HOW TO START AND BUILD A SUCCESSFUL LAW PRACTICE

Part II

January 8, 2014

Presented on behalf of the American Bar Association

Solo, Small Firm and General Practice Division

by Ann M. Guinn Solo and Small Firm Consultant

G&P Associates (775) 376-1395

ann@annguinnconsulting.com

Ann M. Guinn, Principal of G&P Associates, is a practice management consultant to solo and small law firm practitioners. Drawing upon her 30+ years’ experience in the legal community, Ann helps small firm attorneys implement strategies to increase revenues, attract more of the right clients, get more referrals, increase productivity, benchmark against industry standards, and identify what’s working and fix what’s not. In addition to one-on-one consulting, Ann regularly offers teleseminars/webinars, private membership groups, and CLEs. Ann has served with the Executive Committee of WSBA’s Solo & Small Practice Section since 1994. She has been a featured speaker at American Bar Association meetings, as well as solo and small firm conferences across the U.S. For the past three years, Ann has served as co-chair of the WSBA Solo & Small Firm Annual Conference. To order her book entitled Minding Your Own Business: The Solo and Small Firm Lawyer’s Guide to a Profitable Practice, please see below. To receive Ann’s free law practice management tips newsletter, please e-mail her at ann@annguinnconsulting.com.

Portions of the following materials are reprinted with permission from Minding Your Own Business: The Solo and Small Firm Lawyer’s Guide to Profitable Practice by Ann M. Guinn (2010© American Bar Association) available for purchase from: http://apps.americanbar.org/abastore/index.cfm?pid=5150441&section=main&fm=Product.AddToCart. All rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

2

I INTRODUCTION Opening a solo or small law practice for the first time can be one of the most exciting – and terrifying – experiences of a lawyer’s life. If you’ve left another law firm to go out on your own, you have some idea of how a law firm works; however, if you’re opening up right out of law school, you may have no prior experience at all with the workings of a law firm. That’s where the terror comes in. In our last presentation, I talked about many of the basics of starting a law practice, including: the three roles of a solo/small firm practitioner, how to choose a practice area, setting your billing rates, effective billing practices, how to keep staff and clients happy, and much more. Today we’re going to shift our focus to your responsibilities in building a successful practice once you’ve opened the doors. Let’s begin with . . . II FOCUSING YOUR PRACTICE If you wake up in the middle of the night with excruciating chest pains, who would you rather speak with – a general practice doctor or a cardiologist? If your Lexus starts making an odd noise, do you take it to the neighborhood all-purpose mechanic, or to the Lexus dealership? If your horse suddenly goes lame, would you call in the local veterinarian who treats mostly small animals, or would you bring in a vet with an expertise in equine issues? Just as you would seek help from the person with specific experience with your issue, clients want someone who has been down their road before and knows how to handle their problems quickly, efficiently and effectively. Clients don’t like to pay for someone’s learning curve, and they tend to equate experience with the shortest path to a successful outcome. Becoming expert at something, and getting known for that expertise, will take you a long way toward building a successful law practice. A focused practice doesn’t necessarily mean that you handle only one practice area; it can also mean that you meet the needs of a particular segment of the market. While lawyers in rural areas tend to have general practices to meet the needs of their local clients, even then it is possible to have a focus to your practice. As an example, “family law” tends to equate to divorce work, the broader umbrella of “family law” can include anything that pertains to the family, including: estate planning, probate, personal injury, adoptions, guardianships, conservatorships, elder abuse, business succession or employment issues for the family-owned business, special needs issues, domestic violence, and more, as well as the aforementioned dissolution. In more competitive markets, developing a focus is a way to make yourself stand out from the crowd. Let’s say that your community has 15 family law attorneys. How do you get noticed in that group? Well, you could focus on the issues of military families, men seeking custody of

