To increase revenue, you have to invest revenue in growing your law firm. That means you need to:
- Invest in your revenue-boosting tools and systems.
- Invest in the marketing and outreach that expose more “perfect clients” to your brand.
You can love the work you do all day long. But, at the end of that day, running a business is about making revenue. You need to put your head on the pillow at night knowing that your law firm is growing and keeping you going.
Isn’t that really the whole point?
Just about every lawyer that starts a law firm wants to increase that law firm’s revenue—it’s an obvious goal. It’s an important goal.
But, for all the pressure to make their businesses succeed, very few lawyers want to do the ONE thing that will make it happen.
Looking for more ways to boost your clients, cases, and revenue? Request your snapshot analysis now.
Shh…Here’s the Number-One Secret to Growing Law Firm Revenue
The #1 thing you can do to increase revenue is invest revenue. If you’re not putting part of what you’re making into making more, you’re walking away from opportunities. You’re just leaving money on the table!
The common rule-of-thumb in business circles is that small and medium businesses—like most law firms—should spend around 8% or more of their revenue on marketing.
So, at the very minimum, we’re talking about putting 8% of your gross revenue per month into trying to get new cases and clients. If you’re not doing that much, the simple truth is that you’re missing out on revenue. It doesn’t matter if you’re struggling along or already doing great!
It’s a big, persistent myth that you can save money by cutting your marketing spending. In reality, that’s like shooting yourself in the foot. Think about it—marketing is what brings in more clients. It’s what stimulates interest in your brand. It’s what keeps money coming down the pipeline. If you aren’t putting revenue into marketing your law firm, you’re only limiting the amount of revenue you can make tomorrow.
So, long story short: if you’re always using the same tools, same campaigns, and same everything, you’ll always get the same output. But, if you can put a little bit of what you’re making into improving your marketing machine, then you can increase your law firm’s revenue and keep growing it over time.
Build a Law Firm Marketing Machine That Outputs More Revenue
There’s lots of complicated, detailed advice out there on how to improve all the bits and pieces that make your marketing and your business work. But, when you’re talking about increasing revenue, you have to step back and look at the big picture.
Think of it like a Rube Goldberg machine. You put people into your funnel on one end. They work their way through all the cogs, wheels, and slides of your marketing machine. And at the end of the machine, the output is always revenue for your law firm.
There are all kinds of moving parts in that machine that each push the dial ahead a little bit. If you look closely, you can see all the complicated things that go into your law firm’s email campaigns, organic SEO, website content, paid ads, intake process, etc.
But, when you step back and take another look, it’s really simple. People go in one end, and happy clients and money come out the other.
With that perspective, if you’re not happy with the output of your marketing machine, there are really only two ways to improve it:
- Invest in making the machine better. You can improve your parts and tools so your machine works a little faster, better, and more effectively. For example, if you’re getting great leads but losing them because you’re so busy that you’re missing calls, you can invest in hiring and training intake staff. If you’re leaning hard into PPC, legal directories, or something else along those lines, you’re forcing a lot of pressure on one part. So, invest in a few reliable, new strategies that spread the pressure around and keep potential clients moving smoothly through the rest of your machine. There are all kinds of little tweaks and improvements that make everything else work even better.
- Invest in putting more potential clients in the funnel. Even if you have your machine working at peak performance, you still have to keep filling it up. So, jump on potential PR and outreach opportunities. Optimize your website and content to drive better potential leads to your door. Get the word out about your law firm, and use your marketing to find more potential “perfect clients” in new ponds. If you focus on the things that keep your funnel full at the start, then it just makes sense that you’ll increase your output at the end.
Remember, you have to invest revenue to make revenue. You can’t be afraid to put yourself out there, and you can’t be afraid to interact, engage, and talk with people. If you can see the big picture, you know every small investment you put into your marketing moves you toward the outcomes you really want to see.
And, when you start seeing the outcomes, you know without a doubt that investing in your own growth is worth it.
“I signed up with you guys before I could afford it because I knew I couldn’t afford not to and that’s not a cliché thing, it’s the truth.
We knew that if we invested on the front end, the same thing we do with our hiring, always investing in hiring to grow, to get us there faster.
In fact, within a couple months of getting an FWM site, it already paid for itself many times over.”
BONUS SECRET: One More Way to Improve Law Firm Revenue
Yes, you have to invest in marketing to attract more clients and cases. But you have to do it right. Besides lack of investment, the one other thing that tanks law firm revenues is a lack of authenticity.
You can’t just do marketing for marketing’s sake and let someone else decide who you “should” be. You can’t go the generic route and expect people to make a connection with you. Instead, you have to be yourself.
Most people only hire a lawyer once or twice in their lifetimes. It’s a life-changing decision for many. They go through the process, and then they tell their family and friends about it—it’s word of mouth advertising that can potentially send you great new leads and cases for decades after the fact.
But it’s up to you to believe in your vision and show people that you’re a real person that is worthy of their trust. You need to be awesome at everything you do, including your marketing. Show people what makes you the best choice. Show them that YOU believe in your vision enough to share it with others.
After all, if you don’t care about your message and marketing, then why should they?
Are you ready to get serious about improving your marketing machine and increasing your law firm’s revenue? Give our friendly team a call at 888.886.0939, or get started with a marketing analysis that will show you where you can concentrate your attention to get more juice for the squeeze.