If you’re pitching, who’s catching?
If you’re pitching, who’s catching?
May 12 2011, 11:49 AM
Joined: 17-July 09
Member No.: 125
Couplings, like metaphors, create mental pictures that help us to better understand concepts. For example: “Love and marriage go together like a horse and carriage.” Well, that was an earlier era.
Then we have billing and collecting. They go together. Can’t have one without the other. Can’t collect until you bill, which is why prompt billing is so important.
In order to collect without delay or resistance, billing must show value — in the eyes of the beholder, the client — and must communicate to the client whether and how well the objective for the engagement was achieved.
Then, there are pricing and engaging. Other than pro bono work, getting an engagement usually first requires setting a price on the work. I’m reminded of this because of a recent pricing conversation I had with a client I’m coaching. Her prospect asked her to do some work and, obviously, wanted to know how much it needed to invest to achieve the desired result.
Every lawyer must consider three issues to answer that question from a prospect. First, will you be able to achieve the goals of the client? Second, how will you be able to improve the client’s condition; in other words, what will be the value to the client? Those two elements are within your control to evaluate and communicate.
The third issue requires an evaluation by the client as to whether he can and wants to afford the engagement. Some will say that there is always money available if we, as lawyers, can demonstrate the value to the client.
I would like to believe that because then the issue of engagement is in our control. If we can demonstrate only sufficient improvement (value) to the client, we will be engaged and our growth will be determined by us, not by others.
However, there seems to be something missing in the analysis. Perhaps the missing element is our “target.” In order to make the trajectory complete, we need to properly define our target market: the people who can best understand and use our service.
The way to do that is to focus on the demographics, occupation, location, financials and other characteristics of clients who will give you the work that you want. You thus define what your practice really is (or should be) and who best can use your services. That can change over time, as your skills and interests evolve, the economy changes and other factors come into play.
Learn where to find your target market and let prospects know that you can provide what they need. No one tactic will cover all communication opportunities. Use approaches consistent with your comfort zone, your creativity, your availability and your budget.
If you can put yourself in front of the people who need you the most, have the money to improve their condition, and are emotionally able to engage others to help them, you will increase your personal satisfaction and your revenue dramatically by focusing on clients who will give you the work that you want.
(800) 837-5880 Order Phone
(310) 827-5415 Office Phone
LawBiz® Tips Extras
Check out Ed on YouTube
Follow Ed on Twitter
Join the LawBiz Forum
Become a fan of Ed's on Facebook
8 Steps to Greater Profitability The Lawyer's Path to Prosperity
Are you frustrated with how your law firm or practice is running? Are you looking for ways to jump-start your business? Do you want to make the dream of starting your own successful firm a reality?
This 8-CD set provides the most complete audio guide to law practice management available. From crafting a business plan to selling your practice for maximum value, Ed will lead you from start to finish through the eight most crucial steps to law firm success. Earn the living you deserve and find fulfillment throughout your career - embark on the path to success today!
Special New Release Price: $149 (until March 31)
Regular Price: $199
or Order Online at: lawbiz.com
Ed's Latest Book, Published by WEST ®
Growing Your Law Practice in Tough Times
By Edward Poll
Following the worst economic crisis since the Great Depression, and facing a sea change in clients' demands and expectations, law firms must respond and adapt quickly and effectively. Law firms must choose the kind of law practice they will be; the marketing and business development tactics they will use; the overhead that is critical to their functioning; how to price, bill and collect for services; and how to manage the cash flow cycle. Success lies in identifying and capturing the right kinds of clients, providing the services those clients need in ways that add value, and ensuring prompt payment and the ability to grow profits. This book, based on the experiences of the author and his clients over 20 years of coaching and consulting, provides the keys to successfully thriving in the new era.
Call or Order Online at:
1-800-837-5880 or www.lawbiz.com
What Clients Are Saying:
"It is a joy and pleasure working with Ed and I look forward to each coaching session. My only regret is that I did not start sooner!"
[i}JRL, Atlanta, GA[/i]
"It has been a pleasure and a real assistance speaking to Ed on a weekly basis about issues as they came up, and about developing a roadmap for future actions. It was great to know that no matter what the issue, Ed has been there to field questions and provide amazing ideas."
SEB, Central California
2011 LawBiz® Management. All rights reserved.
|Lo-Fi Version||Time is now: 20th November 2014 - 03:21 PM|