3

their children, families seeking foreign adoptions, undocumented families, victims of spousal abuse, or some other specific segment of the greater family law market. To figure out what legal services might be underserved in your community, start by soliciting information from the local chamber of commerce or visitors bureau on the demographics of your community. Is there a group or industry in your area that may be underserved? Is a certain segment of the population growing at a good clip? What might their needs be? If your town is attracting a lot of retirees, you’ll see an increase in the number of affordable housing developments, assisted living facilities, and skilled nursing facilities being built. Estate planning and probate work will start to gain in popularity. Pension plan issues, securities litigation, or social security benefits claims could be problems for your town’s new residents. Read the local business journal, or business section of your newspaper to find out what businesses are coming in to town. Think in terms of what this influx might mean to your practice. As an example, a new data center is being built on the edge of town. What does that mean for attorneys? Employment, real estate, pension plans, land-use, construction, housing, and easement issues are a few of the practice areas that could be needed. Has a local company just gone through a massive lay-off? What opportunity do you see in that? Wrongful termination, pension plan collapse, age discrimination, retaliatory firings, and unemployment benefits are among the issues that come immediately to mind. There is opportunity all around you, in any economy. The key is to recognize and incorporate opportunity into your business plan. Develop a focus to your practice and become known as the attorney to go to for specific issues. Your clients will appreciate working with someone who specializes in particular problems because you’re going to save them time and money, and they just might end up with a better resolution because of your heightened expertise. And, they’ll love bragging to others that they went to the best attorney in town for their problem! III CASE AND CLIENT SELECTION In a CLE, when I ask attorneys if they’ve ever accepted a case they later came to regret, all the hands shoot into the air and heads nod vigorously. When I ask how many have ever regretted turning down a case, no hands appear. It’s a fact of life that you’re going to take on cases or clients that you shouldn’t – and that tends to happen with great frequency when you’re just starting out. You’re afraid to turn down any work for fear you’ll never get another client. (By the way, when I ask attorneys if they’ve ever refused a case only to never get another client, they all laugh. Of course you’ll have other opportunities! There is no underground newsletter that blackballs attorneys because they say “no” to a client.) Sometimes you’ll take a “rent case” (that’s a case that you take simply because you need the money – possibly because rent is due in a couple of days and you’re short on funds) against your better judgment. If you get a bad client, don’t beat yourself up about it. Just learn from the experience and choose better the next time.

4

Any seasoned attorney will tell you that if you see red flags during the initial consultation, things aren’t going to get better once you’re hired. Specifically, watch for people who are:

Argumentative or combative with you Unable to understand what you’re talking about Unwilling to accept your guidance Unreasonable expectations Unable to pay your fees and associated costs Intimidating or threatening to your staff Someone you don’t like Untruthful with you, or In need of excessive handholding

So, how do you choose clients? Start by asking yourself some critical questions during the initial consultation. For help with this, I turned to an outstanding attorney by the name of Eric Fong in Port Orchard, WA. Eric readily agreed to share his own personal list of questions he asks himself during initial consultations. If you follow these, you’ll have a much better sense of whether the potential client is right for you, and vice versa:

How do I feel about this client and this case? Will I be able to maintain respect for this client regardless of what I may learn during

my representation? Who will win this case (from the judge’s point of view)? Is this a case I want to take? Does this case make economic sense? Will my potential client come out with money,

and more money than he/she will owe me? Are my potential client’s expectations reasonable? Do they match up with my

expectations? Can this potential client pay the advance fee deposit or flat fee up front? Will the case impose an undue burden on my staff? Does my firm have the resources available to handle this case? How much of my time will this case take? Do I have the time and energy to meet the demands of this client and this case? Does the potential client have the financial fortitude to pay the bills and costs in a

worst-case scenario? If the client doesn’t have the money to pay the costs, am I in a position to advance the

necessary costs so that justice is served? Is the potential client emotionally stable? How will the potential client’s case affect my other clients’ cases? How will my staff feel about this client? This case? Are there red flags? Is my need for money right now influencing my decision on this client?

5

If you spot trouble early on, know that your client is on his or her best behavior during that initial consultation. They will not miraculously turn into your favorite client of all time once they hire you. They will make you earn every penny, and history has shown that clients who are trouble from the get-go are less likely to pay your bills. IV COLLECTIONS POLICIES FOR PAST-DUE ACCOUNTS To protect yourself as much as possible from developing past-due accounts, follow these steps:

Prescreen your potential clients on the phone before setting an appointment. Talk about money in the initial consultation and do your best to determine if your

potential client actually has the means to pay you, regardless of the outcome of the matter.

Choose your clients and cases carefully. If there are red flags, say “no.” You won’t regret it.

Use a comprehensive written fee agreement every time with every client – and don’t start work until the client has signed and dated the agreement. Be sure to explain how you bill, when payment is due, and the consequences of nonpayment.

Always take money up front – either your flat fee, or an advance fee deposit (equal to about the first two months’ worth of projected fees).

