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The Lifestyle Law Firm by Stephen Fairley
 

The Lifestyle Law Firm by Stephen Fairley

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The end result of growing your business is to enjoy a "lifestyle law firm"--one that allows you to lead a life of meaning and purpose and to leave a legacy for your family and friends. Marketing is ...

The end result of growing your business is to enjoy a "lifestyle law firm"--one that allows you to lead a life of meaning and purpose and to leave a legacy for your family and friends. Marketing is part of the process you use to achieve those results. The question is, how do you get there? In this fast-paced closing session attendees will learn the secrets nationally recognized legal marketing expert Stephen Fairley has gained from consulting with and training over 8,000 attorneys.

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    The Lifestyle Law Firm by Stephen Fairley The Lifestyle Law Firm by Stephen Fairley Presentation Transcript

    • The Lifestyle Law Firm™ Lead Generation, Lead Conversion and Client Retention StrategiesByStephen FairleyCEO of The Rainmaker Institute, LLC
    • What Does A “Lifestyle Law Firm” Look Like To You?• More Time with Family & Friends?• More Meaningful Relationships?• More Money?• More Vacations? What is Your Vision for Your Law Firm?
    • Download These Slides Now1. Grab your smart phone, iPad or laptop2. Go to: http://bit.ly/avvoslides3. Fill in the form to get the slides
    • Here’s the Bottom Line...The PEOPLE run your SYSTEMS…The SYSTEMS run your LAW FIRM
    • 7 Systems Every Law Firm Needs1. Lead Generation System2. Lead Conversion System3. Client Retention System4. Cash Flow System5. Work Flow System6. Management Operations System7. Key Performance Indicators Systems
    • Lead Generation 2nd most expensive area in your law firm Never ending process Need to continually produce more and more leads Lead Conversion  Convert more leads into paying clients  Can significantly & rapidly increase revenues Client Retention  Repeat business  Repeat referrals
    • 2 Lead Generation Categories OFFLINE MARKETING ONLINE MARKETING• Referrals from Current & • Blogs Former Clients • Websites• Client Newsletters • Social Media Marketing• Referrals from • Article Marketing Professionals • Press Releases• Client Satisfaction Surveys• Speaking & Seminars• Networking 7
    • FindingClients byReferral
    • The #1 Reason Why You’re NotGetting More ReferralsLACK OF CLIENT EDUCATION!
    • 6 Questions You Must Pro-Actively Answer to Get More Referrals• Why you value and depend on their referrals• What a great referral looks like to you• How to make a referral to your office  Email introduction or Phone call or In person  Will you call them or do they need to call you?  Invite them to a seminar, a lunch, 1 on 1 meeting…• How you will treat their referrals• What to tell referrals about you and your firm• What information they can give/hand out  Brochure, special report, white paper, ebook, CD…
    • The #2 Reason Why You’re Not Getting More ReferralsLACK OF CLIENT COMMUNICATION!
    • Send a Monthly Newsletter• Our clients have found that newsletters are one of the most cost effective forms of building long-term, meaningful and influential relationships with clients.• Newsletters allow you to keep in touch with them, update them on changes, and educate them for very little cost.
    • Samples of “Done For You”Rainmaker Electronic Newsletters ESTATE PLANNING ATTORNEY
    • Samples of “Done For You”Rainmaker Electronic Newsletters REAL ESTATE ATTORNEY
    • CRIMINAL DEFENSE ATTORNEY
    • PERSONAL INJURY ATTORNEY
    • Top 10 Reasons Why Every Law Firm Must Have a Monthly Newsletter1. Keeps You Connected to Clients, Prospects & Referral Sources2. Builds Your Credibility and Positions You as an Industry Thought Leader3. Adds Fresh Content to Your Website which Google Loves4. Helps You Cross-Market Your Services by Educating People on How You Can Help Them5. Generates More Referrals from Clients & Professionals
    • Top 10 Reasons Why Every Law Firm Must Have a Monthly Newsletter6. Works for You 24/7: People can read it at their convenience7. Promotes your Website, Blog & Social Media8. Increases Your Leads: Easy way for Clients to pass on information about your firm to their friends & family9. Easy to Track Open Rates & Click Throughs10. Very Cost Effective Form of Legal Marketing!
    • Keys to Winning at Lead Generation1. Diversify your market efforts • Don’t just rely on random referrals • Don’t just rely on internet marketing2. Commit to tracking EVERY SINGLE LEAD! • Develop reports for tracking effectiveness of marketing efforts • Create metrics for quantifying ROI of all major marketing initiatives3. Appoint an internal person who is responsible for tracking, measuring and reporting
    • Lead Conversion1. You CANNOT build a financially successful law firm without paying attention to LEAD CONVERSION!2. Develop “Rules of Engagement” for a sales driven law firm • Identify: Who is saying what? • How many of you have a receptionist that answers the phone? • How many of you have someone doing initial consults other than yourself?
