Law firms should stop wasting money on marketing for lead generation. That’s something lawyers don’t typically hear from a law firm marketing company. But it’s good advice, and I’ll tell you why: it doesn’t matter how many leads your law firm gets if you are lousy at converting those leads into clients!
Leads do not fill your law firm’s coffers; clients do. Yet research shows that law firms typically convert only 10-15% of the leads they generate. If you are only successful 10-15% of the time you do anything, why would you keep doing that same thing over and over — much less spend thousands of dollars doing it?
Developing the right system to follow up with leads and automating as much of the process as possible will help you capitalize on the money you are investing in lead generation and turn those leads that are falling through the cracks into dollars that fall to your bottom line.
And since so many law firms are failing at lead conversion, mastering this process can give your law firm a distinct competitive advantage.
4 Steps to Implement a Law Firm Lead Conversion System
The leads you generate do not magically transform into clients. As much work and money as you pour into lead generation, converting them demands even more. It calls for a well-oiled machine — a system — to take those prospects that don’t know much about you (or even what they need) and nurture them along until they are ready to sign on the dotted line.
There are four major components to a lead conversion system and you need all four working together to capitalize on your lead generation efforts:
#1: Dedicated sales team and training
You need dedicated salespeople — not a receptionist or someone whose time has been repurposed — to manage your lead conversion effort. Lawyers and paralegals can’t do it; in fact, they are usually terrible when it comes to selling your services because it’s not a skill set they possess. Even if you only have one person dedicated to lead conversion and intake, as long as they know how to sell, you will boost your conversion rate. Training on proper intake procedures — live call coaching, call analysis, information gathering, etc. — is also critical.
#2: Strategies to maximize conversions at each stage of the sale funnel
There are proven conversion strategies you should be employing to rapidly increase your conversion rate. These include the importance of a fast follow-up (within five minutes is the standard), persistence in following up (you need to contact prospects a minimum of 6-10 times), having a variety of scripts for leaving voicemails so you stand out, and much more.
#3: Intake CRM software
You absolutely must have a software system to track each lead according to where that prospect is in the sales process. Without it, your hard-won leads will slip through the cracks. With the multitude of lead generation tools that law firms use today — website, email, social media, pay-per-click, blogs, live chat, free reports, etc. — you must have software that integrates with all your lead sources and tracks every detail about each lead.
#4: Tracking and measurement of key metrics
Identifying your key metrics and then tracking and measuring them is critical to gauging the effectiveness of your marketing programs. There are 16 metrics that every consumer law firm needs to track in order to increase conversion rates, including:
- Universal lead definition
- Lead tracking
- Sense of urgency
- Multi-touch approach
- Contact ratio
- Lead to appointment percentage
- Fast appointment times
- Reconfirm percentage
- Show up percentage
- Reschedule rate
- Consult conversion percentage
- Consult conversion by attorney
- Follow up post-consult
- Long-term follow-up
By mastering lead conversion for your law firm, you will likely decrease your spending on lead generation while seeing your client list increase.
If you’d like to learn more about lead conversion for law firms as well as how to run your law firm like a business, consider attending a Rainmaker Retreat in 2020.
Millions of dollars are wasted on marketing every year by attorneys that THINK they know what their staff is doing with leads. Uncover how many potential clients you are losing and fix it fast.
Get your free copy: “16 Point Checklist to train your staff how to stop losing new clients now”