Quiz | Law Firm Profitable Growth Score: How ready is your law firm to be highly profitable without you working more hours?

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<p>Thank you for taking the time to complete the assessment.</p> <p>Your individual report is compiled in the PDF attached.</p>
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<p>Many thanks,</p><p>Michelle Peters</p><p>The Business Instructor Ltd<br /><a target="_blank" href="https://www.thebusinessinstructor.com/">www.thebusinessinstructor.com</a></p>
ATTRACT: Quantity of Enquiries
Available values for Topic 1
Simply count the total number of values someone can possibly achieve. Include all questions from this topic into one score.
How do you feel about the number of new enquiries you are generating each month from your marketing and business development activities?*
- I’m relying on word of mouth and referrals
- I generate a small number from my marketing
- I generate enough to pay the bills and create some profit
- I consistently generate as many high-quality enquiries as I can handle
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ATTRACT: Quality of Enquiries
Available values for Topic 2
Simply count the total number of values someone can possibly achieve. Include all questions from this topic into one score.
How confident are you that you’re effectively targeting your ‘ideal’ clients in your marketing and business development activities?*
- I’m unclear and will take on any new client
- I have an idea but I’m not actively targeting them
- I know who they are but struggle to attract them
- I’m clear and attract ideal clients effectively
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CONVERT: Conversion Rate
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Simply count the total number of values someone can possibly achieve. Include all questions from this topic into one score.
What percentage of your enquiries do you convert into paying clients?*
- Less than 25%
- 25% and 50%
- 50% to 75%
- 75% or more
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CONVERT: Conversion Fee Levels
Available values for Topic 4
Simply count the total number of values someone can possibly achieve. Include all questions from this topic into one score.
How do you feel about the level of fees you are charging?*
- They are too low
- They are ok (it’s enough to get by)
- I’m reasonably happy with my fees but I would like to charge more if I could
- I’m charging a very good (high) fee for the services I provide
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CONVERT: Conversion Skills
Available values for Topic 5
Simply count the total number of values someone can possibly achieve. Include all questions from this topic into one score.
How do you feel about discussing fees with prospective clients during initial calls or meetings?*
- I avoid it and send them a quote by email afterwards
- I offer a discount if asked or if I’m told another lawyer is cheaper
- I feel confident but clients may not always see the value
- I’m confident about the value and clients accept the fees I want to charge
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MAXIMISE: Average Client Value
Available values for Topic 6
Simply count the total number of values someone can possibly achieve. Include all questions from this topic into one score.
What steps do you take on a regular basis to help clients instruct you for more services (repeat or different services)?*
- I wait for clients to initiate this conversation
- We occasionally send a reminder
- We regularly remind clients but we don’t get much response
- We have an effective system to get more instructions on a regular basis
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MAXIMISE: Profit Margin
Available values for Topic 7
Simply count the total number of values someone can possibly achieve. Include all questions from this topic into one score.
How do you feel about the level of profitability of your firm?*
- I don’t know the level of profitability
- It’s at a critical level and must improve for us to remain a viable business
- It’s lower than I feel it should be for the hard work we do
- I’m reasonably satisfied but I know it could be better
- We have a healthy profit level which means I’m well-rewarded financially
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MAXIMISE: Team
Available values for Topic 8
Simply count the total number of values someone can possibly achieve. Include all questions from this topic into one score.
What level of support do you get from your team?*
- I don’t have a team, it’s just me
- I have some limited support but handle most tasks myself
- I have a team focused on fee-earning and I need to bring in the work
- I have a pro-active team who both bring in the work and do the work
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MAXIMISE: Time spent working ON not just IN the business
Available values for Topic 9
Simply count the total number of values someone can possibly achieve. Include all questions from this topic into one score.
How do you feel about the amount of time you have to spend working ON your law firm rather than just IN your law firm?*
- I’m working full time on fee-earning and I have no time for growth
- I try to put aside a few hours a week but struggle to find time for growth
- I’m spending time working on growth but with unsatisfactory results
- I’m working ON my law firm growth and getting the results I want
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Segmentation
What’s your role in your firm?*
- Owner / Senior Partner / Managing Partner / CEO
- Head of Department
- Partner
- Practice Manager
- Consultant
- Other
This field is required.
