Many businesses suffer from an inability to properly define their business, and law firms are no different. What types of cases allow you to be the most profitable? Many law firms simply try to take whatever case comes their way in their chosen practice areas. While some firms are successful in handling a high volume of cases, even high volume firms must define what cases are the best and allow them to be as profitable as possible.
What Cases Pay the Bills?
When looking at your firm’s cases, which ones keep the lights on and which ones make a good year a great year? Most businesses experience a phenomenon called the Pareto principle. The Pareto principle originally stated that 80% of the land in Italy was owned by 20% of the population. In business, a common maxim is that 80% of your sales come from 20% of your clients. Thus, logic would dictate that your firm should try and acquire more of those large cases that make your firm’s year. But are big cases really the only thing your firm should focus on? After all, everyone wants big cases. The answer is probably a combination of cases is most profitable.
What is My Firm’s Core Competency?
A better question for your firm to ask is what case is really your firm’s core competency? For some firms, it may be products liability or complex litigation for personal injury cases. For other firms, a core competency could be handling simple personal injury claims quickly. Whatever your firm is good at should be the type of case your firm should focus on acquiring more of. The big cases will come if you develop a good enough reputation for handling a specific type of case. It is very rare that your firm will get a crack at a large products case without first proving yourself on a smaller case. The same thinking applies to personal injury or medical malpractice as well. Some may rubbish this line of thinking by saying that luck matters more than experience in acquiring large cases. We don’t think simply chalking business up to luck is accurate. Rather, firms must make their own luck in order to be successful.
Luck = Preparation + Opportunity
A teacher of mine in high school used to repeat his mantra of luck occurring when preparation meets opportunity. In terms of business development, businesses have to make their own luck by being prepared for opportunities whenever they might arise. Law firms should also try and make their own luck in terms of generating large cases by being prepared for when opportunities come knocking at your door. In order to be best prepared for these large case opportunities, your firm needs to know what its bread and butter case is and try to be the best it can be in that particular practice area. Through experience and developing a strong track record in trying certain cases, your firm will be able to capitalize on opportunities and see more of the types of cases that keep your law firm afloat. Many of these high value cases will come from referral sources as we have stated before, so it is in your firm’s best interest to handle every case with the same attitude and dedication no matter its value. You never know when a small case can turn in to a business development source. To learn more about generating high value cases, contact Network Affiliates today.
Google+ is a social media site built by Google. It is an effort to stay competitive with the likes of Facebook. Google's stated mission is to organize the world's information and make it quickly available to everyone. Google+ boasts a user base of over 90 million. The site is adding approximately 600,000 new users every day. And if this trend continues, Google+ could total 400 million members by the end of 2012. There are several ways businesses can potentially benefit from a Google+ presence.
I’ve seen attorneys scratch their head trying to figure out why they haven’t received the public praises they deserve for their superb quality work. The truth is, most people are more likely to share their opinion after a negative experience rather than a positive experience. This is primarily due to the fact that they expect exceptional treatment, which is why you need to provide them the tools and reasoning for advocating for your firm.
The last impression you leave with your current clients is extremely important. They are officially going out into the world as either a brand advocate or a brand antagonist for your firm. Firms have the power to sway clients’ opinion, but very few take the necessary steps to do so. It is all about what you leave them with.
There’s a reason Facebook is worth more than $100 billion dollars. Facebook’s price tag is so high because of its access to 800 million plus users and engaged eyeballs. An engaged community is priceless as it creates an opportunity for viral business for your law firm. In order to successfully participate in a database marketing campaign, you need a plan and strategy.
So what exactly is a QR code? Quick Response codes are two-dimensional bar codes originally designed for logistics in the car manufacturing and distribution industry. They have since become a popular 
What does Facebook essentially provide their users with? An opportunity to socialize. Why do users want to socialize? They want to socialize because there is an emotional void for personal interaction and communication. This creates an interesting opportunity for big and small brands alike. 
When are clients the happiest with your firm? When they receive their settlement check from their attorney. Your firm can capitalize on that specific moment by giving the client an opportunity to advocate for your firm. Simply set up an on-camera exit interview. Here are some things to think about when setting up these exit interviews.
What is a system? Systems are consistent processes put in place to bring about efficiency. The advantage of systems from a marketing perspective is their ability to truly test and evaluate your programs. There are simple systems firms can put into place, which will help efficiency and growth.
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