Avoid The Ups & Downs In Your Law Practice
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Natalie: Mark from Indiana, who is a personal injury attorney is asking, “I keep getting those ups and downs in the practice. Where is the problem and how can I fix it?”
Sasha: Yeah, Mark, we have done it in another video, but I’ll go in a little more depth here. Almost every professional-services business experiences this problem. Mark, this is not unique. This is not limited to attorneys only, but there are like millions of professionals that experience this problem.
Sasha: Here is the core of the problem, right? As a self-employed person, business owner or contractor, many of us are responsible for going out there and bringing business in. That takes time and effort and, in some instances, money, right? Then, we gotta provide the service to the people or entities that we have actually brought in, and that takes time, effort and, sometimes, money, right?
Sasha: How do you make sure that you do both to continue with business going like this or going up steadily? Most people fail at that because it takes a lot of effort to bring in new clients and, then, it takes a lot more effort and time to serve them. It’s like, “I got seven new cases, yes. I’m going to be very busy working on these cases for X number of months.” Then, you really get bogged down by doing the thing that your business does, and, then, you do not have the time to get to work on the business, which is bringing in more clients.
Sasha: How do you solve this problem? The best way that I know, for those attorneys, that practice consumer-facing law, such as elder law, family, criminal defense, personal injury, bankruptcy, whatever practice area that you practice in that serves consumers; what you do is you stop looking for business yourself. You hire people who can serve that function and deliver elite flow or cash flow to your door on a consistent basis. Believe me, it is much cheaper to invest into that, than doing it yourself and going through the ups and down, every month, every quarter or every six months.
Sasha: You hire people, they do it for you, and they become part of your team, even if they’re not in your house, in your firm, which I don’t recommend doing unless you’re firm is very sizable. I’ll explain a little more on that, in a moment. Hire a proficient firm, that can tell you how they’re going to help you accomplish the results that you want, show you case studies how they have done it for others just like you. Then, you hire them.
Sasha: It could cost you $50,000, $60,000 a year, could be a little more, it could be a little less, not much less. It could be a lot more depending on your objectives, so if you’re looking to bring in another $1,000,000 worth of business, it could easily cost you $70,000, $80,000, $100,000 a year to do that, but the return on investment is huge, right? You put in 70,000 or 100,000 and you get 1,000,000, that’s a terrific return on investment. You just have them do that thing for you and report to you every month what they have done, the results that they have delivered and what it is they’re planning to do the following month.
Sasha: I was going to talk about something else, of a tangent, and I forget what it was. Do you remember? Nevermind. Slipped my mind. It happens. I talk a lot, so it happens.
Natalie: There you go. The question was how to deal with the ups and downs-
Sasha: Ups and downs.
Natalie: … in the practices. Looks like the main problem is where we start looking for clients, we get clients, and then we work on those clients and, then, our pipeline just dries out. This is where we need to start looking for clients, again.
Sasha: The feast or famine problem, that’s so widespread for professionals. Hire the right people to do this for you.
Sasha: Now, the tricky part is if your law firm or if you do B2B, if you practice law in B2B, then, Google may be your friend, but to a very small degree. YouTube can also be your friend, to a greater degree, but, still, not as great as if you’re a practicing criminal defense or personal injury, et cetera. You need to find a way to balance your biz dev activities with you’re working on the client’s cases activities. That’s very important. If you think about those attorneys that generate much more money, much more profit than others, they focus much more on biz dev than doing the thing that you call practicing law. They make a lot more money because biz dev per hour invested, per effort invested, is much more profitable than practicing law, right?
Sasha: You can hire associates, once you get good at biz dev and you bring in more and more cases. This is how when you think about consulting world or how you think about large law firms, right? They, attorneys, don’t do everything under the sun, right? They do just certain aspect, and, then, the pass down work to their assistants, associates, right, paralegals. They actually do very little of that practice of law and they focus on biz dev as their primary activity.
Sasha: We can do some things for you online, but there isn’t all that much that we can do for you online. Does that make sense?
Natalie: But, still, we can do a lot.
Sasha: We can do a lot.
Natalie: We can definitely help with the issue of ups and downs.
Sasha: I think we should record a separate video, where we actually go into the subject of how digital marketing can work for attorneys that practice B2B, right?
Natalie: That would.
Sasha: There’re, actually, quite a few things that you can do [inaudible 00:06:14].
Natalie: Maybe, that will be the next one.
Sasha: Let me give you a hint. A lot of your consumers, and when I talk consumers now I’m talking about business decision-makers, they’re looking for answers to their legal problems online. They may not be looking for an attorney online, but they’re looking for answers to their legal challenges, right, or business challenges that have to do with the law.
Sasha: One of the things that you can do is you can publish content that answers those questions. There are many different ways, well, not many, but a few different ways that you can go about it to get them to find you as the authority on the subject matter. If you become the authority on the subject matter, they will invariably start turning to you to answer their questions and some of them, many of them will start hiring you to help them resolve those issues.
Sasha: I think that’s a wrap. Thanks for watching.