IF YOU LOVE THE LAW PROFESSION, THEN READ THIS
To become a lawyer is not as easy as we may think. Of course, there are lawyers who are doing exceptionally well and will probably continue to do so. Meanwhile, a significant and growing percentage of lawyers are finding it tougher to maintain their earnings capability, a situation that’s likely only going to get worse going forwards. And, for most new lawyers being churned out, the future is looking increasingly bleak.
REASONS FOR THE GROWING FINANCIAL CHALLENGES AFFECTING LAWYERS
There are many reasons:
Many Individuals and corporate clients have become more critical of the value of the legal services they’re receiving. This, in turn, is making legal bills more and more “voluntary” or better said, negotiable.
Many organizations have resorted to hiring Lawyers and ensuring they are paid monthly stipends rather than paying per services rendered. The overall interest is to cut down on their expenses at the end of a financial year. This leaves out the task of sourcing and paying lawyers for consulting jobs.
To further worsen it, consultants or brokers have sprung up whose job it is to evaluate and push down legal bills.
Technology is also making the practice less attractive as most organizations have developed ways of mitigating transactions using the supports of technology like “Business-In-A-Box” software applications has almost all legal documents relating to business.
While the legal business environment is getting less friendly on a day to day basis, the law schools continue to churn out even more professionals.
Alright, let’s take a look at these three assumptions by lawyers and other professionals:
1. As a lawyer you definitely would want to continue with the practice of law and has no intentions of switching careers right?
2. I am also sure your expectations for legal services to change considerably in the near future in your favor is about 90-100%
3. One of your greatest anticipation is to also make more money in the profession while maintaining the highest ethical standards.
Wonderful and pretty good assumptions I must say.
However, to be able to excel as assumed, there are steps needed that must be taken.
But first, research thoroughly to know understand the types of lawyers that are doing well financially.
For the much I know about this profession, the lawyers who are making the serious money are either at the top of the law firm hierarchy and are connected to the right sources.
But beyond this, there is an area that has overtime been neglected by lawyers and you need to take advantage of it now.
“Source for new businesses”
SOME FACTS YOU MUST KNOW
Many lawyers and many law firms have “issues” with bringing in new business.
It’s not as if they don’t want to generate new businesses but they lack what and how to go about it.
Many of these lawyers mistakenly presume that prospects magically know how proficient they are in their field of endeavors, so they don’t need to scout for clients.
Many lawyers also mistakenly believe that when they deliver excellent legal services, their clients will appreciate their efforts and expertise and as such they will refer others to them.
These are Action Plans you must adopt if you want to enjoy the Business as a Legal Services Provider
• Start by identifying the hungry markets & understanding the potentials it has
• Start developing yourself as an authority in the industry
• Become an industry thought leader by Establish yourself online; Post topics online on a frequent basis.
• Render Free Services with a little or no margin
• Use Flat Fee for consultation services
• Use Emails/Newsletters to selected individuals and companies
• Establish relationship with professionals in your field and sign contracts with them incase your clientele base increases beyond what you can handle at a go.
• Strategically network with key referral sources.
• Proactively manage existing relationships.
• Master The Money Making Skills
I hope this serves.
Are there strategies you want to share with us on this topic? Please post in the comments section below.
Thank you

K