Speakeasy Marketing February 2018

GROW YOUR LAW FIRM IN 2018

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The Hidden Mentality DESTROYING LAW FIRMS

Imagine this for a moment. A potential is fighting for custody of his children. Yet, instead of seeking out the most powerful counsel he can afford, he starts by shopping around for the cheapest deal. Like a pair of shoes.

“Well, at least it was cheap.”

At least, that’s what one negative two-star reviewer had to say about my book on Amazon. The other 47 attorneys left positive reviews. Oddly enough, I expected this. And truth be told, I’m really surprised there weren’t more negative reviews like this. Because this mentality of searching for the cheapest option has oozed its way into every nook and cranny of our society. It’s become a cultural mindset, like some kind of zombie mantra for the cheapskate generation: “Cheeap is goood…Cheeeap izz gooood… Cheeeaap iiizzzzz gooooood.” Unfortunately, this mentality is also the reason experienced attorneys and established firms are struggling to stay afloat as the raging river of lowballing juniors floods the market. The juniors are willing to cut their fees to absolutely nothing, and the “Googlers” looking for a bargain can’t resist the absurd deals they offer. It’s maddening. And it’s destroying law firms who can’t (and shouldn’t) compete on price. Why?

I think we both know the tragic outcome of that unfortunate scenario.

And there’s a part of you that wants to slap him silly, right?

After all, there are some things in life you don’t try to save money on. Like shopping online for the least expensive heart surgeon. Who does that? When the problem is serious and you need the right solution, it’s one of those times where price shopping isn’t the best strategy. Investing in your firm to make sure it has the right positioning in your metro-practice to thrive and protect you from the cheapskates is also one of those times where looking for a bargain isn’t the best play. So, if you haven’t already, I urge you to read my “Secrets of Attorney Marketing Law School Dares Not Teach” book, because you’ll discover exactly how to avoid price shoppers once and for all. On that note...

Now, I want you to know it’s okay if what’s between these pages is not really your cup of tea. It’s also okay if you don’t fully approve of the strategies I teach. But please, don’t be like that negative reviewer and try to look for a good deal on something this important.

Here’s where you can get a copy:

speakeasy.marketing/Book

–Richard Jacobs

Published by The Newsletter Pro . www.NewsletterPro.com

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about your business. That way, when your busy season returns, your customers or clients will be ready. Do everything you can to keep your business top of mind. Send them newsletters (like this one) or send them a card. If you don’t, you may end up with fewer customers than expected when things pick up again. Your existing customers and your prospects may have legitimately forgotten about you. AUDIT YOUR ONLINE PRESENCE Run a review campaign for your Google or Facebook profiles. Turn it into a contest and get people involved. When you keep customers or clients engaged, they will be more likely to be there for you when the off-season comes to a close. Even better, take a holistic look at your web content. How is your search engine optimization working for you? While you may have an off-season, Google definitely doesn’t, and they constantly update their web standards. Check your blog and make sure your own web standards are up to par, and confirm that your business’s contact information is correct on Google Maps.

businesses retool for the winter. They plow snow, clear ice, and haul and cut firewood when the weather won’t quite allow for their normal work. Meanwhile, golf courses let their patrons know the clubhouse is available to rent for corporate and family events during colder seasons, and when it comes to the green itself, courses often offer significantly reduced rates to players. An alternative revenue stream keeps your business up and running no matter the season and it keeps your team employed. Just don’t try to overdiversify and enter a niche you’re not equipped to handle. Be smart about it. For instance, landscapers have trucks and trailers, both of which make it easier to plow snow and haul wood. What can you use or repurpose that you already have access to? BUILD STRONGER CUSTOMER RELATIONSHIPS During the busy season, you don’t have time for every special client retention project that pops up. But, during the off-season, you more than likely have time to spare. Don’t wait for the next season to ramp up your referral campaigns or customer outreach. Get that marketing pitch off the ground and get people excited

Almost every business — no matter the industry or niche — has an off-season. Year after year, it takes people by surprise. You may plan to have fewer customers, but then when the time comes, your savings aren’t adequate or your budget isn’t tight enough. The reality is, some businesses don’t survive their off-season because they fail to properly prepare for it. Don’t be that kind of business! DIVERSIFY YOUR SERVICES In the northern parts of the United States and Canada, landscaping Make the Most of Your Off-Season

...Continued from back page ARE ATTORNEYS ON THE BRINK OF EXTINCTION?

law firms to compete and earn a respectable living.

So, what’s to be done?

The answer is clear.

soon have an attorney arguing one side and a robot on the other? Not at all.

What is this threat?

You now have a unique window to firmly cement your position as a respected authority who commands premium fees instead of “market rates” in your metro-practice area, because if you charge market rates, you join the flock of look-alike sitting ducks whose days are now numbered. If you need help with positioning, my “Attorney Authority Reboot” book shows the way.

A.I.

What I am saying is this:

Artificial intelligence.

