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Showing posts from May, 2021

Second Hand News: Three Ways Keeping Your Clients Informed Benefits You

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Many lawyers view client communications as bothersome.  An interruption from the important work of lawyering.  Of course, that work is being done  for  clients; so, it’s important that they know what’s going on, right?  But, this isn’t just a one way street.  In fact, lawyers derive lots of benefits from staying in touch with their clients.  So, let’s address three of those . . .     Reduce Malpractice Risk.   Lawyers might presume that they know their own cases better than anyone.  Not true.  Attorneys who, for example, try to manage conflict checks in their head ,  would be well-served to use software to manage client and related party contacts.  In a similar vein, no one has lived inside of any legal case, especially a fact-based one, better than the client.   That means that it’s important to stay in touch with your clients – because you never know what they might rediscover about a case you thought you ...

Chainlink: How to Build a More Efficient Law Practice

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Yes, it’s hard to believe; but, it’s almost halfway through 20 21 , everyone.   Can’t be worse than 2020, right?     Th e t urning of the calendar is just another opportunity to improve your business management.  Now, what business owner among us would NOT want that opportunity.     So, let me tell you what you need to do over the course of the rest of the year , that you haven’t done yet:     This is the year you turn your law firm into a high performance machine.  You’re currently driving a Chevrolet Chevette; by the end of next year, I want you to be rolling up in a Ford Mustang.  And, Ford is the optimal analogy here; your job one this next year, is to build the law firm version of Ford’s assembly line.  Build systems, save time, do more work, make more money.  Rinse, repeat.   Don’t view the notion of a high-performing practice, as many attorneys do, as a bad thing.  Embrace operational efficiency, and it will pay dividends.  Now, I know that...

Product-Market Fit: How to Make More Money by Working with Non-Traditional Law Firm Clients

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Lawyers have always billed clients the same way: by the hour.  (Yawn.)     While that option is good for law firms (hello: uncapped billings), clients often chafe at the model, because $— x however many hours the lawyer decides to work is a little bit more of an investment than, say, a Netflix subscription.     But, there’s a reason why subscription services like Netflix flourish: it’s because of the low level of investment, and the high value of return.  People have little problem dropping $15 per month on Netflix; but, if Netflix jacked the price up, or severely restricted the number of entertainment offerings included, there’d be a problem.  Law firms seem to  suffer from  that very  issue : a lack of differentiated offerings and a heavy price point.  It’s  a riddle wrapped in a mystery inside an enigma , bound up by a  total  lack of imagination.     Of course, there’s a logical resolution here.  If clients think law firms ...

Feels Like the First Time: Why Your Law Firm Needs to Develop a Client Journey

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Law firms work vigorously to convert leads: to get those leads to pay retainers and sign engagement agreements.  That all makes sense: winning business is essential for any organization.   However, once law firms convert clients, there is often a dry spell before the new client s  hear from their new law firms again; and, because many cases start with potentially significant periods before anything of note  actually  happens, new clients may go for months, or even a year, before they hear from their lawyer again.     This paucity of response is one of the reasons that  law firms have a bad reputation for customer service .  Keep in mind that , while you deal with the legal field every working day of your life,  for many of your clients, it will be the first (and potentially only) time   they ever have an interaction with the legal system .  So, it’s essential to keep them informed of what’s going on, even if you know ...