Convert more enquiries into profitable business

Free, brief, practical tips for Solicitors on How to Increase your Firm’s Profits

Today’s ‘One Minute Tip’: 

Convert more enquiries into profitable business

Do you spend money on Marketing – web site, brochures, advertising?

Of course you do, so, can you answer these questions?

  • How many enquires do your marketing initiatives generate?
  • What is your conversion-rate?
  • How much fee-income does this activity generate?

In any area of law we have clear guidelines and processes to help the legal adviser achieve the best outcome. So we don’t need a process to handle these new business enquiries – right?

Wrong!

At Legal Mentors we are often asked by Managing Partners to telephone their Firm with an enquiry to assess the response. Handling enquiries is hugely important to your profitability but rarely planned for. The results are often  disappointing.
We call to ask how much a particular matter is likely to cost.
Who takes the call? Almost anyone who is free. Often a junior or secretary presumably because Partners and more senior members feel they are too busy to deal with the nuisance of an interruption.
Often we are told the charge-out rates of partners, solicitors and paralegals. Or, sometimes given a detailed talk on the complete process. We have even been told to look at a competitor’s website as it had more useful information or even that we could D-I-Y by completing on-line forms!
Strangely, we are rarely reassured that the firm has the right experience to help whilst it is often assumed that we are looking for a ‘cheap’ solution. We are never invited to go-ahead with the Firm!

Today’s Tip:

Don’t waste all that marketing effort and spend;  

Design clear policies on how to handle enquiries 

and convert them to profitable new income. 

Consider for a moment – How many enquiries is your firm failing to convert? How would it affect your profitability if you converted just one more new business enquiry each day?

 

Next Week’s Tip: ‘How to set and use fixed fees to generate more profitable business’