How is your practice doing…. Most people are in one of 3 stages:*
- Pre-Revenue (just getting started)
- Struggling (stuck in neutral)
- Successful (looking to accelerate)
- Not sure
This field is required.
Is your firm/practice area already generating monthly fee income of £20,000 or more?*
- Yes
- No
This field is required.
Final Details
One final step to view your results and receive your PDF report which includes:
Your score vs. other similar-sized firms
Your key areas to help you grow profitably
Personalised recommendations & resources specific to your law firm
Your personalised report will be emailed to you along with access to additional resources to help you unlock your firm’s biggest opportunities for growth. View our Privacy Policy
* Last * * Firm Name
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General Feedback text for Overall score of 0-33%
<p><strong>Struggling</strong></p> <p>From your self-identified score, it appears you are struggling or frustrated with most areas, and need to take action in order to have the clients, fee income, and profits that you deserve.</p> <p>To accelerate getting these results it’s important to make sure that you have all 3 ‘Profitable Practice’ elements working in harmony in your firm:</p> <p>- Attract (the right enquiries)<br /> - Convert (at the right fees)<br /> - Maximise (your time, team, and profits per client)</p> <p>To avoid overwhelm, review the specific feedback we’ve provided in your weakest areas so you know what to focus on first.</p>
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<p><strong>Surviving but could be Thriving </strong></p> <p>From your self-identified score, it appears you are doing OK in most areas, but could still do with some improvement in order to have the clients, fee income, and profits you deserve.</p> <p>To accelerate getting these results it’s important to make sure that you have all 3 ‘Profitable Practice’ elements working in harmony in your firm:</p> <p>- Attract (the right enquiries)<br /> - Convert (at the right fees)<br /> - Maximise (your time, team, and profits per client)</p> <p>Based on your score, you should pay particular attention to any particularly ‘weak’ areas that might be keeping your score lower than it should be.</p> <p>Review the specific feedback we’ve provided in your weakest areas and take action to improve your results in those areas first.</p>
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<p><strong>Successful with Significant Opportunities to Scale </strong></p> <p>From your self-identified score, it appears you are doing really well in the majority of areas. Well done.</p> <p>When you have a strong foundation, as you do now, there are significant opportunities to scale up your firm and increase your profitability so that you and your team can have the financial rewards you deserve.</p> <p>To accelerate getting these results it’s important to make sure that you have all 3 ‘Profitable Practice’ elements working in harmony in your firm:</p> <p>- Attract (the right enquiries)<br /> - Convert (at the right fees)<br /> - Maximise (your time, team, and profits per client)</p> <p>Review the specific feedback we’ve provided in your three weakest areas to see where your biggest opportunities are. Then look at how you can make small improvements in all areas (even the ones where you already have a good score). Small yet impactful improvements across each area will compound together to really scale up your results and help you achieve faster profitable growth.</p>
Topic 1 Key Area of Improvement
<p class="topic-title"><strong>ATTRACT: Quantity of Enquiries</strong></p> <p>The most common reason for a low number of enquiries is not enough marketing or business development activities. Many law firms try to rely on word-of-mouth or referrals, and find it doesn’t bring the quantity (and sometimes quality) of enquiries they need to grow profitably.</p> <p>Alternatively, the issue could be that the marketing you are doing isn’t as effective as it needs to be.</p> <p>In both cases, you need to target your ‘ideal clients’ by creating the right marketing ‘message’ to ensure they understand why they need the type of help you offer and why they should choose you over your competitors. Then you need to get that message in front of those ideal clients.</p> <p>Using a ‘Client Magnet’ is one example of an effective way to get your message in front of your ‘ideal clients’ but the best method for you will depend on which types of clients you are targeting and what services you are promoting.</p> <p>Find out more about how to avoid the biggest mistakes that law firms make in their marketing, and what to do instead, by reading our free guide <a href="http://www.thebusinessinstructor.com/3mistakes" target="_blank">‘The 3 Biggest Mistakes That Keep Solicitors From Attracting Enough Clients And How To Fix Them in 90 Days’</a></p> <p>Or, for more in-depth help on improving your marketing, register for our free online training <a href="http://www.thebusinessinstructor.com/5-step-attraction-ewebinar/" target="_blank">‘The 5 Step 'Client Magnet’ System for Attracting More Enquiries From High-Paying Clients'</a></p>
