This post kicks off a series which will discuss common mistakes which law firms make in their marketing. I recently wrote a series of posts on how lawyers can immediately increase their revenue. My upcoming articles, however, are going to focus on the larger issues which law firms must tackle if they want to ensure their future success. The reason I say that these issues must be dealt with immediately are simple – as I wrote previously, a number of law firms are failing. Making the necessary changes will help you to look like this:
While your competitors wind up looking like this:
Issues which I’ll discuss in my upcoming articles include:
- Why other law firms aren’t a good model for your marketing
- The mistake of not focusing your marketing on what potential clients care about
- Not fully embracing the concept of return on investment
- The failure of attorneys to think long-term
- The importance of repeat business
One point I cannot stress enough is that lawyers, who don’t change their ways, will go out of business in the near future and…no…I’m not just saying that for shock value. The proof is in the statistics. From 1988 to 2012 the average solo practitioner’s take home annual income, adjusted for inflation, dropped from $70,747 to $49,1301. Also, fifty-nine percent of the leaders at large law firms recently said that they were seeing a decline in the demand for legal services2. These numbers don’t lie. Demand for legal services is declining and that decline is only going to accelerate. The result of the decline will be that many law firms fail and, as a result, many attorneys will exit the profession. The silver lining in this is that there is a chance for attorneys to make an extreme amount of money if they choose to “do it right.” My upcoming posts are going to focus on topics which will help those who want to go about things the right way.
It’s also important to understand that all attorneys could do the things this series will be addressing. However, as with most things, it’s not an issue of whether people can or can’t do these things. It’s an issue of whether they choose to or choose not to. My suggestion would be to choose the right path for your law firm. Stay tuned for tips on how to do so.
1The Rise and Fall of Lawyers; Published by CNN on March 23, 2015. Accessed at: http://www.cnn.com/2015/05/22/opinions/barton-rise-and-fall-of-lawyers/
2Law firm leaders report lawyer oversupply and ‘chronically underperforming lawyers’; Published by the ABA Journal on May 24, 2017. Accessed at: http://www.abajournal.com/news/article/law_firm_leaders_report_lawyer_oversupply_and_chronically_underperforming_l