Here are five strategies for developing your law practice to attract bigger, higher paying clients.
1. Cultivate your network of legal professionals
Client referrals from other lawyers is perhaps the most valuable driver of new business for smaller firms. When different attorneys work in different fields with different types of clients, it’s easy to maintain win-win relationships.
Whether they are old classmates from law school, colleagues from previous positions or simply other attorneys you’ve met through networking, the bigger your circle the more fruitful your lead generation. Don’t expect quid pro quo but do keep the ball rolling by always referring clients you are unable to take to someone in your network.
2. Streamline your operation
It’s extremely difficult to grow a law firm with ineffective workflow. Investing in software and technology can help free up more time for you and other associates to spend on billable activities–but there’s no better way to increase efficiency than to hire administrative staff.
Any task that can be performed more cheaply than your time is worth should be outsourced or delegated to in-house staff. Even cash-strapped firms will benefit from creatively financing new employees that lead to increased client capacity.
3. Explore niche practice areas
Be an early adopter and specialize in new fields where there is little competition. Your firm can become an authority figure and expert on a niche, as well as make connections with influential people in that area.
4. Be easy to reach
Every phone call that goes to voicemail could be a lost client. Consider a virtual receptionist service if your firm is too small to hire someone to man the phone line full time.
People are impatient. If you can’t answer their call straight away, they’ll hang up and dial a competitor. Also consider using live chat, Skype or social media.
5. Seek out capital to grow your team
Growing a solo practice comes with a common dilemma—you can’t hire additional attorneys without the clients to pay them and you can’t take on new clients without first increasing capacity.
Learn how to ask for funding and leverage capital injections. Additional associates/partners will increase overall client capacity while simultaneously allowing the firm to diversify into additional fields of law. Support staff, overhead and other fixed costs will also be diluted with more revenue coming in per employee.
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