Shh…This Is the Secret to Increasing Law Firm Revenue
Even law firms that seem busy with cases and clients can struggle with revenue. It’s something every kind of business owner has to wrangle with at some point in their career!
It’s not for lack of effort. It’s not for lack of care. It’s just that, at the end of the day, the revenue isn’t happening the way they need it to.
There’s no shame in it—we all want to improve our businesses and make more money. We all have to experiment to find the right ways to do it. The problem for a lot of lawyers, though, is that they’re a little afraid of doing the ONE thing that can actually boost their revenue and keep new clients coming through the door.
Put More Into Your Law Firm to Get More Out of It
Okay, here’s the secret: you have to spend some money to make money. If you don’t, then you just keep doing the same things all the time. And, if you keep doing all the same things, you will keep getting the same revenue and the same results.
This is a pretty common mistake that utterly hamstrings law firms. If revenue isn’t good, then the knee-jerk reaction is to cut the marketing budget. Cut the innovation. Cut all the corners, and hunker down in the same old things.
It makes you feel like you’re cutting the “risk.” That doesn’t really make sense, though.
If the core of what you’re doing isn’t working, why would you just do it harder? And why would you cut out the things—like marketing and outreach—that are literally what keep bringing new cases and clients in?
So, ultimately, if you want your revenue to go up, you also have to increase your investment in your business.
Most experts will tell you that a law firm should be investing about 8% of its gross revenue back into marketing itself. That’s just the baseline. If you want to make a big push toward growth, you might need to ratchet that up to 9% or 10%. If you’re doing less than that, you’re probably just pushing potential clients away or leaving them hanging.
Again, marketing is what magnetizes cases and clients toward you. So, spend that 8%–and spend it strategically.
Build a Marketing Machine That Automatically Outputs Revenue
So, okay. You need to invest in your law firm marketing to get more revenue. What should you actually invest in doing? What’s going to give you the kind of juice that’s worth the squeeze?
This is a little trickier because it depends on what you’re already leaning into.
You have to think of marketing like a big, complicated machine . You put money in one end, and clients, cases, and increased revenue come out the other. In between, there are all kinds of strategies and tactics and little ways to keep interested potential clients hooked on your message and your brand.
Are you a law firm that has relied mostly on one thing, like email or pay-per-click ads? Diversify! Your money is probably best spent building up other methods and modalities that will minimize your risk and capture more of your audience. You’re not putting all the pressure on one part of the machine. And, if one part fails or hits a hiccup, you’re not just out of luck—you have other things already going that can fill the gap.
Are you a law firm that has all kinds of irons in the fire? Maybe it’s time to tighten up all the pieces and do each of those things a little better. How can you improve your emails? How can you strategize your paid ads better? How can you strategize your website and content better?
The more you can improve all the parts of your marketing machine, the more clients and cases are going to come out the other end and add to your revenue.
Invest in Mind Power to Start Building Money Power
Marketing isn’t easy. Not just anyone can waltz in, start marketing, and expect to be immediately successful. That’s why it’s so important to also invest in mind power, not just modalities.
When you work with experts—when you ask questions and get answers from experts—you improve yourself and your business exponentially. You become a master yourself because you’ve learned from masters and put that knowledge to work for you.
But how do you invest in mind power? This might take the form of executive coaching for yourself or ongoing training for your team. This might take the form of hiring website content writers, SEO experts, or other marketing support teams to fill the gaps in your own team’s expertise. This might even take the form of implementing better software or just figuring out how to use the technology you already have more effectively.
When you make your mind stronger and use better tools, you make your law firm better. And that means you keep increasing your revenue and your success, year over year over year.
Need to build a marketing machine that outputs more money for your law firm? Need a team of experts to rethink the ways you keep new clients and cases in the pipeline? Give Foster Web Marketing a call at 888.886.0939, or request a free marketing analysis. With your team and ours put together, there’s nothing we can’t make happen.