Yes, I’m quite serious. Cutting-edge A.I. technology has already proved useful in predicting which

Large law firms will increasingly adopt this technology to reduce costs so they can pass those savings on to clients, who no longer want to pay high hourly rates

documents will be relevant to winning a case. And the McKinsey Global Institute found

Request a complimentary copy here:

for juniors to do routine casework. In fact, those tasks are already being automated by the biggest firms.

nearly half of all tasks could already be automated. And it will be much more powerful in three to five years.

speakeasy.marketing/ AttorneyAuthority

This means it will be increasingly difficult for solo attorneys and smaller

Am I saying attorneys are soon going the way of the dodo? Will courtrooms

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How to Attract Clients YOU DON’T WANT

THE MAKING OF A MISSION STATEMENT What makes your business profitable? Is a successful business all about minimizing production costs and maximizing profit margins? These are certainly essential parts of the equation. But it doesn’t matter how many thousands of products you manufacture or how incredibly efficient your manufacturing process is if you can’t sell your product. Ultimately, customers make your business profitable. That’s why, as you create your mission statement, it’s imperative that you consider your customers. According to Frank Rothaermel’s book “Strategic Management: Concepts and Cases,” there are two types of mission statements: customer-oriented statements and product-oriented statements. Strategic Management Insight summarizes his findings, writing, “Customer-oriented missions define an organization’s purpose in terms of meeting customer needs or providing solutions for them.” Product- oriented missions, on the other hand, focus on specifics and products or services the company offers their customers. YOUR MISSION SHOULD BE CUSTOMER-ORIENTED A customer-oriented mission is other-focused. Creating this kind of mission statement requires us to thoughtfully consider not just how our business will benefit us, but how it’s advantageous to our customers. This exercise requires selflessness. “Wait,” you might say, “I’m all about doing good, but I need my business to be profitable, too!” Believe it or not, this altruistic outlook is beneficial not only to your customers, but also to your bottom line. Don’t believe us? According to the Las Vegas Review Journal, “Selflessness” is the “key to passionate business,” and passion is infectious. Team members can get behind a selfless mission wholeheartedly because it makes both ethical and financial sense. However, we can’t expect this passion to spread magically. The Las Vegas Review brings up an important point through a quote by Isabelle Fish, president of Rue Pigalle Inc. She states that a passionate business “creates, expresses, and shares emotion throughout the whole process.” She says, “If a staff member feels it but can’t express or share it with customers, my chain is broken.” In order for a selfless customer-oriented mission statement to be effective, systems for spreading that fervency and excitement to your customers must not only exist, but must also be intact. As you create your mission statement, focus on your customers. Craft a statement that truly has your customers’ best interests at heart. Do this well, and your statement will be so persuasive, it’ll be contagious. And in the end, that’s profitable for everyone. SO PERSUASIVE, IT’S CONTAGIOUS

...Continued from back page

“Uh...No. What?”

“You,” I said.

She was upset with me for weeks. And I don’t blame her. After all, truth is often a very bitter pill to swallow. For the first time ever, she considered perhaps it was something about her “vibe” that attracted all these bargain-basement boyfriends. Anyway, she made some changes, and the last time I saw her, she was happily married to a great guy.

I see a similar thing every day with new clients we take on.

They come to us because they’re sick of taking on bottom- of-the-barrel cases. Yet, it rarely occurs to them that these clients come to them because there’s something about their perceived position in their metro-practice area that literally attracts the kind of clients they don’t want.

Can you relate to this?

If so, I highly suggest you read my latest book, “Attorney Authority Reboot.” It shows you exactly how to fix this positioning problem so you can start attracting good clients, with interesting cases, who treat you how a professional of your standing ought to be treated.

Here’s where you can get a copy: http://speakeasy.marketing/AttorneyAuthority

REAL SECRETS OF ATTORNEY MARKETING LAW SCHOOL DARES NOT TEACH

(2nd Edition)

• Five new chapters, live chat, what’s changing for personal injury attorneys marketing-wise in 2017, and more • Completely revised and updated for 2017 • Complimentary copy mailed or emailed upon request

Available on Amazon Kindle, and by emailing rj@speakeasymarketinginc.com.

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THE HIDDEN MENTALITY DESTROYING LAW FIRMS

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OUT OF OPTIONS FOR THE OFF-SEASON? WHY YOUR MISSION STATEMENT SHOULDN’T BE ABOUT YOU

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ARE ATTORNEYS ON THE BRINK OF EXTINCTION?

HOW TO ATTRACT CLIENTS YOU DON’T WANT

How to Attract Clients YOU DON’T WANT You know, it seems like every year there’s a new wave of threats to attorney livelihood. In 2016 and 2017, the biggest threat was the glut of junior attorneys flooding the market. In order to compete with the big players, they slashed their fees well below “market value” and sometimes even worked

ARE ATTORNEYS ON THE BRINK OF EXTINCTION?

when he disappeared one fall day with a string of IOUs following him.

Once upon a time, I had a friend who was unlucky in love. Let’s call her Lauren.

Well, as I’m sure you can guess, it wasn’t long before she was on to boyfriend No. 3. This swell guy was always checking in on her. Calling her at odd hours. Demanding she answer immediately whenever he called. Questioning her every move. In short, he was the worst kind of pest. Anyway, one evening we were out with a group of friends, and she was lamenting how she always seems to attract the wrong guys. Finally, after she paused for a short breath and a long sip of wine, I said, “Did you notice what all your boyfriends had in common — besides being assholes?”

When I first met Lauren, she had a real charmer of a boyfriend tagging along. One of those “eff the world...anarchy rules” kind of guys who really needed a bath. Let me tell you, the chip on this guy’s shoulder was a boulder. And he was always right. Well, I saw Lauren again a few months later, and I guess she had kicked loser No. 1 to the curb, because I was promptly introduced to lover boy No. 2. Only this time, he wasn’t an angry narcissist. He was a garden-variety

for free just to gain experience and establish a foothold in the marketplace.

And established firms felt the hit.

Unfortunately, this trend is only going to continue into 2018. However, a new threat is galloping into town that makes junior attorney shenanigans look like child’s play.

moocher who was always borrowing

What is this threat?

money, always letting someone else foot the bill, and always promising to pay it back soon. So, it was no surprise

“Did you notice what all your boyfriends had in common — besides being assholes?”

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