I just got off the phone with an estate attorney who was sure he had hit upon the Holy Grail of law firm marketing.
It seems he has spent the past six months creating his own automation system for client intake and document drafting. He took this system idea to a financial planning firm, seeking referrals. He told the firm that he could serve their clients through an entirely online process — no in-person meetings — at half of his regular fee.
And Holy Smokes — the financial planning firm LOVED the idea!
They are feeding him referrals and all he has to do is
- Meet with the client virtually, using a web meeting platform, for the initial consultation
- Draft the documents
- Meet with the client virtually again for the final meeting
- Deliver the electronic documents for the client to sign in front of witnesses and notaries
- Keep his malpractice insurance up-to-date to cover the long tail of liability for the lifetimes of his new “clients,” their family members, heirs, and creditors.
By charging half as much, he’s been able to double his number of new clients!
In other words, revenue stayed the same, only the work load doubled.
Simple arithmetic shows this is a zero-growth plan.
To boot, he has effectively painted himself into a corner.
- His law firm marketing is now dependent on ONE referral source for new business, effectively giving them complete control over his lead flow and revenue stream … not to mention allowing them to choose which cases he takes on for what types of clients …
- He is doing basically the same amount of work as before — drafting and meeting with the clients — only now for half the money …
- His referral source AND his clients are now a self-selected group of bargain shoppers …
- There is very little to distinguish him from the even lower cost online providers like Rocket Lawyer and Legal Zoom … with the likely result to be pressure to lower his fee even further to match … or under-cut … them.
We approach law firm marketing differently:
Attract your ideal clients, create personal relationships, and bring massive value by solving some of life’s biggest problems to command premium fees.
Our clients are never mistaken for software … they serve clients from the heart … and enjoy the rewards of satisfying work, the income they want, and time to enjoy life.
I’ll show the exact strategy our clients are using now in this free online class.