Best Lawyers® — 04/12/2018 at 13:00

How to Diversify Your Client Portfolio

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Attracting new clients and diversifying your portfolio is the name of the game for any sized law firm. This isn’t an easy process, however, and you’ll need to decide the best strategies for your law firm to do so. Tap into areas where you have room for innovation and look for opportunities to improve your ability to be profitable as a general practice.

Networking

There’s nothing new about the concept of getting out into the community, attending public events, and earning favorable word-of-mouth recommendations from clients. What has changed are the ways networking can be tracked and disseminated. 

Chances are that you don’t currently have a way of tracking your efforts or analyzing your metrics when it comes to developing relationships with new clients. A 2016 Bloomberg Law study found that 96 percent of the law firms surveyed either had or wanted Client Relationship Management (CRM) software—but that only 48 to 61 percent were actually utilizing it.

Developing a system for logging your networking efforts is one way to center your engagement online and improve your follow-up. If you do have an existing practice management software package in place, it’s likely that there is a CRM module that is not being utilized. 

With CRM, you’re still exchanging business cards, talking up the business, and getting the clients, but the follow-up is better. Now is the time to update your process.

Using the local media

You can’t buy it, and you can’t always anticipate it—but you can and should be aware of this invaluable marketing resource.

Positive news coverage doesn’t have to center around clientele or cases. Instead, think outside the box of professional services and look more at community services that can accomplish results for your firm on several levels.

Firms that specialize in personal injury claims are ideally positioned to support causes that combat an environment that leads to injuries, like the prevention of drunk driving, bicycle safety, and balance training for seniors, to give just a few examples.

Studies show that 1 in 4 seniors over the age of 65 have experienced a fall. By sponsoring one of the programs that are proven to reduce falls in your community, you will provide an excellent feature story for your local news media, with a built-in hook and verifiable statistics to quote. 

Not only does the sponsored program provide a valuable benefit for your community, you also gain positive publicity as a result. 

How do you leverage this resource? Research the needs in your community and network with local organizations. Never underestimate the value of a good press release, and work with the group to ensure media coverage for both of you.

Establishing your identity

There is a homogenized approach to law firm marketing that can sink your business. It’s easy to disappear among the other ads that are promoting that Law Office A will always pursue the best outcome, or that Law Office B will always partner with their clients to ensure results.

Don’t allow your business to be slotted into a template. Determine your strengths and speak to them. 

Is your office an early adopter of technology and process management? Include this information, along with how it helps you win cases for your clients. Does your staff have a diversity that allows them to work with a particular community or type of customer? Let the public know. 

As a law firm, it’s no effort to establish that your work is with the law. The work goes into making sure that you stand out in the field. You may already know what your niche is but have never used it as a marketing point. You may not have identified a particular niche, and need to brainstorm to determine what it is, or will be. When you name it, own it—your marketing strategy will be much stronger in the end.

Focus on the goals

Expanding and diversifying your client portfolio is essential for law firm growth. By applying an organizing strategy to your networking, tapping into local media relations, and establishing a strong identity for your firm, you’ll have everything you need for a successful, growable client growth program.


Scott Distasio is an auto accident attorney in Tampa. His firm focuses on all types of personal injury cases and holds the responsibility to provide clients with outstanding service in high regard. To see what legal wisdom he shares next, follow @scottdistasio on Twitter.


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