I was recently coaching an attorney at a small east coast law firm who was lamenting how slow new business has become in the past few months. As we talked, I asked him, as I ask dozens of attorneys every week, "What have you done in the past 3 months to build relationships with potential referral partners?" He mentioned going to lunch a few times and speaking with a couple over the phone when they made a referral to him.
I asked him to open up his Outlook contact database; there were more than 200 non-client contacts in it including: accountants, financial planners, angel investors, business brokers, and private investment bankers.
Here's the 3 keys I shared with him to develop the relationships in his "golden Rolodex."
Law Firm Marketing Key 1: When It Comes to Referral Relationships Take an Active Role
There is a Jewish saying "A man who has friends must show himself to be friendly." Don't wait for someone to take the initiative and contact you be the first to reach out. In the last few years we have coached and trained over 6,000 attorneys and the ones who are the best rainmakers are the ones who make at least 3-4 contacts with potential referral sources every week.
Action Step: Take 2 minutes and scan your contact list. Select 15 to 20 names of potential or current referral sources and send them an email or better yet, pick up the phone and call them with an invitation for lunch or coffee. Set a goal of having three face-to-face meetings per week for the next month.
Here's a sample script: "It's been a while since we've connected. I was wondering what your schedule looks like for the next week. I'd like to get together with you for lunch or coffee, just to catch up, my treat. Let me know what dates would work better for you."
Law Firm Marketing Key 2: Increase the Frequency of Your Contact
Try as we might, it's difficult with our hectic schedules to meet with every potential referral source on a regular basis. Here's one strategy I teach lawyers: Set up a Google Alert for a specific phrase that would be of interest to your referral sources such as "becoming a rainmaker."
Collect interesting articles and keep them in a separate folder (Referral Articles). Once a month pull one out, print off a bunch of copies and attach a brief handwritten note on each copy ("I thought you might enjoy this article."). Enclose your business card and mail a copy of the article to all of your referral sources.
Several of my clients have doubled and tripled their referrals in 6 months using this simple technique to stay in front of his referral sources on a frequent basis. You can set up a Google alert at: www.google.com/alerts
Law Firm Marketing Key 3: Focus on Serving Not Selling
When you meet with referral sources don't make the mistake of dominating the conversation. You are there to listen and learn, not hear yourself talk. Any attempt to sell them on your services will be a complete waste of your time and theirs.
Look for ways you can serve them and their clients by connecting them with other resources or pointing them in the right direction regarding a legal issue. Ask a lot of questions about their business. For example:
* How did you first get started in your line of work? * What are some of the major trends in your industry? * What kinds of challenges do you face? * What do you like best/worst about your job? * And here's the most important question: How will I know if I'm talking to someone who's a good referral for you?
Educate them about your Ideal Target Market and how you can benefit their clients only after you have carefully listened to them.
Attorneys who want to become top Rainmakers don't wait for the door to knock or the phone to ring or the referral to come in. They take the initiative, stay in touch, and focus on serving their referral sources, not selling them a service. Remember, people will forget what you tell them. They may even forget your name, but they will never forget how you made them feel.
Fighting with your competitors for the lowest price is like tossing a bunch of pit bulls in a cage and throwing in a single steak. Not only will most of the dogs miss out on the prize altogether, but even the one that wins will come out hurt!
Competing on price not only cheapens your services, but it also cuts into your profit margins; leaving you with a poor value offering and an empty bank account.
However, successful injury attorneys understand there is another option! Instead of setting your rates low, you need to put a high value on your knowledge, ability and time while convincing your prospects that you are worth the money.
The more valuable your services are perceived to be, the more money you can charge! Plus you'll avoid the feelings of regret every time you accept a fee less than what you believe you are worth.
Here are three keys to focus on when you are explaining your value proposition to potential clients. By touching on each one of these subjects you will enable yourself to raise your rates and make more money than other estate planning attorneys:
1.Qualifications: If you have a lot of experience as an estate planning attorney, you can surely use this as a selling feature. If you have a special area of expertise, this will improve your client's chance of winning their case. For example, perhaps you focus on physicians or small family business owners. Almost any experience that goes beyond the regular call of duty for lawyers can be used to enhance your image.
2.Solutions: An inexpensive lawyer cannot afford to spend the same amount of time on each client as one who charges more money. By going into detail about the unique solutions you offer that other lawyers don't, you will quickly separate yourself from the pack.
3.Results: At the end of the day, the most important thing to your client is whether or not you are able to get the job done. By having a long list of successful results, client testimonials and letters of recommendation, you will raise your level of prestige and prove to others that you are worth every penny you charge...and more!
The amazing thing about charging a high fee is that it is actually easier to explain than a low one! Instead of having to discuss why your prices are so cheap, which usually portrays a lack of confidence or expertise, you have the opportunity to differentiate yourself by showing your prospects why your services are so valuable. Law firm marketing is about differentiating yourself from other competitors.
In the end, you must demonstrate that value is more important than price. Any client would prefer to pay a high fee to a qualified estate planning lawyer to protect their assets and preserve their wealth than to pay a small fee for results that are less comforting.
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Stephen Fairley has sinced written about articles on various topics from Marketing Tips, Business Plan and Advertising Guide. The Rainmaker Institute is the nation's largest law firm marketing company that specializes in helping small law firms and solo practitioners generate more and better referrals and fill their practice. Over 6,000 attorneys have benefited from applying our. Stephen Fairley's top article generates over 2900 views. to your Favourites.
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