Ask to have the deposit replenished before it runs out. Record your time contemporaneously to be fair to the client and to yourself. Bill promptly and regularly with detailed billing descriptions.

Despite your best efforts, however, there will be times in your career when you have an account that is past-due. Start your collections procedure by reviewing your aged accounts report weekly. Take prompt action as soon as an account becomes past due. Make it your goal not to let any account reach the 91-120 Day column. A sample collections policy might look like this:

A phone call when the account first becomes past-due. Seek a commitment from your client on when payment will be made. If the client is having financial problems, perhaps you could offer to accept half of the amount due within the week, with the remainder due two weeks later. The point is to have the full amount in before you bill again. Ask permission to call the client again if the payment is not received as promised.

Add the follow-up call to your tickler system. If payment is not received as promised, make another phone call and do your best to

find a way to help your client pay the bill (credit card, payment plan, etc.). Tell the client that you cannot continue to work until the account is brought current (providing you are allowed to stop work at this point). If the work is such that you can put it on hold for a few weeks without harm to the client, offer to do so while they bring the account current. (As an example, you could do this with, say, a divorce, but not necessarily a litigation matter that must follow the court’s timeline.)

Unless you have made some other arrangement, if payment is not received within 15 days from the date of the second call, send a firm letter and stop work (as allowed).

Prepare a Notice to Withdraw in the event the money is not forthcoming.

6

If the client continues to ignore your requests, has not disputed your fees, and has not shown any interest in working out a structured payment plan, fire the client and file the Notice to Withdraw.

Consider your options for collection at this point: turning the account over to a collections agency, suing the client, or just writing it off. At this point, you probably have no interest in preserving the relationship, so choose the option that feels right to you.

When accounts become seriously past-due, they not only cost you money, but your chances for full recovery drop significantly month by month. If you have an account that is six months past due, you have only about a 50% chance of getting paid all you are owed. After a year, that drops to a 5% chance of full recovery. Jump on past-due accounts early and you’ll have a much higher recovery rate – and far less aggravation.

7

ATTACHMENT A

STANDING OUT IN THE CROWD: HOW TO “WOW” YOUR CLIENTS

Reprinted with permission from Minding Your Own Business: The Solo and Small Firm Lawyer’s Guide to Profitable Practice by Ann M. Guinn (2010© American Bar Association) available for purchase from: http://apps.americanbar.org/abastore/index.cfm?pid=5150441&section=main&fm=Product.AddToCart. All rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

8

9

10

11

12

13

14

15

16

ATTACHMENT B

HOW ATTORNEYS UNDEREARN

Prepared by:

Ann M. Guinn Solo & Small Firm Consultant

G&P Associates ann@annguinnconsulting.com

(775) 376-1395

17

HOW TO CONQUER UNDEREARNING

I. HOW TO KNOW IF YOU ARE AN UNDEREARNER Underearning is defined as earning below your potential. At times, you may think you should be earning more money, but don’t really have any idea how to do that. Sometimes, you may believe that external forces or certain situations are keeping you from earning more. Other times, what keeps you underearning is being in denial about your situation. It’s difficult to do anything about a problem if you don’t fully realize there is a problem. Sort of an elephant-in-the-living-room situation. To determine if you might be earning below your potential, take a moment to answer the following questions: ARE YOU AN UNDEREARNER?

Circle the statements that apply to you, as well as those that might apply, but you just

aren’t sure if they accurately describe you or not. 1. I often give away my services (pro bono work, not billing for all of the time worked,

volunteering, answering questions for free on the telephone, free initial consultations, etc.)

2. My initial consultations almost always run over the time allotted, but I don’t charge more for the extra time.

3. Raising my fees causes me such stress and fear that I only do it every few years. 4. I regularly discount my fees to encourage prompt payment. 5. Sometimes I feel that I’m not worth what I charge, so I write off part of my time. 6. I don’t record my time contemporaneously for either hourly or flat fee work. 7. I let my accounts receivable become 90 days or more past due before I take action. 8. I continue working for clients who aren’t paying me. 9. Talking with clients about money is uncomfortable for me. 10. I waive my advance fee deposit if a potential client can’t afford it. 11. I have time management issues. 12. I am good at self-sabotage (accepting clients who are unable or unlikely to pay my

fees, not setting goals and developing action plans to reach them, taking cases I’m not qualified to handle, billing irregularly, not doing focused marketing to attract my ideal client, etc.)