Topic 2 Key Area of Improvement
<p class="topic-title"><strong>ATTRACT: Quality of Enquiries</strong></p> <p>If you have a good number of new enquiries from potential clients but those enquiries aren’t of the right quality, then it’s likely that either your marketing is not targetted at the right clients (and/or you are passively waiting for enquiries without doing any targeting), or you are targeting the right clients but the message (content) of your marketing isn’t ‘hooking’ those clients into contacting you.</p> <p>The solution is to first decide on the ideal client you want to target. This should be done on a practice area by practice area basis i.e. the ideal client for your family department will be different from the ideal client for your corporate department. It may be necessary to break this down into ideal clients for specific services within one department. For example, within a corporate department you may need to identify different ideal clients for different services like M&A transactions and commercial agreements.</p> <p>Once you have decided on an ideal client you want to target, the next step is to create the right ‘Client Hook’ so that your ideal clients contact you for you more help. </p> <p>You can learn more about how to attract your ideal client with a ‘Client Magnet’ by attending our online training <a href="http://www.thebusinessinstructor.com/5-step-attraction-ewebinar/">"The 5 Step 'Client Magnet’ System for Attracting More Enquiries From High-Paying Clients”.</a></p>
Topic 3 Key Area of Improvement
<p class="topic-title"><strong>CONVERT: Conversion Rate</strong></p> <p>If your conversion rate is too low, this means you’ll spend more time than you need to talking to potential clients to get each new client, which is a drain on your time and energy.</p> <p>Assuming your marketing is bringing you the right kinds of enquiries in the first place, the next step is to diagnose why conversion is lower than it should be. Is it because your potential clients don’t really understand why it’s worthwhile for them to invest in the legal service you are offering them? Or is it because you have competitors who are offering cheaper fees and your potential clients don’t understand why they should pay more for your services? You may need to ask for feedback from the enquiries that didn’t convert to find out.</p> <p>If the issue is that the potential clients do not see the value of investing in legal help then you’ll need to address this issue when responding to enquiries or when having initial consultations. A great way to help clients see the value of the legal help you’re offering is to ask ‘Value Questions’ so that your potential clients can see the value for themselves without you having to tell them.</p> <p>It’s also important to have a framework for this initial conversations with potential clients that will help them understand why they should choose you rather than your competitors, even if you fees are higher. Discover our ‘5 Step Consultation System for Converting More High-Paying Clients’ in <a href="http://www.thebusinessinstructor.com/5steps" target="_blank">this free PDF </a>guide or by attending our <a href="http://www.thebusinessinstructor.com/5-step-conversion-ewebinar/" target="_blank">online training.</a></p>
Topic 4 Key Area of Improvement
<p class="topic-title"><strong>CONVERT: Conversion Fee Levels</strong></p> <p>Low fee levels are a major contributing factor to working too hard for too little return. But it may feel challenging to raise your fees (whether you charge hourly rates or fixed fees) especially if you feel your competitors are charging less and/or you’re worried about losing potential clients if you charge more.</p> <p>The key to resolving this is to increase both your confidence in charging more and your prospective client’s confidence in the value they will receive when they pay more. It’s easiest to start with the latter because once your potential clients see value in your services, you’ll have more confidence that you can charge more for those services.</p> <p>Helping clients see more value in your services requires a strategic framework for the initial converation you have, so that you are able to demonstrate the value before you quote a fee or hourly rate. Discover our ‘5 Step Consultation System for Converting More High-Paying Clients’ in <a href="http://www.thebusinessinstructor.com/5steps" target="_blank">this free PDF guide</a> or by <a href="http://www.thebusinessinstructor.com/5-step-conversion-ewebinar/" target="_blank">attending our online training.</a></p>
Topic 5 Key Area of Improvement
