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Rainmaker Report.
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discover tools,
techniques and
practical action
steps to increase
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4 Myths
Attorneys
Believe
About
Referrals |
At Today's
Leadership
Coaching, we
specialize
in helping
attorneys
generate
more
revenues and
find new
clients
fast. This
year alone
we will
coach and
train
partners and
associates
at more than
2,500 firms.
One of the
things we
are most
frequently
asked is: "How do I
find more
clients?"
The
answer to
this
question is
deceptively
simple, yet
amazingly
complex to
resolve.
Over the
next several
issues we
will provide
solid
answers,
specific
strategies,
and
practical
tips to help
you apply
cutting-edge
business
development
techniques
to your
leg@l
practice.
Here's
our promise
to you:
Give us 5
minutes of
your time
once a month
and we will
help you
revolutionize
your
practice by
giving you
insider tips
and
techniques
that have
been tried
and tested
by thousands
of attorneys
in dozens of
practice
areas at
various
stages of
their
career.
In this
issue we
will tackle
the topic of
referrals.
We all know
that
referrals
are the best
way of
finding new
clients, but
there are 4
common myths
we would
like to
dispel about
referrals:
1.
Clients are
the best
source of
referrals.
This
surprises a
lot of
attorneys
when I tell
them this is
a myth.
Clients are
simply the
most obvious
source of
referrals,
not the best
source.
There are
simply too
many
variables
you cannot
control when
trying to
get more
referrals
from
clients: Do
they know
all the
different
services you
offer? Can
they
accurately
explain who
your ideal
target
market is?
Will they
remember you
when they
meet someone
who needs
your
services?
Did they
just receive
a large bill
from you?
Every firm
should have
a client
education
plan that
positions
your firm,
explains
what you
offer and
keeps your
current
clients
informed as
to what's
going on in
your firm
(we will
show you how
to do this
in a future
issue), but
most
attorneys
find
referrals
from current
clients
happens
haphazardly,
not
consistently.
2.
Most
referrals
come from
other
attorneys.
According to
industry
research,
25% of an
established
attorneys
practice
comes from
referrals
from other
attorneys,
so logically
about 75% of
your clients
will come
from other
sources
(this may
vary greatly
by practice
area). A
good tip is
to set up an
easy
tracking
system as
part of your
client
intake file
and then
review on a
quarterly
basis where
those leads
came from.
3. Online
leg@l
directories
produce a
lot of
referrals.
There is
some
indication
that white
collar
workers are
starting to
use online
leg@l
directories
as a
screening
mechanism
and they may
even view
attorneys
who are
listed in
the
directory as
more
qualified than
attorneys
who are not.
Generally
speaking,
local and
state bar
directories
are more
effective,
but most
non-bar-affiliated
online
directories
have become
the
equivalent
of online
yellow pages
and do not
offer any
more
benefits
than
advertising
in a
telephone
book.
4.
Formal
networking
is a great
way to get
more
referrals.
Over the
years of
helping
attorneys,
we have
found that
formal
networking
events (like
trade shows
and chamber
of commerce,
etc) work
exceptionally
well for a
select group
of
attorneys�
and not at
all for most
attorneys.
There are a
couple
reasons why:
(1) they
attend the
wrong kind
of group�one
filled with
their peers
not their
prospects;
(2) most
people don�t
know how to
network
properly and
so it
becomes a
game to see
how many
business
cards you
can pass out
in 2 hours;
and (3)
there is no
plan for
following up
in a timely
manner. You
have 48
hours to
follow up
with a hot
lead or
they will
likely
forget about
you. If you
are a solo
practitioner
or just
starting out
we do
recommend
trying out a
formal leads
groups, like
Business
Networking
International
(
http://www.BNI.com),
depending on
your
practice
area.
By now
you're
probably
saying, if
all these
are myths,
then what's
the best
source of
referrals?
Strategic
Referral
Partners (SRPs)
are the best
source of
new
referrals.
SRPs are
people who
already have
a
relationship
with or
already do
business
with the
people you
want to
reach.
Next
Month:
We discuss 8
easy steps
you can use
to create a
network of
Strategic
Referral
Partners.
Adapted from
Stephen
Fairley�s
new book, 7 Proven
Strategies
For Finding
New Clients
Now �
2005.
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In The
Spotlight:
Travis
Greenlee |
Travis is a
founding
partner of
the Rainmaker
Coaching
Gym and
the Practice
Made
Perfect program. He
began his
career with
Merrill
Lynch as a
financial
consultant
and business
advisor. He
has 15 years
of
experience
as a
professional
trainer and
has been a
Master
Business
Coach since
1994. Travis
regularly
speaks to
audiences on
the topics
of How to
Get Clients
NOW and 7
Strategies
to Building
a 7-Figure
Practice.
See
details at
the end of
this
interview on
how to
receive your
complimentary
copy of his
new practice
building CD.
In
addition to
being a
Master
Business
Coach and
professional
speaker,
Travis is a
recognized
author of "21 Secrets
of the
World's Most
Successful
Solo
Professionals".
Rainmaker
Report:
Travis, how
did you get
started
teaching
marketing
systems and
what drew
you to
working with
attorneys?
Travis
Greenlee:
When I was
at Merrill
Lynch, I
watched how
our
competitors
leveraged
technology
to save time
and find
more
clients.
Years later
when I left
to start my
own
consulting
practice, I
focused on
refining the
process for
creating and
applying
systems to
business
development.
Specifically,
I mastered
how to use
the internet
to create a
client-generating
machine.
