Is demand slowing for the work you’re accustomed to relying on? Are you seeing rate pressure increasing? Is it harder to get to top decision-makers?
All products and services have a life-cycle, and law practice is no exception, particularly now, with so much non-law-firm competition emerging. At some point, every legal problem ages, and becomes uneconomic for both the buyer and the seller. Many matter types from which lawyers used to derive an important percentage of their revenue have effectively gone away, at least in economic terms. You’ve seen this with bank loan documentation, insurance defense litigation and, likely very soon, Employment law.
Not if, but when, all or part of your practice begins to decline, you’ll need to reinvent yourself. Don’t wait for the lights to dim. Instead, anticipate it and prepare for it.
Master this RainmakerVT process and keep your practice refreshed and relevant, and your rates up there where they belong.
Lawyers who’ve already mastered the Door-Opener, Expanding Your Network From Your Desk and other Getting Found concepts will recognize this as a sophisticated integration of a number of those.
For what do you want to be known? The process of identifying the source of real opportunity for you, and attracting the attention of the right kind of clients for the right reasons. It’s not who you know, but who knows you -- more importantly, what they know you for. The good news is that it’s completely within your control.