Best Practice Tips: Increasing Law Firm Revenues Through Additional Marketing Investment
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the sole owner of a two-attorney firm in Atlanta. I have been in practice for 13 years. I have one associate who has been with me for one year, one full-time paralegal, and two part-time assistants. I have a general practice. Revenues have stagnated and I need to identify strategies for getting to the next level. My practice is struggling. I have been thinking about narrowing my practice and focusing on five or six practice areas. I am ready to invest in marketing. I would appreciate your thoughts.
A. This is the age of specialization – less often results in more. Many attorneys in small general practice firms are afraid to specialize and focus on three areas of practice or fewer. The concern is that by specializing, there simply will not be enough business of keep the attorneys busy generating sufficient revenues.
I have worked with several firms that have shifted their practices from general practices to practices limited to estate planning and elder law and they have performed far better as specialized practices than they did as general practices. I suggest that you consider focusing your practice on on no more than two or three key practice areas in which you can differentiate yourself.
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