How do you set yourself apart from your competition? Here's a hint - don't lower your fees!
There is much talk about how competitive the legal market has become. And this reminds me of an old Chinese proverb: “He who doesn't turn runs far. “
In track and field events, the coach tells you to look at the tape in front of you, not who is behind you. Likewise, in running your law practice, do the best you can, focus on your skills (and improve them), on the efficiency and cost of delivering your legal services (use technology to improve your efficiency) ... and, of course, on your clients and their needs (and wants). Then, you will have given it (your profession) your best shot.
John Wooden said, “The scoreboard? Championships? A sales quota? The bottom line? As goals, predictions, hopes, or dreams to be sealed up (in an envelope) and filed away, fine. But, as a day to day preoccupation they’re a waste of time, stealing attention and effort from the present and squandering it on the future. You control the former, not the latter.
“An organization - a team - that’s always looking up at the scoreboard will find a worthy opponent stealing the ball right out from under you....” Coach seldom scouted the opposition, focusing instead on what needed to be done to improve his team and prepare them to be the best they could be.
Yesterday, one of the attendees at the Kansas City Metropolitan Bar Association suggested that increased competition was the largest challenge facing lawyers. He said that more lawyers are using television as a major promotional venue ... and it's very difficult to compete against. These are not just the lawyers on late night, early morning spot ads. But, rather, lawyers throughout the day and in a variety of practice areas.
Television advertising is an important marketing tool for many lawyers. It has become more important for some, despite the increasing importance of the internet.
One way to address these competitors is to focus on existing clients. Bond with existing clients, serve them in ways that creates loyalty, and have these very same clients be your advocates with others.
In such a case, you don't need television. You won't have competitors! You will be in your own bubble, growing your revenue and growing your profitability with clients who continue to return and who refer others to you.
Ed continues his conversation regarding the changes facing today's law firms to remain competitive.
Corporate clients have the ability to explore other markets in search of better rates from attorneys who will provide good quality work. Ed share a few suggestions to help you in your practice of Business of Law®