13. My debt level is high, I have very little in savings, my retirement account is underfunded, and I’m not clear on where my money goes.

14. I don’t really know how much I actually earn until I see it on my tax return. 15. I continually put others’ needs before my own. 16. I am often worried about money. 17. I fear for my financial future. 18. I believe that I can make money. 19. I am confident in the value of my services to my clients. 20. My expenses are always below my income.

18

21. Money is my friend and I appreciate what it does for me. 22. I believe I have a rosy financial future. 23. I experience very little fear or insecurity around money. 24. I am committed to getting paid what I am worth. 25. I love my work. 26. I am blessed with a supportive fan base (including spouse/partner, other family

members, close friends, etc.) 27. I admire wealthy people. 28. I have little or no credit card debt. 29. I get myself in situations beyond my ability and then rise to them. 30. I am resilient and able to bounce back when I fail. 31. I am filled with gratitude for the success I’ve achieved. 32. I work very hard, but I know I don’t have to do everything myself. I know how to

delegate and set limits. 33. I am tenacious in achieving my goals. 34. I take action on past-due accounts as soon as they become delinquent. 35. I fire clients who don’t pay me.

The dividing point in these questions is pretty obvious. If you answered “yes” to any of

the first 17 questions, you probably are an underearner. A “yes” to questions 18-35 demonstrates that, even if you are underearning, you have a healthy relationship with money and a great chance of breaking that self-defeating pattern.

So, are you an underearner? Do you see that your underearning is a result of choices you

make – actions you take or don’t take? Conquering underearning is absolutely possible! Sometimes it’s as simple as saying “no” to a potential client, or valuing your work by charging for all the time you put in on a task. Remember, the choice is yours. II. NINE TRAITS OF UNDEREARNING

Let’s take a look at the nine traits of underearning. How many underearning friends or

family members do you recognize here? 1. Underearners have a high tolerance for low pay. Usually can’t even imagine

himself/herself making great money. We tend to get what we look for – and we aren’t looking for ourselves at a high level of income.

2. Underearners underestimate their worth. Psychologists call it “depressed entitlement

effect.” They devalue themselves in relation to the industry’s elite group. This helps them rationalize their low income.

3. Underearners are willing to work for free. High earners put a price tag on their work

and stick to it. Underearners don’t place a high value on their work – or any value, at times. Not good for the bank account, not good for self-esteem.

19

4. Underearners are lousy negotiators, They are reluctant to ask for more through raised fees. They let the fear of rejection or dispute stop them from asking for what they want.

5. Underearners practice reverse snobbery. Complete this sentence: “People with money are ___________________________________________.”

Do you see an assumption there? Underearners tend to view wealthy people in a negative light.

6. Underearners believe in the nobility of poverty. They pride themselves on getting by

on a meager income. High earners believe that money is a tool – it depends on how you use it.

7. Underearners are subtle self-saboteurs. They take on clients dripping with red flags,

procrastinate on their work or leave it undone, always stop just short of reaching their goals, get distracted by bright shiny objects, fail to follow through on collecting past-due accounts, don’t market appropriately, etc. They believe the world controls them. High earners believe they control the world.

8. Underearners are unequivocally co-dependent. They sacrifice personal security and

private dreams by putting other people’s needs before their own. Constantly ignoring their own needs for the sake of others leads to resentment, depression, burnout, and breakdown.

9. Underearners live in financial chaos. They are more likely to be in debt, have smaller

savings, fewer/no investments, and little idea where their money goes. Tend to spend a lot of time juggling money and figuring out how to keep things together. They are expert at finding ways to avoid dealing with money.

[Source: Adapted from Secrets of Six-Figure Women, by Barbara Stanny, HarperCollins (2004)] III. 30 BEHAVIORS THAT CAUSE ATTORNEYS TO UNDEREARN Identifying the ways in which you underearn is the first step toward breaking that pattern; however, sometimes it’s not a matter of what you do, but what you don’t do that causes you to underearn. There are two types of underearning:

Passive – about choosing not to do something, or failing to do something that would have resulted in you making more money.

Active – about knowingly doing something that will cause you to underearn.

20

While underearning can manifest in any number of ways, over the past 21 years as a consultant, I’ve identified 30 behaviors that commonly cause attorneys to underearn. You can clearly see the passive/active aspects of these behaviors. Do any of them sound familiar to you?

