The new year is here, and we want to help legal professionals like you increase profitability, crush all your goals, and make this year the one when you finally get back to what you do best – being a lawyer.
Streamline current billing practices
To understand your current finances and maintain a consistent cash flow, you’ll want to set processes to ensure that clients understand how much and when they will be expected to pay for your services. Consider implementing the following:
- Set clear expectations upfront
- Send invoices out on time
- Follow up on unpaid invoices promptly
- Set up automated billing to be sent at the same time each month
Analyze client retention
Consider tracking these metrics to understand your clients on a deeper level:
- The average number of cases closed
- The average fee per client
- Number of lawyers per client
- Active clients
- New client acquisitions
- Client satisfaction ratings (surveys or reports)
- Client retention rates
- Stars in reviews
- Qualitative Data (long-form reviews from clients)
You can use payment software, like LawPay, or a practice management software, like MyCase, to help pull this data. Once you understand how potential clients are entering your firm, if they are converting to paying customers, and if they are sticking with your firm for the long haul, you can build a strategy based on your short-term and future goals for your firm.
Make networking a priority
Networking is one of the ways you can quickly grow your firm’s reach—partner with other companies and professionals to provide a holistic solution for potential clients and create a cross-promotion network.
Start small, committing to inviting one colleague or even a successful professional from a different industry out for coffee or lunch. You can also consider writing thank you notes or notes of encouragement to counsel you are friendly with. Slip in a business card before you seal and send it off!
Campaign for referrals
If you want to get your clients raving about your service, you have to delight them. Go above and beyond for your customers not just by achieving goals with them, but maintaining consistent communication, creating a streamlined onboarding, and offering flexible payment and billing methods. Then, you can make your case for why they should tell their network about your great work.
Establish yourself as a thought leader
You can increase your credibility with current and prospective clients if you focus on sharing your unique perspective on legal trends and services. Online platforms like your website, blogs, and social media have exponentially expanded your opportunities to communicate directly with current and potential clients. Utilizing these platforms can allow you to make a case for using your business and share niche knowledge and trends to set you apart from your competitors and bring more clients into your practice.
US: Leave your payments and billing to LawPay, and you can handle the rest. As a special offer for State Bar of Texas members: sign up for LawPay by January 31 and pay no monthly fees for 3 months! Get started >>