This offers
a huge
benefit for
attorneys
because they
only have
two
variables to
work with:
their
expertise
and their
time.
Most
professionals
are very
good
technically
at what they
do, but they
neglect the
other roles
involved in
a
financially
successful
practice,
like entrepreneur,
visionary,
and
strategist.
Top
Rainmakers
realize all
4 must be
fulfilled in
order to
succeed.
RR:
What about
attorneys
who work in
a small
firm? Can't
they just
assign these
roles to
other
people?
TG:Yes,
but
delegation
of
responsibility
doesn't mean
abdication
of
responsibility.
As a
partner, you
are still
responsible
for the
success or
failure of
your firm so
be sure you
have taken
time to
create the
systems that
will run
your
practice
including:
the
marketing
system, the
client
intake
system, the
billing
system, the
filing
system, the
client
retention
system, the
new attorney
recruiting
system, etc.
Each system
plays a
critical
part in
helping your
firm thrive.
Once you
have these
critical
systems in
place then
you recruit
the right
people to
work the
systems. The
people run
the systems
and the
systems run
the
practice,
but you
still retain
oversight to
make sure
things run
smoothly.
RR:
With 30,000
new
attorneys
entering the
US
marketplace
every year,
how can
average
attorneys
become a
Rainmaker?
TG:
In our
coaching
programs we
teach
average
attorneys
the 10 keys
to becoming
a Rainmaker.
The 2 most
important to
remember
are:
Credibility
and
Visibility.
There is a
crisis of
confidence
among
today's
consumer
when it
comes to the
leg@l
profession.
To stand up
and stand
apart from
your
competition
you must
increase
your
credibility
and your
visibility
in the
marketplace.
RR:
Can you
give us some
tips on how
to do that?
TG:
Absolutely.
Credibility
comes when
other people
say you are
an expert.
Being
interviewed
in your
local
newspaper or
trade
magazine can
boost your
credibility;
so can
speaking at
your local
chamber of
commerce or
giving a CLE
seminar for
your local
bar and then
publicizing
that to your
peers,
prospects
and clients.
Visibility
can be
achieved in
a variety of
ways
including
submitting
articles
on-line. In
our newly
released CD
�7
Secrets to a
7-figure
Practice�
we give you
several
resources
where to do
that at no
charge.
RR:
Travis,
thanks for
your time.
Editors
Note: To
order your
complimentary
copy of
Travis &
Stephen's
new CD 7
Secrets to a
7- Figure
Practice simply call:
630-225-0091
or email:
ezinecd@todaysleadership.com.
The regular
cost for
this audio
CD is $50,
but mention
this
newsletter
when you
order and
receive your
copy at no charge all
you pay is
$7 for
shipping &
handling.
|
|
New Program
Exclusively
for
Attorneys! |
Next
90-day
Rainmaker
Program
Starts
November 17,
2005
"Practice
Made Perfect
for Lawyers"
is an
intensive
90-day
Rainmaker
program
specifically
designed for
attorneys
who want to
rapidly
increase
their
revenues and
create a
financially
successful
and
personally
satisfying
practice.
If you're
tired of
waiting
around for
more
business and
you're ready
to discover
how to
become a
Rainmaker,
contact us
today to
discover how
to create a
steady flow
of new
clients.
The next
program
starts
November 17
and we only
have 4
remaining
spots. Call
us at
800-447-3852
or visit us
at:
|
|
Upcoming
Events... |
How to
Build a
Strategic
Referral
Network
Teleseminar
(Nov 15
at 6-7pm
Eastern /
3-4pm
Pacific).
In this
1-hour
teleseminar
you can
discover how
to build a
network of
referral
partners.
Listen in as
Stephen
Fairley and
Travis
Greenlee
share with
you:
- Where to
find the
best
Strategic
Referral
Partners
- 5
power
questions
to land
more
referrals
- How
to
create a
stream
of new
prospects
- 3
ways to
leverage
the
internet
to find
more
referrals
Your |nvestment
is only
$29
(Regular
$49) this
includes
access to
downloadable
recording of
the seminar
for future
learning.
Space
is limited.
Register
today by
calling
800-447-3852
or visit The
Rainmaker
Gym at:
http://www.RmGym.com/novteleseminar.htm.
Don't
miss Stephen
Fairley live
at:
- Indiana
State
Bar
Annual
Conference
(Indianapolis)
Oct 21
- Texas
State
Bar
(Houston)
Nov 1
- Colorado
State
Bar
(Denver)
Nov 2
- Pennsylvania
State
Bar
(Philadelphia)
Nov 8
- Pennsylvania
State
Bar
(Pittsburgh)
November
9
- Nebraska
State
Bar
Annual
Conference
(Lincoln)
Nov 10
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Practice
Building
Checklist
This month
features a
10-point
checklist to
help you
build a
powerful
Strategic
Referral
Network.
This is a
linear
checklist
and each
point
follows the
previous
one. Read
the full
article in
this issue
for more
details.
I have
identified
2-3
professions
or
industries
where I can
find
referral
partners
I have
created a
database of
at least
200-300
people in
these fields
I have
written a
letter of
introduction
to use as a
template
I have
called
several
people in
these fields
to identify
their
challenges
I have
started
sending out
10-20
letters per
week
I have
started
following up
on the
letters by
calling the
people
I have
started
scheduling
individual
meetings
with
potential
referral
partners
I have
met with at
least 2
potential
referral
partners per
week
I have
followed up
each meeting
with a thank
you
letter/email
I have a
plan to stay
in touch
with each
person at
least every
6-8 weeks
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