    • Cost Per Lead (CPL) MetricDefine what a “LEAD” is • What is and is not counted as a “Lead” • Who counts the “Leads” • Avoid arguing about what a “qualified” lead is...Here’s how we (TRI) define a “Lead”: • Someone who has never done business with you before (vs a repeat client) • Everyone who contacts your firm via email, phone, social media, personal referral, internet, networking event, seminar, etc • They express an interest in your services
    • Cost Per Lead (CPL) Metric1. How many “Leads” are produced in a given time frame?2. How much money did the firm invest in marketing during the same time frame?3. Divide $$$ invested by # of Leads4. Compare month vs quarter vs annual5. Running average $20,000 spend / 40 New Leads = $500 CPL Is that Good or Bad?
    • Cost Per Client (CPC) MetricDefine what a “New Client” is for your law firmHere’s how we at TRI define a “New Client”: • Someone who pays the firm money! • Anyone who signs a retainer agreement • Does not depend on billing the client • Does not depend on doing the client work • Does not depend on collecting the money
    • Cost Per Client (CPC) Metric1. How many “Clients” are retained/signed up in a given time frame?2. How much money did the firm invest in marketing during the same time frame?3. Divide $$$ invested by # of New Clients4. Compare month vs quarter vs annual5. Establish a Running Average$20,000 spend / 40 Lead / 10 New Clients = $2,000 CPC Is that Good or Bad?
    • How Good Are You At Conversion? Most attorneys believe they are “good, very good, or excellent” at conversion... Most of them are WRONG! Why? There are 5 Stages of Conversion and they only focus on the 4th one!
    • 5 Stages of Lead Conversion1. Number of Leads into the top of the funnel2. Number of Leads Who turn into Appointments3. Number of Appointments Who Show Up4. Number of Appointments Who Sign Up at the IC5. Number of Appointments Who Sign Up Later
    • Lead Conversion Report Card A= Over 81% B= 71-80% C= 61-70% D= 51-60% F = Under 50%
    • Typical Consumer Bankruptcy Law Firm WITHOUT a Lead Conversion System100 Leads = 100% 50 Appointments Set = 50% 25 Appointments Show Up = 25% 12 Sign Ups (New Retentions) = 12% 1 Sign Ups ~ 90 Days Later = 1%Total New Client Sign Ups = 13% Results 13 New Clients x $1,500 for Ch 7 = $19,500 Revenues
    • Typical Consumer Bankruptcy Law Firm WITH a Lead Conversion System100 Leads = 100% 70 Appointments Set = 70% 49 Appointments Show Up = 49% 34 Sign Ups (New Retentions) = 34% 3 Sign Ups ~ 90 Days Later = 3%Total New Client Sign Ups = 37% Results 37 New Clients x $1,500 for Ch 7 = $55,500 Revenues
    • Revenue Results From 100 LeadsWITHOUT a Lead Conversion SystemOut of 100 Leads the Law Firm converted... 13 New Clients x $1,500 for Ch 7 = $19,500 RevenuesWITH a Lead Conversion SystemOut of 100 Leads the Law Firm converted... 37 New Clients x $1,500 for Ch 7 = $55,500 Revenues Net Increase of $36,000! 280% Increase! With the SAME amount of Leads!
    • What kind of conversion problems do they have? Conversion Problems: Report Card1. Major problem with A = Over 81% “No Shows” (29%) B = 71-80%2. Poor Conversion at the IC (32%) C = 61-70%3. No Follow Up after IC D = 51-60%4. No one converts 96% F = Under 50% of Leads into Appts!
    • Doing great work so that Clients come backand give you repeat business and repeatreferrals!Tools you can use1. New Client Autoresponder Series: FAQs2. Client Satisfaction Survey3. Client Exit Survey4. Monthly e-Newsletter
    • FIX YOUR FOLLOW UP! Over 50% of all your cash flow problemswould be solved if you fixed your follow up!You MUST have a System to Follow up with: Every Prospect, Every Client & Every Referral Source
    • • Define your follow-up system!• How often do you need to keep in touch? With Prospects every week With Clients every 4-6 weeks With Referrals every 4-8 weeks• How Long Do You Keep In Touch? Until They DIE or BUY!
    • THE FIRST DAY OF THE REST OF YOUR PRACTICE 1 DO IT YOURSELF 2 DELEGATE IT 3 DON’T DO IT 4 DONE FOR YOU 36
    • Your Choice: TIME versus MONEY 37
    • Consider the CODN CODN: The Cost of Doing Nothing• How much is the average client “worth” to you? $1,500? $5,000? $15,000 More?• How many new clients did you miss out on last year because you didn’t have a lead conversion system in place?
    • • How many REFERRALS did you lose last year because you didn’t have a powerful follow up system?• How much REVENUE are you going to lose this year if you don’t take action? There is a True Cost of Doing Nothing 39
    • Definition of Insanity 40
    • How To Jumpstart Your Law Firm...1. At the end of the day it all comes down to having the Right People and the Right Systems!2. Identify where your biggest problem is: • Lead Generation • Lead Conversion • Client Retention3. Grade your firm on each of the 5 Stages of Lead Conversion4. Measure and TRACK EVERY SINGLE LEAD FROM EVERY SOURCE!5. Fix Your Follow up!6. Remember when it comes to Marketing...DONE IS BETTER THAN PERFECT! 41
    • Download These Slides Now1. Grab your smart phone, iPad or laptop2. Go to: http://bit.ly/avvoslides3. Fill in the form to get the slides
    • Thank You! @StephenFairley www.Facebook.com/Fairleywww.Rainmaker.MyLinkInvitation.com www.TheRainmakerBlog.com 888-588-5891 http://bit.ly/avvoslides