Consumer Bankruptcy Journal Summer 2016 | Page 28

4 KEYS TO BREAKING THE 7-FIGURE BARRIER try to do it on their own? 4. What are you helping them accomplish? 5. What are their challenges or pain? issues, 6. Who could be a good source of referrals for these ideal clients? 7. Who is NOT your ideal client (other than someone who cannot afford your fees)? Identifying and targeting the right market is absolutely critical to the success of your law firm marketing plan.  If you don’t target the right market, nothing else you do will 28 CONSUMER BANKRUPTCY JOURNAL matter.  To be successful in your marketing, you must start with a clear picture of your perfect client. 4.  Pay attention to your firm’s finances.  A 2014 LexisNexis survey of 309 U.S.based law firms — 75% of which were firms with less than 10 attorneys — reports that 39% of a typical practice’s client accounts are past due. And of these past due accounts, only half are likely to be paid. That’s a lot of cash flow down the drain. 73% of small firms in that survey said they have past due client accounts. Understanding your finances and cash flow is critical to your success and growth. Perhaps the best book I’ve come across on this topic is Profit First by Mike Michalowicz. Summer 2016 According to Verne Harnish, a leading small business expert, less than 10% of all businesses ever break the million dollar ceiling. If you want to become one of them you need to learn how to scale your law firm you need to treat it like a business, focus on a niche, identify your perfect client, and pay attention to your finances. Since 1999, we have been honored to work with over 18,000 attorneys including many of the fastest growing firms in the nation. If you would like to become one of them we invite you to give us a call or attend one of our upcoming Rainmaker Retreat legal marketing seminars (www.RainmakerRetreat.com). National Association of Consumer Bankruptcy Attorneys