If you, like many of your colleagues, have stocked your practice with clients that aren’t a good fit, you’ll spend much of your career feeling frustrated, unappreciated and resentful. What’s more, you’ll never realize your income potential or find real satisfaction in your chosen career. Our research with many lawyers over many years shows that if you applied the Pareto Principle, also known as the “80/20 rule,” to your client base, you would probably find that 80 percent of your income comes from 20 to 40 percent of your clients. The Pareto Principle applies again because this small, quiet 20 percent that can generate up to 80 percent of your revenue only takes up about 20 to 40 percent of your time as well.
State ethics committees have struggled for decades with applying traditional ethics rules to new forms of electronic communications. Among other things, early bar opinions condemned lawyers’ use of cellphones and unencrypted email.
During the last few years, it has been ever more common to hear lawyers say, with more than a hint of frustration and worry in their voices: “What’s the point of doing a marketing plan? Why bother trying to forecast trends and predict results when you’re riding the rollercoaster of this uncertain economy?”
The matter is resolved, your work is done and the client is happy. But don’t close the file just yet. Consider asking your enthusiastic client for a testimonial about your service.
Every day, James Reed sends one personal note.
“In this day and age, anybody can shoot off an email or text, but everybody knows that it requires just a little bit more effort to hand write a note,” the Ziff Law Firm partner in Elmira, N.Y., said. “You can send out 10,000 emails but it doesn’t resonate with people like a handwritten note.”
Increasingly, attorneys are using social media to generate dialogue about their areas of law and establish a community. The marketing aspect of Facebook and blogs are secondary, they say, and new clients and business are just an added benefit.
Sole practitioner Gerry Oginski is well-known for his work with legal video marketing.
In his new book, Secrets of Lawyer Video Marketing In the Age of YouTube, he shares some of the secrets to success.
The legal profession has reached a point where upheaval is the “new normal.” Certainly large law firms are changing in response to recession, technology and client demands; those firms that don’t change quickly enough, like Dewey & LeBoeuf, are doomed to swift failure.
Some wonder if the sole and small firm practitioner will survive this kind of turmoil.
The answer is that although big law firms serve the “1 percent” of the corporate world, there is enormous potential for solos and small firms to thrive by serving the “99 percent” of our society.
There really is an app for everything – even estate planning.
A tech company has released an estate planning app which allows attorneys to customize an application that clients can use to manage their estates.
There’s been a dramatic shift in how psychologists view happiness. Conventional wisdom holds that if we work hard and apply ourselves, success will follow. And once we are successful, we’ll be happy.
But apparently we’ve had this all wrong. Harvard researcher Shawn Achor, who based his new book, “The Happiness Advantage,” on the findings of over 200 scientific studies, says happiness is the fuel for success – not the result.