<p class="topic-title"><strong>CONVERT: Conversion Skills</strong></p> <p>One of the main reasons lawyers avoid discussing fees during the initial conversation with a prospective client is lack of confidence - either confidence in the value of their own fees, or lack of confidence that the client will say “yes”.</p> <p>The best way to improve your confidence in your fees is to have a strong framework for that initial conversation that you know will help the client see the value in your services before you discuss fees with them.</p> <p>Discover how to create a strong framework by learning our ‘5 Step Consultation System for Converting More High-Paying Clients’ in <a href="http://www.thebusinessinstructor.com/5steps" target="_blank">this free PDF guide</a> or by attending <a href="http://www.thebusinessinstructor.com/5-step-conversion-ewebinar/" target="_blank">our online training.</a></p> <p>This framework will also help you to increase the confidence your prospective clients have in your services (and therefore increase the value they perceive in those services). This will in turn reduce the amount of ‘pushback’ you get on the fees you quote during the initial conversation.</p>
Topic 6 Key Area of Improvement
<p class="topic-title"><strong>MAXIMISE: Average Client Value</strong></p> <p>The biggest asset your law firm has is its client base. If you can provide more of your services to existing or past clients, you can cut down on the number of new clients you need to generate each month. This saves you time and money on attracting and converting new clients - plus, it’s easier to get an existing client to instruct you again than it is to convince a new client to instruct you for the first time. Cross-selling is an obvious way to get more instructions from the same clients, but many firms aren’t pro-active enough and leave it to the client to tell them that they want more help in a specific area. This only works if your current clients know what they need and are themselves pro-active in asking for it. If you don’t have a system for contacting existing and past clients in place, the first step is to consider what would help you educate those clients about why they need another service that you offer. For example, you could send them an article or guide that educates them about the benefits of having a will, or the dangers of not having a shareholders agreement. This is much more effective than simply asking them if they want a will or a shareholders agreement. This is the same kind of content that will help you attract more new clients as well, so you can use it for both purposes.</p> <p>To learn more about how to use education-based marketing to help clients understand why they need (more of) your services, read the first 4 chapters of ‘The Client Magnet Formula For Lawyers’ which you can download <a href="http://www.thebusinessinstructor.com/free-chapters" target="_blank">here</a>.</p> <p>To discover other ways you can maximise the value of your existing or previous clients, read our free guide <a href="http://www.thebusinessinstructor.com/9-strategies-report" target="_blank">‘9 Essential Strategies For Growing Your Practice Profitably’.</a></p>
Topic 7 Key Area of Improvement
<p class="topic-title"><strong>MAXIMISE: Profit Margin</strong></p> <p>A healthy profit margin is critical for the long-term stability of your firm. If your profit margin isn’t high enough, then it’s a good idea to look for the small ‘wins’ that will improve your profit margin before you try to scale your firm.</p> <p>One of the easiest ways to increase your profit margin is to raise your fees. If that’s not possible, or not something you want to do right now, then there are other ‘Profit Zones’ you can focus on in your firm to increase the amount of profit you generate. Using all 7 Profit Zones, and making small increases to each one, can double your profits without doubling the number of clients you need or doubling the hours you work. To find out how increasing some or all of the 7 Profit Zones would increase fee income and profits in your firm, watch our 32 minute video <a href="http://www.thebusinessinstructor.com/3-step-accelerator-highlights" target="_blank">‘The 3 Step Accelerator Plan For Small Law Firms’.</a></p>
Topic 8 Key Area of Improvement
<p class="topic-title"><strong>MAXIMISE: Team</strong></p> <p>Law is a time for money business, which means every minute is precious. If you don’t have enough support from others, it will be difficult to grow beyond a ‘time’ ceiling, and impossible to increase profits without working more hours.</p> <p>If you don’t have enough team members to support you, but you’re reluctant to hire because you aren’t confident about your ability to generate the fee income and profits needed to cover their salaries, then your first focus should be to look at how you can increase fee income and profits without you needing to work more hours in the meantime.</p> <p>If you have a big enough team already, but need to generate more fee-earning work for them to do, then your priority should be to generate that work - either from new clients or from existing clients.</p> <p>To analyse what your firm specifically needs in order for you to increase fee income and profits without working more hours, watch our 29 minute video <a href="http://www.thebusinessinstructor.com/3-step-accelerator-highlights" target="_blank">‘The 3 Step Accelerator Plan For Small Law Firms’.</a></p>
