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.
Brian D. Wassom has never done work on mergers and acquisitions.
But someone recently endorsed him for the skill on social networking site LinkedIn.
A slip-up like that is part of the reason marketing expert Allison C. Shields, president of New York-based Legal Ease Consulting a legal practice management and
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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?”
Published: February 8, 2013
Tags: Adobe Acrobat, data security, Fujitsu, LastPass, legal writing, marketing, practice management, ScanSnap iX500, smartphone, technology, WordRake, Zazzle
Lawyers USA has rounded up the latest tips from lawyers on what technology tools they use to accomplish tasks more quickly and effectively.
It’s easy to say you build your practice by word of mouth, but how do you really know whether word is spreading?
It is more beneficial to have a set strategy you follow consistently in order to fully reap the rewards of your professional relationships. This is why it’s crucial to build a strong network of referral partners or centers of influence to help develop a steady flow of qualified referrals.
Lawyers are using the social networking site Meetup to meet other lawyers, get referral sources and find potential clients.
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.
Legal marketing continues to go high-tech, with lawyers turning to mobile devices to connect with consumers via QR codes and making use of new social networks like Pinterest.
For lawyers considering one of these strategies, each has its own advantages and challenges.
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.”