the lifestyle law firm by stephen fairley

The Lifestyle Law Firm™ Lead Generation, Lead Conversion and

Client Retention Strategies

By

Stephen Fairley

CEO of The Rainmaker Institute, LLC

What Does A “Lifestyle Law Firm” Look Like To You?

• More Time with Family & Friends?

• More Meaningful Relationships?

• More Money?

• More Vacations?

What is Your Vision for Your Law Firm?

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Here’s the Bottom Line...

The PEOPLE run your SYSTEMS…

The SYSTEMS run your LAW FIRM

7 Systems Every Law Firm Needs

1. Lead Generation System

2. Lead Conversion System

3. Client Retention System

4. Cash Flow System

5. Work Flow System

6. Management Operations System

7. Key Performance Indicators Systems

Lead Generation 2nd most expensive area in your law firm

Never ending process

Need to continually produce more and more leads

Lead Conversion Convert more leads into paying clients

Can significantly & rapidly increase revenues

Client Retention Repeat business

Repeat referrals

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• Referrals from Current & Former Clients

• Client Newsletters • Referrals from

Professionals • Client Satisfaction Surveys • Speaking & Seminars • Networking

OFFLINE MARKETING

• Blogs • Websites • Social Media Marketing • Article Marketing • Press Releases

ONLINE MARKETING

2 Lead Generation Categories

Finding

Clients by

Referral

The #1 Reason Why You’re Not Getting More Referrals

LACK OF CLIENT EDUCATION!

• Why you value and depend on their referrals

• What a great referral looks like to you

• How to make a referral to your office Email introduction or Phone call or In person

Will you call them or do they need to call you?

Invite them to a seminar, a lunch, 1 on 1 meeting…

• How you will treat their referrals

• What to tell referrals about you and your firm

• What information they can give/hand out Brochure, special report, white paper, ebook, CD…

6 Questions You Must Pro-Actively Answer to Get More Referrals

The #2 Reason Why You’re Not Getting More Referrals

LACK OF CLIENT COMMUNICATION!

• Our clients have found that newsletters are one of the most cost effective forms of building long-term, meaningful and influential relationships with clients.

• Newsletters allow you to keep in touch with them, update them on changes, and educate them for very little cost.

Send a Monthly Newsletter

Samples of “Done For You” Rainmaker Electronic Newsletters

ESTATE PLANNING ATTORNEY

REAL ESTATE ATTORNEY

Samples of “Done For You” Rainmaker Electronic Newsletters

CRIMINAL DEFENSE ATTORNEY

PERSONAL INJURY ATTORNEY

1. Keeps You Connected to Clients, Prospects & Referral Sources

2. Builds Your Credibility and Positions You as an Industry Thought Leader

3. Adds Fresh Content to Your Website which Google Loves

4. Helps You Cross-Market Your Services by Educating People on How You Can Help Them

5. Generates More Referrals from Clients & Professionals

Top 10 Reasons Why Every Law Firm Must Have a Monthly Newsletter

6. Works for You 24/7: People can read it at their convenience

7. Promotes your Website, Blog & Social Media

8. Increases Your Leads: Easy way for Clients to pass on information about your firm to their friends & family

9. Easy to Track Open Rates & Click Throughs

10. Very Cost Effective Form of Legal Marketing!

Top 10 Reasons Why Every Law Firm Must Have a Monthly Newsletter

1. Diversify your market efforts

• Don’t just rely on random referrals

• Don’t just rely on internet marketing

2. Commit to tracking EVERY SINGLE LEAD!

• Develop reports for tracking effectiveness of marketing efforts

• Create metrics for quantifying ROI of all major marketing initiatives

3. Appoint an internal person who is responsible for tracking, measuring and reporting

Keys to Winning at Lead Generation

1. You CANNOT build a financially successful law firm without paying attention to LEAD CONVERSION!

2. Develop “Rules of Engagement” for a sales driven law firm

• Identify: Who is saying what?

• How many of you have a receptionist that answers the phone?

• How many of you have someone doing initial consults other than yourself?

Lead Conversion

Cost Per Lead (CPL) Metric Define what a “LEAD” is

• What is and is not counted as a “Lead” • Who counts the “Leads” • Avoid arguing about what a “qualified” lead is...

Here’s how we (TRI) define a “Lead”:

• Someone who has never done business with you before (vs a repeat client)

• Everyone who contacts your firm via email, phone, social media, personal referral, internet, networking event, seminar, etc

• They express an interest in your services

1. How many “Leads” are produced in a given time frame?

2. How much money did the firm invest in marketing during the same time frame?

3. Divide $$$ invested by # of Leads

4. Compare month vs quarter vs annual

5. Running average

$20,000 spend / 40 New Leads = $500 CPL

Is that Good or Bad?

Cost Per Lead (CPL) Metric

Cost Per Client (CPC) Metric

Define what a “New Client” is for your law firm

Here’s how we at TRI define a “New Client”:

• Someone who pays the firm money!