Topic 9 Key Area of Improvement
<p class="topic-title"><strong>MAXIMISE: Time spent working ON not just IN the business</strong></p> <p>Finding time to work ON the business of your law firm rather than just IN the business (as a fee-earner) is a struggle for many law firm owners. Freeing up time to do this may require hiring more team members who can take some of your fee-earning work or may require delegating or outsourcing non-fee-earning tasks to free up your time.</p> <p>Once you’ve freed up some precious time, the second challenge can be knowing how to spend that time i.e. know which strategies or tactics will get you the growth results you want and therefore be the best use of your time and effort. If you aren’t sure, the first step is to analyse which of the drivers of a profitable practice your firm most needs, and the order of priority in which you should work on them.</p> <p>To analyse what your firm specifically needs in order for you to increase fee income and profits without working more hours, watch our 29 minute video <a href="http://www.thebusinessinstructor.com/3-step-accelerator-highlights" target="_blank">‘The 3 Step Accelerator Plan For Small Law Firms’.</a></p>
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IF qualified for a call
<p>If you are serious about wanting to grow your law firm (increasing your ‘ideal’ clients, fee income and profits) and you want to be able to do that without you and your team working more hours…</p> <p>I invite you to book a complimentary ‘<a href="http://businessinstructor.as.me/roadmap">Profitable Growth Roadmap’ call</a> to get personalised recommendations from me.</p> <p>In this call we’ll review your growth goals for the next 90 days, 12 months, and beyond, and then map out what you need to have in place to achieve those goals - based on the specific bottlenecks or challenges you are facing in your firm and your biggest opportunities for profitable growth.</p> <p><strong><a href="http://businessinstructor.as.me/roadmap">Click here</a></strong> to book your Profitable Growth Roadmap call.</p>
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<p>If you’re ready to take the next steps towards increasing your clients, fee income, and profits, and in particular if you’re looking for ways to get a quick boost of fee income and profit in the next 90 days…</p> <p>I invite you to join us, on a complimentary basis, for Module 1 of our ‘<a href="http://www.thebusinessinstructor.com/profitable-practice-kickstart">Profitable Practice Kickstart</a>’ 90 day programme for lawyers.</p> <p>This online training session will show you the exact strategies, systems and tools to put in place, and which ‘quick win’ strategies will work best for your firm, to give you a boost of additional fee income and profit in the next 90 days.</p> <p>Register your complimentary place for <strong><a href="http://www.thebusinessinstructor.com/profitable-practice-kickstart">‘Module 1’ of Profitable Practice Kickstart here</a></strong>.</p>
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Testimonials
Testimonial 1
<p><em>"I have just signed up for my second year with Michelle's Profitable Practice Programme, as in my first year of the programme I almost doubled my fee income, took on my first employee and grew in confidence in marketing my business. Within the first couple of months of signing up, I used Michelle's 'Magic Words' training to update my LinkedIn profile which attracted a new client worth £36k which meant that the programme more than paid for itself. In addition to the excellent content and materials, there is also a camaraderie and a team spirit within the programme which I really enjoy."</em></p><p>- Kate Bryan, Owner, Data Driven Legal Service</p>
Testimonial 2
<p><em>"We have been working with Michelle Peters for five years and have just renewed for the next year of 'Profitable Practice. Recent successes include doubling our conversion rate of new enquiries, adopting specific ideas of Michelle to generate new work resulting in greatly increased volumes of work in the targeted areas, and helping us develop strategies to spread good marketing practice throughout the firm. Michelle has real-life experience of working with a wide variety of solicitor firms and has knowledge and opinions that she willingly shares, bringing new expertise, techniques, and strategies to our discussions. Our results show that this works."</em></p><p>- David Edwards, Managing Director, Burt Brill & Cardens</p>
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