In our third and final law firm growth series live stream, we’re putting all the pieces together and showing you how to realize your dream of letting your business work FOR you and grow organically. We’ve discussed the first stage where you gain perspective on your business, then we taught you how to implement a winning marketing strategy, and now we set you up to watch your firm grow. It’s a pivotal point, and you now should have the proper tools, but leveraging them correctly is key. There are two possible outcomes at this stage:
- Law firms work harder and become less efficient
- Law firms work smarter and become more efficient
Working harder and becoming less efficient is usually the by-product of learning as you go and not borrowing from others’ experiences. Working smarter and getting increasing returns comes from the realization that there are leverage points in a firm, and by prioritizing resources to improve these areas, breakthroughs occur.
Access the stream of this event on-demand. Submit the form here and view it for free! If you missed the first two episodes, you can view them here.
Become a Marketing Guru (3:38)
When you talk to lawyers around the country and ask them about their biggest problem, most firms will say “I need more leads.” That may or may not be true for you, but unless you have a good grasp and solid foundation on finding and nurturing quality leads, you won’t last very long. What do the absolute best law firms do to become marketing gurus? It’s actually quite simple.
What separates one law firm from another is the quality of the decision-making that the leadership makes. So how do you make better marketing decisions? Data. Your ability to maximize your investment in your marketing budget puts you lightyears ahead of your competition. Testing is key, and you always need to be internally answering and responding to a series of questions:
Where are your leads coming from?
What’s the ROI on those leads?
Where should I be shifting my attention to maximize ROI?
Just by simply repeating tasks like comparing your lead source performance and adapting to the changing tides of marketing trends and internet traffic, you will be surprised at what you can accomplish.
Staffing for Profit (10:35)
Up until this point, we’ve only discussed the lead-to-customer pipeline, but your firm actually needs to build two pipelines to become successful. First is your leads-to-customers, and the second is a talent pipeline. If you’re not managing this pipeline, you won’t be able to leverage the rest of your marketing, we’ll explore that more below. First, what is an A-player, and how do you identify them?
There is a huge difference between a warm body and an A-player. Think to yourself, what would your firm be like if every single person on your team had as much dedication and worked as hard as you. You probably wouldn’t have a care in the world! Sounds great, right? We all know that’s not entirely feasible, so in the interim, it’s your job to build and nurture talent that will greatly reduce your stress and greatly maximize your results.
Just like your marketing efforts, the way to nurture this talent is to also use metrics to gauge your employee’s performance. Now we’re not suggesting you monitor their every move, but you should be tracking major initiatives.
For example, you can take a look at employee phone call performance. Identify phone call output compared to appointment set rates, and figure out where your make/break line is. If you have an associate who is performing below your ideal line, reach out to them for help! Ask them what you can do to assist them, make them more confident, and get them performing above your ideal performance line. The conversion from leads to hires is a human-endeavor, this is something you can totally control by tracking this performance and jumping in when necessary. There’s one last benefit from nurturing your employees into A-players.
Automating success (19:21)
There are some things we can’t automate. We can automate marketing and we can automate a process for sales, but we can’t automate human decision-making. Oftentimes, success comes down to decision-making, so how does a law firm “automate success.”
Putting the above together — the idea of automating success means:
- Identifying your A-Players
- Nurturing them to fundamentally understand your firm’s marketing philosophy and relevant target metrics
- Allowing them to identify other team members to nurture
- Repeat indefinitely
As a founder, what you’re now left with is a flywheel that’s constantly growing, constantly adding more A-players, and working with less effort. This system begins to compound, and as a founder, you get to start to take a back seat from the day-to-day and watch your practice flourish.
Listen to the full live stream below
The full recording of the live stream goes in-depth into the above topics complete with real-world examples. Fill out the form to access the recording below.