Lawyers in This Economy: 5 Ways to Secure a Successful Future

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Should lawyers carry on with business as usual, or take action to ensure a prosperous future? Chicago-area business coach, Steve Fretzin of Sales Results, Inc., compares the current economic landscape to Darwin’s “Survival of the Fittest” competitive environment.

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Stepping up, being bold and bringing inventive ideas to the practice will help most lawyers advance and thrive today.

Many attorneys are struggling through another tough year in the legal business, waiting for the economy to pick up. Government statistics indicate that economic strains most likely will continue for some time. The question is… should lawyers carry on with business as usual, or take action to ensure a prosperous future? Chicago-area business coach, Steve Fretzin of Sales Results, Inc., compares the current economic landscape to Darwin’s “Survival of the Fittest” competitive environment.

What would Darwin say about an attorney’s ability to survive in business today? Which species of lawyers will evolve and which will become extinct? As law firms merge, new law grads struggle to find jobs, and attorneys without books of business find themselves on the chopping block, Fretzin offers five survival strategies to help ensure business success:

1.    Develop a fresh plan for your practice: Many attorneys go year to year without a solid plan to drive their book of business upward. In order to be effective, this plan must include one objective, at least three strategies, and a number of tactical actions to accomplish the strategies. Without goals broken down into tactical or actionable steps, most objectives will not be accomplished.

2.    Utilize existing clients for quality introductions: Finding new business is increasingly more difficult to obtain as the marketplace shrinks and competition continues to grow. Now is the best time for attorneys to take advantage of existing strong relationships by connecting and discussing ways to mutually add value, while at the same time, providing quality introductions for each other.

3.    Become a specialist: With over 1.2 million attorneys in the US, competition has never been fiercer. Smart lawyers today are finding a specialty and taking ownership. For example, a real estate attorney could focus on arenas and stadiums. By working in a niche, an attorney could build a little empire by concentrating in one area.

4.    Consider offering a barter: The ability to trade services for marketing dollars, printing, website designs or thousands of other products and services may be a good idea for lawyers looking to keep busy in these times. Swapping services with other business owners is a great way to offer mutual value.

5.    Invest in the business: There is extensive evidence that investing in the business during tough times is a smart play. While some attorneys are waiting out the storm, others are making their move. Perhaps it makes sense to hire a top notch assistant or invest in a better website. Some attorneys are hiring a business coach to get ahead of the game.

There are many ways to boost a law firm’s profitability during turbulent times. The idea behind Darwinism for legal business is simple. The fittest will survive and the weakest will die. Stepping up, being bold and bringing inventive ideas to the practice will help most lawyers advance and thrive today.

About Steve Fretzin
Driven, focused and passionate about helping business professionals reach their full potential, Steve Fretzin is a Chicago area premiere business coach, speaker and author. His “25% growth guarantee,” has been applauded by his clients since starting Sales Results, Inc. in 2004. In addition to Sales Results Inc., Fretzin oversees Team Discovery, LLC a sales recruiting firm, and Networking Monkey, LLC. For more information, please visit http://www.salesfreeselling.com.
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