If you’ve been reading our articles for a while, you’re probably looking for ideas on how to improve your marketing campaign. You want to distinguish yourself from your competition and bring in new clients… but of course, all of this is toward one ultimate goal: increasing your law firm’s profit margin.
As incredible as it sounds, some attorneys feign shock at the idea that they should try to make a profit with their profession. They see attorney marketing as some kind of unethical money grab—and those who use marketing strategies as disreputable “cheaters” to the profession.
This is not only ridiculous; it’s hypocritical. These attorneys, of course, want their firms to make money, but they want to pretend that profit is not important. The truth is, your law firm needs to be profitable for you to help your clients, and for you to hone your business into the firm you want it to be.
Here are three ways a profitable law firm can help its clients:
- Resources. If you’re operating in a no fee/no recovery market, you’re going to have to cover the overhead for your clients. All of the money for court costs and filing fees has to come from somewhere—and no matter how dedicated you are, it shouldn’t be coming out of your savings account.
- Customer attention. Your marketing campaign should be tailored toward finding—and serving—your ideal client. This gives your clients your full attention while establishing yourself as the premier attorney in your niche market.
- Focus. Very few people operate at their best when they are stressed. If you are worried that your electricity is going to be turned off, how are you going to be able to focus on the intricacies of your client’s case?
Remember that your profit margin is directly tied to your success. A large profit does not in itself mean you are successful, but it allows you to invest your money back into your business, giving you a functional and sustainable model for your business. This is true for attorneys just as it is true for coffee shops and hardware stores—and if any attorney tells you a law firm is not a business, he’s not going to be in business for long.