What can your law firm do to generate more revenue quickly?
The answer is surprisingly simple.
Current clients represent your best source of new business, since you already enjoy a trusting relationship with them. Here are ten steps you can take now to increase current client billings.
1. Prioritize current accounts. Focus your business development efforts on clients with the best growth potential. Not every client is created equal.
2. Take a client to lunch “off the clock.” Listen more than you talk and be alert to new business needs.
3. Cross-sell and up-sell. Look for ways you can sell more services to existing clients. Never assume that your clients understand your full range of services.
4. Ask for referrals. Determine the best time to ask a client for a referral or introduction.
5. Communicate more often. Schedule regular newsletters or email marketing.
6. Offer educational seminars. Position your firm as an expert by organizing substantive events on your own or in conjunction with a partner.
7. Pump up your Internet presence. Impress clients White papers, articles, and detailed attorney biographies.
8. Test alternative billing methods. Consider success fees, flat rates, and other billable hour substitutes.
9. Identify “at-risk” accounts. Improve your profitability and retention rate when you take proactive steps to strengthen troubled accounts.
10. Fire your worst clients. Free up more time to serve your best accounts.Of course, all business development techniques must conform to attorney advertising guidelines. Check with your state bar association before launching a campaign if you have any questions or need approval.
Remember, never stop marketing!