There are certain similarities that successful law firms have that unsuccessful ones don’t. I call them habits, since they must be deeply ingrained in an organization to bear full fruit.
A few years ago, Forrester Research — a global business research and advisory firm — studied the successful habits of small businesses, and it is uncanny how those habits match up with the ones I’ve observed (and help put in place) at highly successful law firms:
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An emphasis on online over offline marketing strategies.
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A focus on new business leads and client lifetime value over client acquisition cost savings.
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The execution of highly-optimized, multi-channel campaigns leveraging email, digital and social media.
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Nurturing leads carefully until the time is right rather than trying to sell from the get-go.
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Collecting the metrics that matter and measuring results in order to repeat and improve.
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A willingness to change business models that are no longer working for the firm because of changes in the marketplace due to technology or consumer preferences.
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Maintaining — or even increasing — marketing budgets in order to increase business momentum, seize new opportunities, and gain a competitive advantage.
Many attorneys fail to recognize that the business of law is much more than just the practice of law. This is not surprising, since the business side of the law is not taught in law schools.