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POWER STRATEGIES FOR A PROFITABLE LAW FIRM

POWER STRATEGIES FOR A PROFITABLE LAW FIRM. PRESENTED BY: CYNTHIA SHARP SHARP BRATTON ATTORNEYS AT LAW SHARP TALK. OBJECTIVES. Goal Setting Tips on attracting more clients Less stress in day to day practice Delegation Techniques. COMMON MISTAKES MADE WITH GOAL SETTING.

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POWER STRATEGIES FOR A PROFITABLE LAW FIRM

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  1. POWER STRATEGIES FOR A PROFITABLE LAW FIRM PRESENTED BY: CYNTHIA SHARP SHARP BRATTON ATTORNEYS AT LAW SHARP TALK

  2. OBJECTIVES • Goal Setting • Tips on attracting more clients • Less stress in day to day practice • Delegation Techniques

  3. COMMON MISTAKES MADE WITH GOAL SETTING • Setting goals too low • Goals not specific enough • No firm deadline date to achieve goal

  4. COMMON MISTAKES MADE WITH GOAL SETTING • Allow current results to control what we choose as our goal • Wondering whether or not we are worthy of the goal • Fail to take action because we don’t know every step we need to take to implement the idea or achieve the goal

  5. “IF YOU PLAN ON BEING ANYTHING LESS THAN YOU ARE CAPABLE OF BEING, YOU WILL PROBABLY BE UNHAPPY ALL THE DAYS OF YOUR LIFE” – Abraham Maslow

  6. “YOU DON’T HAVE TO BE GREAT TO START, BUT YOU HAVE TO START TO BE GREAT” – Zig Ziglar

  7. EXPERTISE REQUIRED TO HAVE A SUCCESSFUL BUSINESS • Business Creator • Business Operator • Business Innovator • People Developer

  8. RELATIONSHIPS ARE BUILT ON TRUST • Always say please and thank you • Always be on time • Always do what you say you’re going to do • Always finish what you start

  9. CREATE STRONGER RELATIONSHIPS WITH CLIENTS • Communication is the key • Technical competency is presumed • Service business

  10. COMMUNICATION • Written Retainer Agreements • Itemized bill at least once a month • Return calls promptly (staff or attorney) • Let them know what to expect from outset

  11. BEDSIDE MANNER • Honesty, compassion and respect • Listen deeply • Ask open ended questions • Explain your actions and decisions • Don’t nickel and dime • Show interest in personal lives • Say Thank You

  12. DEALING WITH DIFFICULT CLIENTS • Parete’s principle • Choose clients with care

  13. MATTERS OUTSIDE YOUR EXPERTISE • Catch 22 • Do you have related experience? • Can you learn the skills you need? • Hire co-counsel • Refer it out

  14. RETAINER AGREEMENTS • Disengagement letter • Non-engagement letter

  15. RETAINER AGREEMENTS • Responsibilities of lawyer • Obligations of client • What services you will provide • What services you won’t provide • Right to withdraw reserved (Grounds)

  16. RETAINER AGREEMENTS • Who pays for costs • Evergreen retainer • How often you bill • When payment in due • Sunset provision

  17. NONENGAGEMENT LETTER • They don’t engage at initial consultation • Follow up calls • Certified mail/return receipt

  18. DISENGAGEMENT LETTER • Case is over • Client won’t pay • Discovery of conflict of interest • You get fired

  19. DISENGAGEMENT LETTER • How to obtain file • Retention policy • Client satisfaction survey • Invite referrals • Ask for testimonial

  20. MARKETING TO EXISTING CLIENTS • Most profitable source of new business • Organized effort to obtain new business • Review letters

  21. STREAMLINING YOUR PRACTICE COVEY ACTIVITY MANAGEMENT QUADRANT

  22. STREAMLINING YOUR PRACTICE • Activity management • One Year Planner • Six items I will accomplish tomorrow

  23. ACTIVITY MANAGEMENT • Limit Interruptions • Evaluation: priority of task • Avoid black holes • Minimize clutter in work space • Invest your selling time wisely • Delegate effectively

  24. DELEGATION • Objections • “It’s easier to do it myself” • “I can do it better”

  25. DELEGATION • Why things go wrong • Miscommunication • Inadequate direction • Incomplete understanding of project

  26. DELEGATION • Two types • Gofer • Stewardship

  27. DELEGATION • What can you delegate? • Effective delegation is delegate balance • Micro management vs. total hands off

  28. DELEGATION • Don’t dump and run • Ensure that staff member understood project • Specific deadline • Specific time for follow up

  29. RAINMAKING • Three parts to business • Operations and Administration • Production • Marketing and sales

  30. WHY ATTORNEYS DON’T MARKET • Fear of rejection • Perception that it doesn’t work • Seems sleazy • Pound wise penny foolish

  31. ATTORNEYS SOLVE PROBLEMS FOR PEOPLE AT A PROFIT!!! YOU ARE OBLIGATED TO LET THEM KNOW THAT YOU ARE AVAILABLE!!!

  32. MARKETING • Design annual marketing plan • Identify your ideal client • Who are your ideal sources • Avoid high tech/low touch

  33. MARKETING • Review reports monthly • Joint seminars with professionals • Community speeches

  34. MARKETING • Your staff members are your ambassadors • Newsletters • FAQs on website • Articles of interest to your referral sources • WRITE WRITE WRITE • SPEAK SPEAK SPEAK

  35. MARKETING • Brown bag informative lunches in your office • Great photograph (and updated too!!) • Networking functions – Five conversations

  36. MARKETING • Let people know the range of your services • Dress professionally • Weekly lunches or breakfasts • Database • Press Releases

  37. MARKETING • Professional Vita • Consistency • Working a room

  38. SOCIAL MEDIA • Blog • Twitter • Facebook • Plaxo • Linked IN

  39. CYNTHIA SHARPSHARP TALKEmail - cstaxllm@aol.comPhone - 609-923-1017

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