Lawyers are obsessed with revenue – which is alright; revenue is good. (Despite the fact that profit is a better indicator for business success.)
But, most of the time when attorneys are after additional revenue, they’re quick to focus on new revenue, like the kind that you get by engaging new projects or adding practice areas. Of course, that takes the most effort – and, while those opportunities could become successful in generating new money, it still means generating new clients.
So, before you do that, try a lower effort method first. Check in, to see whether there are ways that you could raise more money from your existing clients first, of which there are a number:
-The simplest play would be to raise your rates – be they hourly, flat or subscription. Law firms don’t raise their rates very often – do it, on a regular basis & you’ll make more revenue, doing the same amount of work. Plus, it’s justified, anyway – to keep up with inflation.
-Another method for raising additional revenue from existing clients is by building an effective method for cross-selling services. For example, if you own a real estate law firm, you can advertise your estate planning services to clients who have purchased homes.
-You could also build additional services onto existing practice areas. Sticking with the estate planning motif, your law firm could start offering a client maintenance program, in addition to the standard one-off estate plan designing & drafting services.
Yes, there are lots of ways to make new money in a law firm; but, it starts with being creative about how you engage with the clients you’ve already closed.
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Reach out today, to discuss more revenue-generating tactics than you can shake a stick at!