1. Failure to tend to the business side of the practice 2. Giving away time 3. Discounting fees 4. Irregular billing 5. Failure to market or relying on ineffective marketing strategies 6. Accepting bad clients/cases 7. Accepting clients who can’t pay 8. Lack of self-motivation 9. Undervaluing your work 10. Underbilling for work performed 11. Write-offs 12. Self-limiting beliefs 13. A continuing expectation that someone or something will save you 14. Rationalizing low income 15. Lousy negotiating skills 16. Reverse snobbery (“People with money aren’t nice”) 17. Subtle self-sabotage 18. Co-dependency (putting other people’s needs ahead of your own) 19. Living in financial chaos 20. Lack of self-discipline 21. Not working enough hours 22. Filling free time with non-business activities and tasks (Internet surfing, computer

games, endless chores, personal e-mails, shopping, or gazing out the window for long periods of time.

23. Poor time management skills (failure to control your time) 24. Procrastination 25. Disorganization 26. Causing high employee turnover 27. Lack of business planning 28. Not getting the billing rates right 29. Inattention to law firm metrics 30. Ineffective staff supervision

IV. WHY UNDEREARN?

Why do you set yourself up to underearn? What’s in it for you? Any psychologist will

tell you that we get something out of negative behavior, as well as positive. Underearning issues are frequently rooted in a lack of self-worth or a feeling of helplessness or hopelessness. What’s behind your underearning?

When considering this issue, it’s important to remember the insidious damage caused by

a long-term pattern of underearning. It robs you of the peace that comes from knowing you are

21

financially secure. Underearning seldom impacts only the underearner. Your pattern of underearning can:

Keep your practice partners from earning more Deprive you and your family of a lifestyle that could offer the activities,

opportunities, and level of comfort you would all like to enjoy Restrict the growth of your practice Affect your ability to represent your clients to the best of your ability because

you don’t have the money to invest in the resources that would aid in representation

Undermine your self-esteem and may even make you question your career choice Saddle you with constant worry about money that can distract you from your

work Cause you stress which can endanger your health by causing depression, anxiety,

sleeplessness, and over- or undereating Cause you feelings of guilt about not making more money.

How do you want to live out the rest of your life? The choice is yours. If you want to start earning what you’re worth, you must first acknowledge that you are earning below your potential, then identify the behaviors that are causing you to be in that situation. Once you understand the passive and active choices you are making that contribute to this problem, you can begin to dismantle them and allow yourself to earn more money.

If you suspect your pattern of underearning is rooted somewhere deep inside (lessons learned about money from your parents as you were growing up, low self-esteem, feelings of unworthiness, a belief that you don’t deserve more money, etc.), search out a therapist who deals specifically with money and/or esteem issues, or a certified financial recovery coach to help you break out of your self-limiting beliefs.

It may not be easy to change the behaviors that are keeping you from earning at your potential, but the end result will be well worth the effort. You’ve worked hard to get where you are – and being able to make enough money to take care of yourself and your family is one of your rewards. You deserve it! Tip: If your choices have caused you to earn below your potential, make the choice to change that behavior and start earning what you’re worth!

22

ATTACHMENT C

SAMPLE PRODUCTIVITY DASHBOARD

Prepared by:

Ann M. Guinn Solo & Small Firm Consultant

G&P Associates ann@annguinnconsulting.com

(775) 376-1395

PRODUCTIVITY DASHBOARD FOR DECEMBER 2011 Ferdie’s Law Firm

Timekeeper Billable Hours Budget

Billable Hours Worked

Total Hours Billed

Billing Rate Budget Percent Billed

MTD Percent Billed

YTD Percent Billed

Ferdie 100 89.5 89 $ 295.00 89% 99% 101% Maggie 100 34.5 34.5 $ 270.00 35% 100% 101% Pinky 100 54.3 53.6 $ 225.00 54% 99% 104% Sally 10 0 0 $ 75.00 0% 0% 100%

Timmy 10 13.3 13.3 $ 75.00 133% 100% 100% Contract Atty 10 80.9 74.3 $ 150.00 743% 92% 103%