• Anyone who signs a retainer agreement

• Does not depend on billing the client

• Does not depend on doing the client work

• Does not depend on collecting the money

1. How many “Clients” are retained/signed up in a given time frame?

2. How much money did the firm invest in marketing during the same time frame?

3. Divide $$$ invested by # of New Clients

4. Compare month vs quarter vs annual

5. Establish a Running Average

$20,000 spend / 40 Lead / 10 New Clients = $2,000 CPC

Is that Good or Bad?

Cost Per Client (CPC) Metric

How Good Are You At Conversion?

Most attorneys believe they are “good, very good, or excellent” at conversion...

Most of them are WRONG!

Why?

There are 5 Stages of Conversion and they only focus on the 4th one!

5 Stages of Lead Conversion 1. Number of Leads into the top of the funnel

2. Number of Leads Who turn into Appointments

3. Number of Appointments Who Show Up

4. Number of Appointments Who Sign Up at the IC

5. Number of Appointments Who Sign Up Later

Lead Conversion Report Card

A = Over 81%

B = 71-80%

C = 61-70%

D = 51-60%

F = Under 50%

Typical Consumer Bankruptcy Law Firm WITHOUT a Lead Conversion System

100 Leads = 100% 50 Appointments Set = 50% 25 Appointments Show Up = 25% 12 Sign Ups (New Retentions) = 12% 1 Sign Ups ~ 90 Days Later = 1%

Total New Client Sign Ups = 13%

Results

13 New Clients x $1,500 for Ch 7 = $19,500 Revenues

Typical Consumer Bankruptcy Law Firm WITH a Lead Conversion System

100 Leads = 100% 70 Appointments Set = 70% 49 Appointments Show Up = 49% 34 Sign Ups (New Retentions) = 34% 3 Sign Ups ~ 90 Days Later = 3%

Total New Client Sign Ups = 37%

Results

37 New Clients x $1,500 for Ch 7 = $55,500 Revenues

Revenue Results From 100 Leads WITHOUT a Lead Conversion System

Out of 100 Leads the Law Firm converted...

13 New Clients x $1,500 for Ch 7 = $19,500 Revenues

WITH a Lead Conversion System

Out of 100 Leads the Law Firm converted...

37 New Clients x $1,500 for Ch 7 = $55,500 Revenues

Net Increase of $36,000!

280% Increase!

With the SAME amount of Leads!

What kind of conversion problems do they have?

Report Card

A = Over 81%

B = 71-80%

C = 61-70%

D = 51-60%

F = Under 50%

Conversion Problems:

1. Major problem with

“No Shows” (29%)

2. Poor Conversion at

the IC (32%)

3. No Follow Up after IC

4. No one converts 96%

of Leads into Appts!

Doing great work so that Clients come back and give you repeat business and repeat referrals!

Tools you can use

1. New Client Autoresponder Series: FAQs

2. Client Satisfaction Survey

3. Client Exit Survey

4. Monthly e-Newsletter

Over 50% of all your cash flow problems would be solved if you fixed your follow up!

You MUST have a System to Follow up with:

Every Prospect, Every Client &

Every Referral Source

FIX YOUR FOLLOW UP!

• Define your follow-up system!

• How often do you need to keep in touch?

With Prospects every week

With Clients every 4-6 weeks

With Referrals every 4-8 weeks

• How Long Do You Keep In Touch?

Until They DIE or BUY!

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DO IT YOURSELF

DELEGATE IT

DON’T DO IT

DONE FOR YOU

1

2

3

4

THE FIRST DAY OF THE REST OF YOUR PRACTICE

Your Choice: TIME versus MONEY

37

CODN: The Cost of Doing Nothing

• How much is the average client “worth” to you?

$1,500? $5,000? $15,000 More?

• How many new clients did you miss out on last year because you didn’t have a lead conversion system in place?

Consider the CODN

• How many REFERRALS did you lose last year because you didn’t have a powerful follow up system?

• How much REVENUE are you going to lose this year if you don’t take action?

39

There is a True Cost of Doing Nothing

40

Definition of Insanity

41

How To Jumpstart Your Law Firm...

1. At the end of the day it all comes down to having the Right People and the Right Systems!

2. Identify where your biggest problem is: • Lead Generation • Lead Conversion • Client Retention

3. Grade your firm on each of the 5 Stages of Lead Conversion

4. Measure and TRACK EVERY SINGLE LEAD FROM EVERY SOURCE!

5. Fix Your Follow up! 6. Remember when it comes to Marketing...DONE IS

BETTER THAN PERFECT!

Download These Slides Now

1. Grab your smart phone, iPad or laptop

2. Go to: http://bit.ly/avvoslides

3. Fill in the form to get the slides

Thank You!

@StephenFairley

www.Facebook.com/Fairley

www.Rainmaker.MyLinkInvitation.com

www.TheRainmakerBlog.com

888-588-5891

http://bit.ly/avvoslides