Law firms are affected by seasonality like any other business. But some months are better than others for different practice areas. For example, a well-known “peak season” for divorce lawyers usually occurs during March. But for real estate lawyers, their business picks up in the summer when the market is hot. By contrast, December clients are almost nonexistent for any law firm.
If you’re an attorney, you may have experienced slow periods and a loss of revenue throughout the year. Or perhaps you’ve been forced to reassess your marketing and business development. In either case, you can get through times of economic uncertainty with some simple changes. Read on for strategies that will turn your retainers into billable accounts.
Taking care of you
Slow periods for attorneys are a good time to reevaluate your client relationships. Your clients are central to the success of your business. Therefore, building client trust will not only show that you care, but it will increase referrals as well. Which clients or referral sources can you reach out to? And what are some unique ways to reward your relationships?
It may also be time to review your business plan. Maybe you need to add or refocus a practice area. Law firms should regularly assess their areas for scalability and take time to create short and long-term goals for their services. Planning ahead will also help you weather future seasonality cycles. What initiatives can you push forward? Are you able to forecast any budgeting or financial issues?
Finally, whether it’s social media, your website, or something else, you should revamp your marketing. Most firms and content creators are writing about current issues such as COVID-19 and the war in Ukraine. In order to stand out, you need to write targeted content that speaks to your clients, your services, and relevant legal issues. Brainstorm some evergreen topics – those that are relevant over a long period of time – which you can use in the future.
Now is the time to invest
Seasonality and slow periods affect every business, and law firms are no exception. The most effective firms will manage with a “through-cycle” mindset while laying the groundwork for long-term success.
Attorneys that need help driving more business to their law firm should contact Caroff Communications. Caroff Communications specializes in website marketing for law firms and SEO optimization. We believe investing in your law firm is an investment in your future.