TOTALS 330

272.5 264.7

Monthly Budget Revenue

MTD Billed Revenue

YTD Billed Revenue

MTD Difference

YTD Difference MTD Fee Receipts

Realization Rate

Effective Rate

(F) $ 29,500.00 $ 26,255.00 $ 317, 382.74 ($ 3,245.00) ($ 36,617.26) $ 23,957.10 91% $ 268.45 (M) $ 27,000.00 $ 9,315.00 $ 313,433.00 ($ 17,685.00) ($ 10,567.00) $ 53,554.44 575% $ 1,552.50 (P) $ 22,500.00 $ 12,060.00 $ 182,735.75 ($ 10,440.00) ($ 87,264.25) $ 11,477.15 95% $ 213.75 (S) $ 750.00 $ -0- $ 9,202.00 ($ 750.00) $ 202.00 $ 939.00 -- % $ -- (T) $ 750.00 $ 997.50 $ 3,765.00 $ 247.50 ($ 5,235.00) $ 161.78 16% $ 12.00 (CA)$ 1,500.00 $ 11,145.00 $ 47,846.50 $ 9,645.00 $ 29,846.50 $ 18,601.66 167% $ 250.50

$ 82,000.00 $ 59,772.50 $ 874,364.99 ($ 22,227.50) ($109,635.01) $108.691.13

ACTIONS TO TAKE _________________________________________ __________________________________________ _________________________________________ __________________________________________ _________________________________________ __________________________________________

ATTACHMENT D

SAMPLE AGED ACCOUNTS REPORT

Prepared by:

Ann M. Guinn Solo & Small Firm Consultant

G&P Associates ann@annguinnconsulting.com

(775) 376-1395

AGED ACCOUNTS RECEIVABLE

Total Client Name 0-30 days 31-60 days 61-90 days 90-120 days 120+ days Owed Elaine $ 530.00 $ 168.00 $ 1,638.00 $ 758.00 $ 7,556.79 $ 10,650.79 Sarah $ 2,119.00 $ 1,892.00 $ --0-- $ --0-- $ --0-- $ 4,011.00 Benny $ 4,376.00 $ --0-- $ --0-- $ --0-- $ --0-- $ 4,376.00 Charley $ 1,483.00 $ --0-- $ --0-- $ --0-- $32,921.18 $ 34,404.18 Abby $ 175.00 $ 3,734.00 $ --0-- $ --0-- $ --0-- $ 3,909.00 Lucy $ --0-- $ --0-- $ 2,439.00 $ 1,843.00 $ 4,831.27 $ 9,113.27 Daisy $ 30.00 $ 5,697.39 $ 1,113.88 $ --0-- $ --0-- $ 6,841.27 Buzz $ --0-- $ --0-- $ --0-- $ --0-- $ 9,723.62 $ 9,723.62 TOTALS $ 8,713.00 $11,491.39 $ 5,190.88 $ 2,601.00 $55,032.86 $ 83,029.13

ACTIONS TO TAKE __________________________________________ ________________________________________ __________________________________________ ________________________________________ __________________________________________ ________________________________________

26

ATTACHMENT E

ANALYZING THE EFFECTIVENESS OF YOUR MARKETING

Reprinted with permission from Minding Your Own Business: The Solo and Small Firm Lawyer’s Guide to Profitable Practice by Ann M. Guinn (2010© American Bar Association) available for purchase from: http://apps.americanbar.org/abastore/index.cfm?pid=5150441&section=main&fm=Product.AddToCart. All rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association.

28

YOUR INTERNAL CHECK-UP BEFORE YOU START YOUR EXTERNAL MARKETING

My firm’s mission statement: Our core values are: Our strengths are: The areas in which we need to improve are: If I were my competition, what would I do to beat us? How does our firm differ from our competitors? What is the value we provide? What is the most cost-effective, feasible, efficient, and natural mode of communicating my marketing message to my target market? What do I want to tell people about our services?

29

WHAT I NEED TO KNOW TO MEASURE THE SUCCESS OF MY MARKETING STRATEGIES

In tracking the success of my marketing strategies, it will be helpful for me to know (check all that apply): _____ How our first-time callers heard about the firm _____ Number of first-time callers per week/month _____ Number of first-time callers who are converted to initial consultations _____ Number of initial consultations that convert to clients _____ What type of matter/issues are involved _____ The dollar value of each client’s matter _____ How closely each new clients match our ideal client profile _____ How our best clients found the firm _____ How many callers asked for or were given a referral to another attorney _____ To whom were those callers referred _____ Advance fee deposit received _____ Timely monthly payments _____ ________________________________________________________ _____ ________________________________________________________ _____ ________________________________________________________ _____ ________________________________________________________ _____ ________________________________________________________