The New Law Business Model with Alexis Neely

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Summary:

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Alexis Neely, who graduated first in her class at Georgetown University. Alexis worked in a large firm for three years before venturing out and starting her own practice, which she grew to more than one million dollars a year in revenue. Alexis is the creator of the New Law Business Model, and during this episode discusses attracting and engaging clients, client services and retention, systems, the lifetime value of a client, and why you aren’t effectively marketing.

 Main Questions Asked:

  •  What is the New Law Business Model, and why is it so important for attorneys to know what it is?
  • What are actionable steps to get started?

 Key Lessons Learned:

 The New Law Business Model

  • The New Law Business model is essentially removing yourself as a ‘high-priced employee operator’ and becoming the owner.
  • This is crucial so you, as an attorney, can focus on the high-priced work and not chasing basic admin.
  • The model focuses on building a lifetime relationship with clients.
  • Educate your community in an entirely different way so that you are the expert.
  • Clients will chase you instead of the other way round and will even wait 6-8 weeks just to meet with you.
  • Turn clients into raving fans who will refer more clients to you.
  • This is about serving families and small business owners, where you become the go-to lawyer in their community.

The Timeline

  • It is not about starting over each month.
  • It does not focus on chasing the next new client.
  • This is not an instant business model and involves building in systems.
  • It will take from 18-months to three years to get all the systems in place.

The Systems  

  • Attracting Clients.
  • Engaging Clients.
  • Client Service.
  • Team Management.
  • Financial Management.
  • Client Retention. 

The Client Service System

  • When you meet with your clients and prospects, it is all about service.
  • Once you have engaged a client, there needs to be an automated system where you hand-off what happened in the initial meeting to a system.
  • The signing meeting needs to be the beginning of a lifetime relationship where you serve your clients on an ongoing basis.

Where to Start?

  • Most lawyers start by figuring out how to get a new client. This is a mistake.
  • The starting point is actually the second system, which is Engaging Clients.
  • Start by creating the system that takes the person who calls your office or sends you an email and moves them from interested to writing you a check.
  • Once you know that, you can turn ‘interested’ into ‘engaged’ at a high enough average fee, you can then spend money on marketing but not before.
  • Attorneys need to figure out the rate of investment return on making the initial investment in terms of marketing and know how much is coming back.

Lifetime Value of Clients

  • It’s crucial to understand the lifetime value of the client.
  • Don’t think of each client in terms of the fee they pay you upfront but rather the fee they will pay you over their lifetime if you represent them well.
  • Referrals are such a huge piece, but this is something you need to build and create a system for it to happen.

Why You Aren’t Effectively Marketing

  • You don’t see your numbers.
  • You aren’t charging enough.
  • You don’t know how to quote fees in a way that has your clients happy to pay.
  • You can be doing plenty of free marketing, but you may not have been taught to network or do presentations properly.

The First Steps

  • Start engaging the clients for the service at the fee that makes the service truly sustainable.
  • Learn how to answer the phones, what to say when people call, and email about your services that will get them in for an appointment.
  • Stop offering free consultations. Instead, have a meeting with a name, purpose, and value that people actually want.
  • Before you offer clients ways to get your consultation for free, in your marketing ensure you know how to run the meeting in such a way that it provides value while allowing your clients to choose how they work with you, what their fee is, and tell you why they are going to hire you.

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!

 Links to Resources Mentioned:

New Law Business Model

Law Business Manifesto

Get the Manifesto

What Color is your Parachute?

Free 10 Steps

Implementation Stories

Alexis@newlawbusinessmodel.com

    

Click To Tweet:

What is the New Law Business Model and why should you use it? Find out w/ @AlexisNeely @gaylordpoppllc http://www.gaylordpopp.com.com

 Why you aren’t effectively marketing your business w/ @AlexisNeely @gaylordpoppllc http://www.gaylordpopp.com.com

           

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