No doubt as a business owner you get plenty of referrals of new clients. Maybe not as many as you would like, but you’re doing OK.
For many people in practice, the principals are working hard to get referrals from both existing clients and cultivating referral relationships with Centres of Influence like accountants, bankers, real estate agents and so on.
When it comes to the employed fee earners though, it is totally different. They may get referrals, but for the most part the bulk of their work is often coming from you.
Sure as a principal being a rainmaker is an important part of your role, but imagine what a difference it would make to your results if you were helping your team to get more referrals.
Let me explain with an example.
Say your practice or your section of the practice, is currently generating fees of $1,000,000 with yourself, two employed fee earners and support.
Let’s assume that the average fee for your practice is $2500.
If you could develop your fee earners to generate just one new referral a week, over and above what they are doing now, that would result in new fees of in excess of $250,000, or a 25% growth for the practice.
The cost of that growth?
Assuming your practice could handle the extra work with existing resources, that $250,000 or a fair chunk of it anyhow, could go straight to the bottom line.
That’s enough for husband and wife leases on $200,000 Porsches with enough left over to shout each of your fee earners one as well!!.
Of course your accountant would want you to put it into superannuation and build wealth for retirement, but you get the idea.
It could make a serious difference to the profitability of your firm.
All without you necessarily working any harder.
So why doesn’t it happen now?
I suggest one reason is that your team don’t have a referral system.
Whereas you have built up a network over many years, they haven’t yet and who wants to wait?
What if you could start to put this in place tomorrow?
If you give your team an easy system to follow, you may well be able to get that Porsche ( or top up your super) quicker than you thought.
I think you will agree, the potential benefit is a least worth considering.
Of course we have a system to help you to do that.
So why not consider it, there’s not much to lose and I think you’ll agree an awful lot to gain.
See below for details.
Do you want to make an extra $250,000 in revenue from referrals?
If putting in place a referral system to generate more ideal client referrals is of interest to you, consider our law firm referral program “Professional Network Referral System for Smaller Law Firms”.
This is a program to help you and/or your team build more relationships with accountants, bankers, real estate agents or whoever is appropriate for your practice and it’s easy.
To learn more watch this 8 minute video “The Quickest and Easiest Way to Get More Quality Clients to Your Law Firm Now!
Want to read more on the benefits of leverage for a small law firm?
Try this short read: Want to Increase Law Firm Profits by $100,000 p.a. – Simple!