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
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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