How to Recession-Proof Your Law Practice

How to Recession-Proof Your Law Practice

As a business owner, you cannot afford to focus on the fear and scarcity mentality that is seen today and being promoted by the media.  Let’s have a little perspective on this.  Is this the best of times?  No.  Is this the worst we have ever seen it?  No. Will we recover?  Yes.  When?  No one knows.  Your challenge is to stay focused on taking action, look for opportunities in the midst of crisis, and find a way to leverage it!

Here are 5 tips to help you keep your focus:

1. Focus on being action-oriented.

Even in today’s challenging business environment, people are still looking for legal help! In one of my recent webinars, I shared some very specific online marketing strategies that are working right now for a number of our Rainmaker clients:

  • A family law firm in L.A. that has brought in eight new cases worth $120K-$160K in the last 30 days.

  • A Nevada PI firm that landed six new cases in the past month, representing $25-$50K in new revenues.

We know of other firms that are getting more leads and more appointments right now than they did before the crisis hit. They are literally doubling their revenues right now.

How are they doing this?!?! They acted fast. They did not allow themselves to be overcome by fear, uncertainty, and doubt. They recognized that what worked for them before this crisis hit would NOT work anymore.

And instead of hunkering down, they actually doubled down on their marketing efforts. They became even more targeted, more focused, more determined to grab market share from their competitors. Because this is what it takes to grow your law firm in tough times.

2. Focus on what you can control.

You cannot control global markets, investment banks, or the economy.  You can only control your actions so create an action plan of what steps you are going to take to keep moving forward.

Now I understand that this may be the first national “crisis” you have tried to navigate your business through, which is why we developed our new special report on Legal Marketing Strategies That Work Right Now.

It’s free, so I encourage you to download it, read it,
and then if you need some additional guidance

with one of our Rainmaker marketing experts to give you specific strategies that will help you increase your conversion rate and add thousands of dollars to your bottom line. These are strategies that you can implement immediately and reap the results.

3. Focus on implementing your marketing plan. 

When this economic crisis is over you will find some firms have just barely managed to survive, while others have grown significantly. The difference is when everyone else was pulling back, some firms saw this as the perfect opportunity to expand their marketing and increase their efforts.

For example, we recently started working with a family law firm that had never tried PPC for lead generation. In the first month, our campaign for them netted 17 appointments, and they ended up converting four of those into new clients.

4. Focus on improving client satisfaction and retention.

Stay connected with your current and former clients – ask them what challenges they are facing and how you can assist them.  Perhaps you can introduce them to a banking colleague for a much-needed business line of credit or a real estate broker who can help them sublease some office space.

5. Focus on connecting with referral sources.

Go through your contacts and reconnect with every single person who sent you a referral in the last 24 months and reconnect with them — in person if possible.

There is no one-size-fits-all solution. There is no one best way, no magic wand, no silver bullet. It’s not about the one thing you can do. It’s about the way you approach it. But I will leave you with this thought that I have espoused for many years: it’s the niches that lead to the riches.

Generalized practices will suffer more than those that specialize in niche practice areas. Time to examine your practice and your priorities and adjust accordingly. And the best way to do that is to attend a Rainmaker Retreat!

Our next Retreat is scheduled for August 14-15 in Las Vegas; click below to learn more about what the Rainmaker Retreat® is all about.

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