If you are looking to increase your flow of new matters, these areas stand out as providing the three best sources of new clients for law firms.
1) Repeat business from existing clients;
2) Referrals from your existing clients;
3) Referrals from your professional network.
These three areas combined contribute around 68% of new matters for higher performing firms in Australia accordingly to the results of Macquarie Bank’s 2015 legal benchmarking report.
In fact in a recent webinar where I interviewed Garth Brown, the principal of a successful conveyancing practice, he suggested that from the experience of his own conveyancing practice, that this figure was closer to 80% of his new matters.
While many clients may use the services of a conveyancer infrequently, it shows that if you can maintain a relationship, that even in this field, repeat business and referrals can be the most important sources of new business.
Not surprisingly, Garth stated that his most important marketing strategy he had found to be staying in contact with his existing and past clients and his professional network.
How does this compare with your firm?
Knowing this critical piece of information, how can you turn that into extra work for your firm?
Of course you can just wait for clients to identify extra work that they need you to do, or wait for your professional network to identify clients who need your help.
If you need extra work NOW, this approach would be really frustrating, as you have no control over it.
As these are all contacts where they know you, a different approach would be to put yourself in control and create the opportunities yourself.
As there is a degree of trust built up from your past business relationship, if you can identify opportunities that can help your past clients or the clients of your professional network, you may be able to generate work by simply letting them know about it.
While a conveyancing practice like Garth’s can generate conveyancing referrals this way, to generate more work from his existing clients of course he needs them to actually be buying or selling property.
This isn’t necessarily the case though with other types of law where your existing clients may well have legal issues that they are blissfully unaware of. This is work that you could help them with without requiring them to identify a legal issue that they need.
If you need more work and you need it NOW, whether your firm provides a service that clients use irregularly or regularly, the three best sources of business are existing clients, referrals from them and referrals from your professional network.
Want the easiest way to get more referrals from your professional network?
We have recently developed a referral program for smaller law firms that can help you to quickly implement a system into your firm to predictably generate more referrals from your professional network. The link is : Professional Network Referral System for Smaller Law Firms or navigate to the shop on the Ritchie Business Solutions website
Want the easiest way to get more referrals from your existing clients?
We have recently developed a referral program for smaller law firms that can help you to quickly implement a system to predictably generate more referrals from your existing clients. The link is : Existing Client Referral System for Smaller Law Firms OR navigate to the Shop on the Ritchie Business Solutions website.