be bigger than you imagine.

New GP Solo Succession Planning Article Now Posted

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The July/August issue of GP Solo Magazine will feature a longish article by me on succession & transition planning, based on the program I have been conducting for various Bar associations  around the country. Just posted to my Articles page. You can read it first right here - Succession Planning for the 62 Percent.

Comments are welcome, and I’m happy to answer individual questions as well. Just e-mail me at dustin@attorneysmasterclass.com.

Sometimes the Best Marketing Advice is the Simplest

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Most attorneys know the best business comes from referrals. So – are you keeping in touch with your referral sources?

Do you have a comprehensive list of your best referral sources, and are you referring to it regularly to make sure you’re keeping those relationships warm & friendly?

Do you have a system to make sure you identify the source of every prospect, and to make sure that every referrer is acknowledged and thanked?

When you refer to others, do you have systems to make sure you let them know you’re trying to help them?

Do have a system to ask happy clients to let the referral source know they’re happy?

Basic marketing habits like these are the foundation of more expansive marketing plans. Without them in place, you could be losing big time, because of referrers who feel unappreciated, who don’t know you’re trying to help them, and who aren’t getting feedback from those they referred.

And by the way, note the word “systems” in each. “I do that some” isn’t a system, and means that you also DON’T do that a lot. Marketing, like the rest of your practice, should be systems-driven rather than attorney-driven. It’s the distinction between having a practice and having a great legal business.

If you could use some help in putting the systems in place, or learning what to say when you reach out to touch a referral source, give me a call at 407-830-9810.

Here Comes New Pricing – With a Vengeance

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A revelation in the revolution – one Biglaw firm has begun aggressively value pricing AT THE HIGHEST VALUE END.

Holland & Knight  is now actively encouraging their top attorneys to offer clients a variety of pricing options – and giving them latitude in how they do it – and leaving traditional hourly rate structures in the dust.  This from a firm that, less than a year ago, was requiring its top attorneys to actually increase their hourly rates, and was resisting alternative pricing. Today they are open to essentially allowing attorneys to make deals with clients, to preserve the relationship and build new ones.

And even more interestingly, H&K is currently one of the financially healthiest firms out there, with almost no long-term debt and little short-term debt. Admittedly they have made some tight – and realistic – decisions on draws and compensation (The anti-Dewey approach), but clearly they’re  doing their best to stay ahead of, or at least on, the curve.

Kudos to a Biglaw firm that has decided to lead rather than grudgingly trying to hold the line.  But a warning shot over the bow of boutiques who have been the innovators.

Have You Watered Your Referral Sources Lately?

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The rainy season is upon us here in Central Florida after a very dry winter. Suddenly everything in our yard that was dry and struggling is lush and green and blossoming.

Just like my landscape, healthy relationships require nurturing. If you’re intent on maintaining productive and blossoming relationships with those who help you feed your family, you have to honor my fourth and last rule for effective referral marketing: stay in contact consistently over time.

It’s not about “sales.” It’s about genuine relationship. Think about that personal friend who never seems to reach out to you, even though you regularly initiate contact. after a while you’re likely to give up, cross them off your list.

It’s the same with referral sources. Say “thank you” with a phone call, personal note or e-mail when that referrer sends you a prospect (even if they don’t hire you). Periodically reach out just to reconnect and find out what’s been happening in their lives, as a friend would. Keep the relationship warm.

After all, relationship marketing is, in the end, about building and maintaining an extensive group of friends who you enjoy connecting with, and who are happy to help you be successful. If you don’t, they are likely to forget you and refer to someone else, or even worse, proactively cross you off their referral list because they feel unappreciated or forgotten.

FYI, here are my four simple rules for relationship marketing, each of which, of course, has considerable detail behind it. But the basic concepts are simple:

1. Talk to the right people.
2. Build honest relationships
3. Make sure they know what you do and who you work with.
4. Stay in touch consistently over time.

It ain’t rocket science. But it does require focus, consistency and, most importantly, background systems and structure to achieve maximum efficiency and leverage.