Well, I firmly believe that there are still significant opportunities available for anyone starting a law firm this year. In fact, I receive visitors to my website every day thinking of starting a law firm right now so it is clear many other people feel optimistic too!
I have also seen many solicitors successfully start up their firms over the course of the last year. Before I knew that I was going to be a marketing consultant for law firms I briefly considered setting up my own firm, but I knew that my heart would not be in it. My love is for marketing legal services as opposed to the provision of them, so that is what I spend my time doing and I am very glad that I made the right decision.
So if you are reading this article, you must be considering starting your own law firm. Why shouldn't you start your own law firm now? What is stopping you? What are the steps or processes that you need to go through to successfully achieve this and to ensure that you have enough clients to look after when you start up?
The most important thing is that you must choose at least four methods of marketing your new law firm. I see far too many law firms start up relying on just one method of attracting new clients. They might know a business who has promised to send them as many new clients as they need in return for a fee. However, often once the firm starts up the leads do not come and the solicitor is left worrying how they are going to pay the bills.
You need to have a rounded marketing plan with at least four solid marketing systems in place. This can include any of the following methods:
Niche magazine publications that either match your expertise or your client's demographics
Leaflet drop door to door
Website marketing such as Pay per click or Search engine marketing
Once you decide which methods to use, you need to cost each method carefully and ensure that you have a sufficient budget to reach the point that you will be generating enough fees to cover your overheads. You will be able to receive some help from your bank manager with a financial plan, or engage a business planning or marketing consultant to help you.
It is absolutely crucial that you carefully consider all of your law firm marketing options when starting up a law firm.
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