How Your Law Firm Can Survive This Recession

Times are tough, especially for a lot of law firms right now. Clients are not coming as they should because they are scared. But even in the worst of times, there are law firms that will not only survive these times but will also thrive. So, what are these law firms doing that is so different from others?

 

1. They don’t just let life “happen” to them, They take charge. they give themselves permission to design the perfect life, business, and the type of client they have. They don’t just open a firm and hope that the right client finds them. They “design” that perfect client who would be a part of the perfect firm and then go out and create marketing and advertising to attract that perfect client.

2. They make sure to answer this question from their potential client: “Why should I do business with you over all of the other choices that I have in the marketplace” The answer to that question becomes their “unique selling proposition” (USP). This is the key to owning your space in the marketplace.

3. They recognize that the most valuable asset in their law practice is an email list of people who find you interesting and remarkable. they communicate with this list regularly, such that they develop a relationship with the list. This list eventually becomes your advocate, and they repeatedly refer others to them.

4. They don’t run with the crowd. Earl Nightingale, one of the “fathers” of success thinking, once said that if you entered a new line of work and had no mentor, the best thing you could do is to observe what everyone else is doing and do the opposite. Copying what others in your line of work are doing is the surest way to “average” results. Average companies shrivel up and die in a prolonged recession.

5. They recognize the power of networking, this has long been recognized as a powerful tool for business people and professionals. Knowing more people gives you greater access, facilitates the sharing of information, and makes it easier to influence others

6. They look outside of their own industry for great ideas and bring into their law firm. Through lots of questioning and observation, they discover what it is others are doing to be successful and then they ask themselves: how could I use that in MY business?

7. They recognize that time is their only irreplaceable asset. This is control of your life. It is recognizing that it is you who is responsible for your family’s financial security, now and in the future. You can’t let someone steal your time and steal your money and also your family’s future.

8. They are immune to criticism. Let’s face it. Trying to “get rich” is often frowned upon as “selfish.” The more money you make, the more others want out of you. Sometimes they try to make you feel “guilty” about your own success. Successful entrepreneurs know that this type of criticism is inevitable and they steadfastly reject it as invalid. They don’t let it bring them down.

The good thing about the recession is that, in the end, it will thin out your competition. So go out there and conquer while you can, don’t be the competition that the recession will thin out!