Lawyers: clients are like a box of chocolates – you never know what you’re going to get
The Annoying Sales Funnel
The process of growing a business via gaining new clients is sometimes referred to as “The Sales Funnel.” It’s represented as an upside-down triangle and divided into segments. As prospective clients move through the funnel, the total number of prospective clients shrinks. This shirking process represents the removal of unqualified clients as engagement between the company and the potential client continues. Perhaps you were unaware of the sales funnel. But undoubtedly with reflection on your past efforts to gain new clients, this process underlies the evolution of the relationship.
The Client Attrition Problem
In a business context, the name of the game is signing new clients to combat attrition rates. The process is two-fold.
Attrition is a natural aspect of a business and is no stranger to the attorney-client relationship. Whether the client remains a client but no longer provides new work for the attorney, or whether the client drops the attorney all together and hires new counsel, the end result is the same – less billable hours.
To combat client attrition, one must be mindful to make efforts to gain new clients at a compatible rate. It’s important to have the foresight to sign new contracts knowing a project is going to come to an end while not over committing. For attorneys starting out on their own and seasoned attorneys alike, there is a delicate balance that needs to be preserved to ensure the success of those involved.
The Struggle of Finding New Clients
As tradition goes, law firms and solo practitioners turn to referrals, presenting at CLE’s, and the Yellow Pages to attract prospective clients. And thus starts the long, exhausting, time consuming process that looks like some variant of this:
- Answering phone calls, responding to emails
- Collecting the necessary information
- Scheduling a “free” consultation
This painfully slow process results in a lot of wasted time on unqualified leads. How many initial phone calls or emails result in a meeting? How often do those leads that come in for a consultation remember to bring certain documents or share the full story? How many hours a month are wasted on preparing for the initial consultation that do not result in signing a new client? How many potential clients decline to sign a contract because of unrealistic expectations of attorneys fees? Don’t think about.
Imagine a Process that Brings Qualified Leads to You
At ReviewMyContract.com, potential clients come straight into your inbox for contract review. It’s time to change the way we play the game. Let the client come to you – don’t waste time chasing them. For a flat fee, you can quickly address their contractual needs. The new relationship paves the way to handling new or additional work you can do for your new qualified client. The two-fold issue of client attrition is resolved. And it come with very little effort on your part.