Lawyers Don’t Need More Leads … They Need This

Lead Conversions Increase Law FIrm ProfitsI read this recent post on The Rainmaker Blog and thought I would share it because I know attorneys everywhere can to the problem described below — focusing on lead generation when it’s really lead conversion that needs more attention.

If you are not consistently generating new leads, check out this video series with Stephen Fairley, CEO of The Rainmaker Institute shares very specific lead generation (and conversion) tips.

Here’s the post from The Rainmaker Blog:

I’ve found that most law firms don’t focus most of their resources and energy on lead generation; they focus all of their resources and energy on lead generation. Virtually no one talks about lead conversion and intake; they all talk about lead generation.

I never have attorneys come in to me and say, “Stephen, I need to improve my lead conversion.” Every single day I talk to attorneys who say, “I need more leads.”

At one of our recent Rainmaker Retreats, I said to a bankruptcy attorney, “Tell me why you’re here.”

He said, “Stephen, I need more leads.”

I said, “How many leads are you getting?”

He pulls out a spreadsheet, and I was amazed. His background was engineering; he just happened to be a bankruptcy attorney. He pulls out this Excel spreadsheet, which was fantastic, and he could list every single lead he’d gotten in the last six months.

He said, “Last month, I got 221 leads.”

I said, “Wow, that a lot of leads! But how many of them turned into clients?”

He looked at me sheepishly and said, “Ten.”

I said, “Ten? No offense, but you don’t need more leads. To give you more leads would be a sin. You need to convert more of the leads that you’re already getting into paying clients. I have clients that are running multi-million dollar law firms off 200 leads a month in bankruptcy. That’s a lot of leads; you don’t need more leads.”

I’m not saying that some law firms don’t need more leads, but they spend 95% to 99% of their time on lead generation. They need to bring that back down to about 60% to 70% of their time and focus the rest on lead conversation and client retention, i.e., getting repeat business and/or repeat referrals from their former clients.

Lead generation will not solve all your problems. If you don’t have a really tight, consistent system to convert that lead into a paying client, or retained client, then you’re flushing your money down the toilet.

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Stephen Fairley

About Stephen Fairley

Two-time international best-selling author, Stephen Fairley is the CEO of The Rainmaker Institute, the nation's largest law firm marketing company specializing in marketing and lead conversion for small law firms and solo practitioners. Over 8,000 attorneys nationwide have benefited from learning and implementing the proven Rainmaker Marketing System.

A nationally recognized attorney marketing expert, he has been named, “America’s Top Marketing Coach,” and has spoken numerous times for over 30 of the nation’s largest state and local bar associations. Stephen has a large virtual footprint with his highly successful legal marketing blog and strong social media presence in Facebook, Twitter and LinkedIn.

He has appeared in Inc and Entrepreneur magazines, has authored 10 books, taken 14 cruises, and traveled to 33 countries. He resides in Phoenix with his wife of 17 years. Connect with him at: http://Rainmaker.MyLinkInvitation.com, www.Facebook.com/fairley , and @stephenfairley.


Website: http://therainmakerinstitute.com
Email: stephen@abc.com
More posts:View all posts by Stephen Fairley

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