How do you formulate a plan when leaving your firm? Do you make a list of contacts, or create your own forms? Today's clip from Ed is full of helpful tips when you're thinking about leaving your firm.

Ed shares some thoughts on electronic marketing and offers ideas on how traditional marketing can help you stand out in the crowd.

You are more likely to be remembered, thus contacted, if you reach people on a personal level.

Differentiating yourself will lead to increased:

• calls by clients and prospects
• meetings
• calls from the media
• meetings

And most importantly:
More money in the bank.

 

Factors to Consider When Marketing You Firm:

-Have a Marketing Plan
-Consider the commonality between you and prospective clients.
-Play the Numbers Game
-The more people you can get in front of; the better the chance of someone engaging you.
-Build a quality referral sources
-Understand that people learn differently
-Connect with other professions who share your market

Ed discusses the three key areas to address in managing client expectations.

1.) Use the initial consultation to gauge a client's wants and whether you can meet their wants.
2.) An attorney's responsibility is to match what the client needs with what the client perceives they want.
3.) A monthly status report is a simple, yet critical tool to keep clients informed. --An attorney can monitor the monthly status reports to guarantee that the clients needs and wants are being met.

When you're hiring another attorney, don't think about how much bringing him or her on will COST. Instead, think about what revenues he or she will bring in. Take a look at this week's clips for more...

Most associates don't understand the concept of profitability. This week, Ed outlines what it means to be a profitable associate, and why that is important for not just your firm, but your career as a lawyer.

The three main components of being a lawyer are getting work, doing the work, and getting paid for the work. However, many lawyers do not sufficiently understand this all-important third part. Make sure you get the proper compensation for all of your hard work!

A friend once told Ed, "Specialize or Die!" Is that the case, or should it be "Generalize and Survive?" Ed weighs the pros and cons this week.

Communication is the single most important issue to consider when keeping your clients happy. From the initial conversation with your receptionist until the case is closed, Ed explains what you need to do in order to ensure that the client is satisfied with your communications with them.

In the first of this 2-part segment, Ed discusses 5 of 10 characteristics common to all successful law firms.

Today's law firms are struggling to pay for their 3 most importance expenses: labor, rent, and insurance. This week, Ed offers tips to help you manage your cash flow so that paying the bills doesn't break the bank.

Lawyers' days are just as long as everyone else's but the amount of work can be exponentially greater. Today's clip offers some time management tips so that you can accomplish more in less time.

What can law firms do to interact with their clients more effectively? In today's clip, Ed will share a few ideas, such as developing a checklist of questions and creating surveys that will address this issue.

In this segment, Ed discusses considerations you must make if you plan on leaving your firm, whether willingly or not.

Ed recognizes that raising your legal fees just doesn't "fly". This week, he offers some tips to raise the revenue of your firm without necessarily raising your fees.

Ed advises understanding what you want to do with the second season of your life.

Ed offers 5 ways to increase your law firm's revenue.
1. Emphasize collections.
2. Hire lateral lawyers to meet specific demands, a new practice area, a new need.
3. Leverage technology.
4. Create a cooperative compensation model that emphasizes the law firm as an institution.
5. Outsource functions that are better done by others. Delegate.

Ed discusses how to estimate future costs by listing your assumptions.
Most clients don't complain about hourly rates; they complain about the totality of their legal costs. In order to control legal costs, one help is budgets. 
How to estimate future costs: List your assumptions and make sure the client understands these and also provide for change-orders if any of these assumptions prove to be erroneous. That's how you keep the costs down and that's how you keep the client satisfied.

Ed discusses the factors that influence collection success. Client selection: you have to get the right client. You must understand the wants and the needs of the client. You have to get confirmation of the arrangement between you and the client in writing, and check the client's credit.

Ed talks about creating a bond with the client to achieve client loyalty because your revenue is a perishable commodity.