Increase your income Archives - Page 22 of 22 - The Attorney Marketing Center

I dare you. . .

December 10, 2007 by David M. Ward

I just told my business partners (my other business) that my goal for 2008 is to triple my 2007 income.

This is BIG GOAL! (Let’s just say I already do okay).

I told them I was sharing my goal with them for two reasons. First, so they would hold me accountable to it. Few things motivate more than accountability. Remember something we used to call “peer pressure”? That’s accountability. If you go to the gym and have a work out partner or coach, that’s accountability. When you promise your spouse you will do something and it’s important, that’s accountability. Accountability to others is powerful because we will often do for others (or what we have promised to others) what we won’t do for ourselves. I also asked my parnters to tell me their goals, so I could hold them accountable.

The second reason I shared my goal with my partners was to inspire them to think bigger. After all, if it’s good enough for me to think in those terms, it gives them “permission” to think bigger, probably bigger than they would do on their own.

So, as you contemplate 2007 and plan for 2008, I am issuing you a challenge to not only think bigger than you have ever thought before, but to find someone who will hold you accountable.

Helen Keller once said, “Life is either a daring adventure or it is nothing.”

Filed Under: Goal Setting, Increase your income

Don’t let this happen to your clients (or you)

December 3, 2007 by David M. Ward

Many (most?) people think identity theft is about credit and credit cards, but that’s only about a fourth of the problem. These two videos are frightening examples of other kinds of identity theft and, unfortunately, they are more common than you think.

Once you have watched these, spend a little time educating yourself about identity theft, and then tell your clients. Warn them and inform them. Tell them what to watch out for and tell them how to protect themselves. Especially now, during the holiday season, when identity thieves run like pack wolves. As the first video suggests, it could save their life.

And if you don’t have identity theft protection, think about getting some. I have what I believe is the best service available and I also sell it. (No commercials, though; if you want some information about the service for yourself and/or to offer it to your clients, contact me.)

Marketing opportunity for lawyers: FTC releases survey of identity theft

November 28, 2007 by David M. Ward

FTC Releases Survey of Identity Theft in the U.S. Study Shows 8.3 Million Victims in 2005

Now that you know, do you know what to do about it?

Here’s the lead to their press release:

The Federal Trade Commission today released a survey showing that 8.3 million American adults, or 3.7 percent of all American adults, were victims of identity theft in 2005. Of the victims, 3.2 million, or 1.4 percent of all adults, experienced misuse of their existing credit card accounts; 3.3 million, or 1.5 percent, experienced misuse of non-credit card accounts; and 1.8 million victims, or 0.8 percent, found that new accounts were opened or other frauds were committed using their personal identifying information.

"Whether you’re from Malibu or Manhattan, Tacoma or Tallahassee, no one is immune to identity theft," said Lydia B. Parnes, Director of the FTC’s Bureau of Consumer Protection. "The important thing is that people learn how to deter identity thieves, detect suspicious activity on their financial records, and defend against the crime, should it happen."

The full story: http://www.ftc.gov/opa/2007/11/idtheft.shtm

The FTC Identity Theft site: http://www.ftc.gov/idtheft

Another FTC Identity Theft resource: http://www.ftc.gov/bcp/edu/microsites/idtheft/

Identity theft is a growing problem and some experts predict it will soon become an epidemic. As more people become aware of the issue, they will be seeking answers. Who better to provide those answers than an attorney?

There is no shortage of information available. In addition to the FTC, which, I believe grossly understates the scope of the problem, millions of web pages provide an abundance of data and real life stories of identity theft victims. A few hours of weekend research would provide enough background to make you conversant with the issues and various strategies for combatting the growing problem.

Armed with this knowledge, you could inform your clients, prospects, and referral sources, via your newsletter, ezine, reports, articles, web sites, seminars, and so on, and thus, position yourself as a valuable resource on the subject. That opens up all kinds of marketing opportunities for you. And, as identity theft becomes more prevalent, the value of your "expertise" on the subject could skyrocket.

There are five common types of identity theft, and anyone with a social security number is at risk. Personal information stolen from the victim themself is not the biggest risk. It is the vulnerability of the thousands of databases where that information resides. Every day we see evidence of this in the news–stolen laptops, hacking, insufficient wireless encryption. And no, we cannot stop identity theft, as some advertising would have you believe. All anyone can do is prepare themselves for the consequences in the event they become a victim. By the way, the odds of that happening, according to some estimates, will soon be in the neighborhood of one in four.

Your business clients are at risk as well, and so are you. New federal laws impose administrative and civil penalties, and even criminal liability, for failiure to safeguard certain non-public data, even if that data is not stolen. These laws apply to nearly any business that is in possession of that data, and that includes lawyers. Many states are considering (and some have already passed) even more stringent legislation. And, we’re starting to see the plaintiff class action bar sharpening their chisels. (Why is that not surprising?)

So, this is not something that’s going to go away. A lawyer friend of mine who has become a national expert in this field tells me identity theft will increase twenty-fold in the next two years. Bad news for consumers and businesses, but a marketing bonanza for astute attorneys who position themselves in front of the coming wave.

One more thing: some lawyers have developed a new practice area, consulting business clients on (a) how to comply with the new laws and (b) how to mitigate their exposure in the event of a breach. And many lawyers are starting to offer their (business and consumer) clients third-party identity theft protection services, both as a service to those clients and as a source of revenue. If you are interested in either one (consulting and/or offering third-party services), I’ll be happy to show you what I, and many other still-practicing attorneys are doing.

