Day 8 has arrived. Now that we’ve increased the flow of information in your office, through the steps in days 6 and 7, it’s time to really increase your firm’s profits. Law offices tend to be high overhead operations. This is for a reason that gets lost on many lawyers – you can reduce your overhead by investing time in your firm rather than spending money on it.
Let’s take a look at the difference between investing time and spending money. Let’s say you spend $1,000 this month in pay-per-click ads through Google Adwords. Now suppose that $1,000 brings you $5,000 in revenue. It’s easy to look at this and say “I made a profit.” Here’s the problem – that $1,000 has been spent and will never generate any additional revenue beyond the $5,000. What if you had taken just a little time and invested it in a generating web content that you own and control. That time will now return a value to you for the rest of your career and the need for a recurring monthly Adwords bill of $1,000 will go away as you are receive value from your newly generated content. This is how you truly get ahead and take your firm to the next level. Let’s put this into practice and start reducing your monthly overhead.
Investing time into blogging yields lawyers a better return on investment than paid advertising
Starting a blog immediately is the best investment you can make in your firm. We have a client in the Las Vegas area who has a family law site. On November 5th, 2013 she posted a short article to her blog discussing how drug use impacts child custody cases. This article was less than 500 words in length and took about an hour to write. That same blog post received 86 clicks from November of 2013 through April of 2014. Pay-per-click advertising for Las Vegas family law cases, currently, is around $20 per click. The one hour she invested in her blog has yielded her website visits which many attorneys pay $1,720 for (86 clicks * $20 per Google Adwords Click). Not a bad return on investment.
Now here’s the kicker. Our client will own that blog post for the remainder of her legal career and it will continue to return her value for the rest of the time she’s a lawyer. In other words, the return on that whole one hour of work is going to keep on coming and will probably equal a dollar amount in the high five figures to low six figures by the time she retires. When’s the last time you got that type of return for one hour of work? I would assume never.
The above math works out in a very simple way. Blogging is the best investment you can make in your firm while pay-per-click advertising is spending that yields a minimal result in comparison. So why don’t more attorneys blog? The number one excuse (notice I use the word “excuse” and not “reason”) that attorneys give for not blogging is the lack of time. These same lawyers spend thousands a month on pay-per-click however. The above financial breakdown shows how ludicrous it is to ignore your firm’s blog but to waste money on paid ads (not even factoring in other paid ads that attorneys spend money on, such as radio, television, billboards, etc.). I was blogging regularly when I had three associates and my firm was generating seven figures of revenue. There’s no reason you can’t do the same.
I know what you’re thinking. Blogging is easier said than done. Let’s put a plan in place to ensure that you’re able to get it done. Once you’re done reading this article I want you to calendar a five-hour time chunk (you’ll need more if you practice in personal injury law) each month where you are going to map out your posts for the next month and start writing. Keep your articles between 450-550 words. All the reasons attorneys give for not being able to blog were dispelled in my Blogging Basics for Lawyers series. If you’ve never blogged, or have always struggled to do so, here’s that series again:
- Blogging Basics for Lawyers
- How Lawyers Can Find Their Blogging Focus
- No More Struggling For Blog Content
- Making Attorney Blog Content Valuable
- Why Frequent Posting Equals Frequent Consultation
- Blogging Mistakes For Attorneys to Avoid
If you don’t have a blog already then start one. Even if you’re short on funds and have no tech skills you can start a blog through Blogger. If you do so make sure you use Blogger you avoid the three common mistakes attorneys make when using Blogger.
There’s a big difference between blogging and blogging correctly and most attorneys go about it in the wrong way. Going about it correctly, as we discussed in our Blogging Basics series, will gain you the type of results our client discussed above is getting. Start investing some time in your firm and start scaling back the money you spend on paid advertising today.
Day 8 action items for attorneys wishing to increase profits
Today you are going to start investing in your firm rather than spending. We’ll start by investing some time and over the next few days we’ll look at where you can invest money as well. This is how you will truly get ahead in your practice.
- Start a blog and make it look nice.
- Block off a span of time each month and dedicate it to blogging. Make sure you stick with it.
- Review our Blogging Basics series and start a series of blog posts that is useful to your clients.
- Scale back what spend on pay-per-click advertising, radio advertising, or television advertising immediately.
Day 9 will look at how to invest money in video.