3 Action Plans to Generate $300,000 for your Law Firm in 2023
studied for hours for the LSAT. Maybe even weeks, but for some, you probably
studied for months. I know when I took the LSAT in 2008, a year BEFORE my first
son was born I studied and studied about 6-hours a day during the week and
another 16-hours on the weekend. After taking the test, I realized that all
that prep work was only a part of what I needed to get through the logical
reasoning and the essay question at the end of the test. There just seemed to
always be more that I could do.
But after going through all that studying and then going to law school full-time
to getting your Juris Doctor in 3 years, and passing the state bar on the 3rd time,
you realized that instead of working at a large law firm that you want to try
your way with you own practice. Classes on Torts, Contracts, Corporate Law…
What happened to Marketing, Business Development, and Sales? I guess the
committee on curriculum development forgot to include those as mandatory classes
since 1000-years ago a lawyer was simply an orator that was helping a friend
plead their case in ancient Rome.
Now that you’ve had your solo practice for the past six months or sixteen
months, you haven’t been able to have the freedom you wanted, the lifestyle, or
the joy you thought you would have owning your own business. Well, all is not
lost. There’s more, but let me give you 3 Action Plans for the 21st Century
that you can use to generate approximately $30,000 a month the following
There’s an old saying, “Marketing is what you PAY for…Publicity is what
you PRAY for”.
If you place an advertisement in a publication, television or even sponsoring an
event… that’s YOU telling someone that you’re a good lawyer as self-promotion.
If SOMEONE ELSE tells other people that you’re a good lawyer that’s outside your
firm… that is public relations.
Although, you actually have to be a good lawyer first before others are going to
talk about you. At Prince
Management Group, we offer public relations through all forms of mass
communications to spread the word about your law firm. It takes consistency in
your message in the media, a blog post, vlogging, or public speaking at events.
The action plan is to gather your resources and figure out what you’re good at
and have your client’s testimonial of success do the talking…ala “Spread the
Word” about how good you are.
If a tree falls in the woods… and there’s no one around to see it fall… does it
make a sound?
The internet is never going away in our lifetime! According to Pew
Research Center in 2014 there were 90 percent of adults with a cell phone,
64 percent have smartphones, and 42 percent own a tablet. As a sign of the
times, my six year son and my three year old son have V-Tech Tablets, to keep
pace with Generation Z as researched by Indiana
Univ. Kelley School of Business.
Yes, there’s an app for everything, the simplest to post is through a business
Facebook Page, Twitter, and LinkedIn. Determine a timetable for your posts
daily using a Social Media Calendar to release your posts at a scheduled time.
Post to your website first so Google Search picks up keywords that will drive
traffic to your website.
There are two types of lawyers … practicing and non-practicing. No matter what,
your expertise should be shared with others.
Legally, you are NOT PERMITTED TO SOLICIT business, according to the ABAs
Rule 7.3. The best way to grow your practice is to demonstrate you know
what you’re talking about in specific practice areas. Conducting a seminar or
workshop will help achieve your goal of maximum exposure and benefit your
marketing efforts even if you are not sought for representation. By hosting
your own event you’re able to reach hundreds to thousands of views/impressions
for prospects to want to learn about our law firm.
You don’t need 100 percent capacity for your event, but you do need quality.
Thus, you need to focus on building a precise database in your target market,
have a relevant topic that will maintain your audience attention on information
they will retain and remember you.
Investment in your Marketing Budget
At the end of the day, just as you practice law … you need to practice what
marketing tactics work for you that produce results.
In order to make money you have to spend money. Investment into your marketing
budget should have a low to high range of 10 percent to 20 percent of your
estimated gross revenue. Then divide into nine equal monthly numbers, because
for three months you’re focused on your marketing efforts.
You’re going to want to track every dollar that you spend because it’s your law
practice to which you want to know the best activities that yield the highest
results. It takes just as much work into understanding the right marketing mix
for your personality as much as it does for you to become a good lawyer worth
The return on investment is inevitable with your pro-active efforts into an
energetic marketing lifestyle.
Investment Probability Scenario
Hypothetically, your estimated annual gross revenue is $300,000 which means your
marketing budget would be in the range of $30,000 to $60,000. Let’ stay on the
low end of that range. Investing $3,000 per month for the next ten months in
your professional marketing services with Prince Management Group or on your own
should generate $30,000 per month with 200 billable hours based on a mere $150
per hour billing rate. According to NALP,
most firms have a 2,000 annual goal in billable hours which includes your much
needed eight weeks off during the year.
This is purely an example because your efforts and thoughtful planning will be a
critical factor in how successful you are. As you can tell, the phrase “It
takes money – to Make money” as a solo practitioner or practice group in a small
to medium sized law firm
means if you’re scared to spend money on marketing your services and you rely
only on word of mouth or social media, you will be disappointed in the results.
If you are going to put in the work, then by all means, do that. But if you
want help, allow a professional marketing firm like Prince
Management Group give you some guidance and direction to make things a
little easier. Besides, all the studying you did to get through law school and
start practicing on our own or in a law firm, you’re accountable for your
compensation. Decide for yourself – before someone else decides for you.