Filed Under: Client relations, Increase your income, Marketing legal services

Why lawyers don’t charge enough

September 19, 2007 by David M. Ward

Most attorneys don’t charge enough. There are several reasons:

They try to match their rates to what other lawyers are charging, so they can “stay competitive”
They believe they will get more clients by offering rates somewhat lower than other attorneys
They haven’t factored in the costs of overhead or inflation
They start out low and are afraid that if they raise their rates they’ll lose clients

Here’s reality: the best clients don’t shop around for the lowest priced attorney, and you don’t want the ones who do. Don’t compete on price. You’ll attract the worst clients, and besides, there will always be someone who charges less than you, and that’s a slippery slope leading to bankruptcy.

The best clients — the ones who return again and again and refer others — understand that you get what you pay for. In fact, if you charge less than most other attorneys, you’ll actually make your clients nervous. What would you think if you found out that the doctor who was about to operate on your brain charged much less than other surgeons. Wouldn’t you want to know why?

Low fees will often lead to fewer clients, not more. You don’t want a reputation for being “low priced”. Instead, you want clients to think of you as “charging top dollar but worth every penny.” In this way, you get the better clients and maximize your revenues and profits.

I recommend that you regularly review your fee structure so that you at least stay in the upper third of fees in your area. You don’t have to be the most expensive in town to get the best clients (although that may be an effective strategy), but you do want to be among that group.

Will you lose some clients as you raise your rates? Yes, but far fewer than you might imagine, and the revenue lost will be more than compensated for by the gains from remaining clients.

And, you may find that by raising your rates, demand for your services increases. More clients at higher rates? That would be okay, wouldn’t it?

Filed Under: Attorneys fees, Increase your income Tagged With: 80-20-pareto, are-there-lawyers-without-jobs-in-economy-2012, cash-receive-icon, estate-planning-attorney-marketing, feebilling, how-are-attorneys-doing-in-this-economy-in-2012, lawyers-without-jobs-2012, lawyersfee, lawyerslogo, receive-cash-icon, the-noble-art-of-leaving-things-undone, why-do-some-attorneys-charge-less

Should lawyers offer a money back guarantee?

September 18, 2007 by David M. Ward

"Ridiculous!" "Unethical!" "Stupid!"

Or is it?

Marketing is about cutting through the clutter and standing out from the crowd. It’s about making a big promise and then backing it up. It’s about removing the risk from your client and absorbing it yourself. Isn’t that what contingency fees do?

Money back guarantees work. They are a powerful, proven marketing technique, and you should consider them.

Will you get stung? Maybe. Sometimes. What if that happens, say, once every twenty times you offer it but you get five times more business because of it? What if you lose some but you are so darn popular, you can charge twenty percent more than your competition?

What about ethics? Well, that’s something you have to verify with the powers that be in your jurisdiction, but don’t confuse a guarantee of fees with a guarantee of outcome. There was a discussion about this on Jamie Spencer’s blog about a week ago and there is a big difference. The key is not outcome, it’s client satisfaction. "Your money back if you’re not delighted."

Scary, isn’t it? That’s what makes it so powerful.

Marketing studies prove that most people won’t take advantage of you and, of course, there are ways to limit your exposure. C’mon, you’re a lawyer–that’s what you do. But I challenge you to err on the side of trusting your clients. Those same marketing studies prove that the longer and more expansive the money back guarantee, the more profitable the overall results.

If you’re all intrigued by this idea, but (a) you’re not sure if it will work, or (b) you’re afraid it might backfire, "test" it. Find a small market segment that you can reach with a limited marketing communication, a small mailing, a classified ad, offering it at the close of a free seminar, and see what happens. If you like the results, you can test the idea with larger segments.

Is this idea for everyone? No. But some lawyers will make a fortune with it. In fact. . . I guarantee it.

Filed Under: Advertising, Increase your income Tagged With: can-lawyers-offer-money-back-guarantee, do-lawyers-offer-a-money-back-guarantee, f, marketing, marketingplanandproductivity

Three simple ways to increase your income

August 29, 2007 by David M. Ward

Getting more clients through networking, advertising, writing articles, speaking, and so forth, is the obvious way to grow your law practice, and your income. But there are other ways.

There are three things you can do to increase your income that require no time or money, only a little creativity.

The best part is that if you do ALL THREE THINGS, your practice will grow not arithmetically but. . .

. . .geometrically.

Interested?

Okay, here are the three things:

1. Enlarge the size of your average engagement
2. Encourage your clients to hire you more often
3. Get your existing clients to refer other clients

You can enlarge the size of your average engagement by offering a "deluxe" version of your services or by packaging your services in ways that offer clients incentives to hire you to do more now.

You can encourage clients to hire you more often by offering "maintenence contracts" or other incentives to use you more often, or by simply staying in touch with clients and reminding them of the need for your services and the benefits thereof.

You can get your clients to refer other clients by asking for referrals or asking them for the names of their friends and colleagues to whom you can send valuable free information, i.e., reports, newsletters, etc., or special offers, or to simply inform them about your services.

You invested time and money in acquiring your clients. Work smart and maximize your profits with bigger engagements and more repeat business and referrals.

Filed Under: Increase your income, Leverage Tagged With: inurlcategoryleverage, ways-to-increase-net-income