I want to make sure you realise something important.
New enquiries are NOT the most important asset in your law firm.
In fact, one of the biggest mistakes lawyers make is constantly focusing on getting new enquiries… while ignoring the clients that are already in their pipeline.
Think about it this way.
If you owned a business selling shampoo and you wanted to sell conditioner too, would you first try to attract brand new people to buy your conditioner?
Or simply contact people who bought your shampoo to ask if they need conditioner too?
The second option, of course, would be the best way to increase your sales.
People who have bought your shampoo already know, like, and trust you – and therefore are the easiest to persuade to buy your conditioner too.
The same is also true in our legal sector.
Not only is it easier to convert clients that already know you…
You also avoid spending any money on marketing.
And the fee income you bring in has a much higher profit margin.
This ‘Mining the Client Gold’ strategy really helped my client Reena, Managing Partner of Carter Bond Solicitors, when she joined our Profitable Practice Programme.
By focusing more on the existing pipeline of clients, she was able to achieve a 140% increase in her firm’s fee income and a 471% increase in profits.
That’s almost a 5x increase in profits.
Take 10 minutes now to brainstorm which of your existing or past clients could benefit from other services you offer.
Then, actually offer those services to those clients, and see what happens.
If you feel stuck whilst trying to figure out how to maximise your profits from existing clients…
This approach of ‘Mining the Client Gold’ is one of the ‘9 Profitable Practice Accelerators’ I cover at my FREE online seminar on how to eliminate the 3 Limiting Factors of Law Firm Profitability so you can have more clients, more profits, and more time off.
Or you can join me and other small firm owners at the ‘Profitable Practice Secrets’ workshop where we’ll work together to analyse what your firm or practice needs in order to grow, and then start implementing the key ‘Accelerators’ to get more clients and increase your fee income and profits. See the full agenda for the workshop, read testimonials about real results other lawyers have had, and check ticket availability HERE.