Quality or Quantity: The Question Between More or Better Clients
Quality over quantity or the other way around? The question of whether a firm should have more clients or “better” clients is one every attorney faces at the beginning of their career or as they expand their practice. As the firm grows as a business, the answer to the very question changes.
…Let There Be Clients!
At the beginning of any business or law firm, the main objective is to get that first client. Get that one. Successfully represent that client, get paid, go and get the next client. Rinse and repeat. The firm that can successfully follow these steps and hire additional attorneys in order to follow the same steps to have the steps followed simultaneously – growth will happen.
In the beginning, “more” is what is most important in order to survive and make it to yet another year. At this early juncture, not many fledgling firms have the luxury of being picky. The rule of thumb at this point:
- Build a client base
- Be responsive and attentive
From a Marketing & Operations Perspective
However, when firms get to the next level that they can hire a marketing person or marketing consultation, they merely look to grow their client base. Of course, law firms are in the business of making money, but having more clients does not necessarily lead to career fulfillment, prosperity, or peace of mind.
This is the perfect point to begin to questions success. Success means different things to different attorneys. A good place to begin is deciding the type of law practice you want for your law firm. Generally speaking, when you focus on a niche, the type of law you are the happiest practicing, the firm can then build its brand through working with a smaller number of carefully selected clients within that area. Carving out a place where you and your firm will fit allows the firm to:
- Bill higher rates for services
- Increase referrals and repeat business
- Gain more fulfillment in your legal career and that of other associates
Know Yourself, Know Your Firm
The key is to know what type of law firm you want now and at which at the end of the spectrum would you like your law practice to operate in the future. Take time thinking about this. Figure out what you want your practice to look like, is it about quantity and high volume or quality and a more focused practice? This is important because once you’ve identified your direction, you can choose the appropriate marketing strategy that can help you reach the goal of your law firm. While we hope you know that you cannot be everything to everyone, we suggest that you build your team ASAP so you can meet your goals. Subscribe to the Leopard Blog for discussions on law firm management, diversity, law firm insights, and other relevant topics.
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