As a lawyer managing their own firm, you understand the need to generate business. Without clients, your rent doesn’t get paid, your attorneys and employees don’t get paid, your lights get turned off, and your firm will ultimately fail.
I’m fairly confident you don’t want to start a new job search or fire any of your firm’s employees. My advice to you and your firm is to make the most out of your marketing dollars and generate new business for your firm!
The old saying is “You have to spend money to make money”, but it isn’t always the case that a law firm has an abundance of cash to spend on marketing purposes, especially small firms and firms that are just starting out. Unfortunately it is the smaller and newer firms that have the greatest need to generate more business.
The trick is to spend your firm’s money wisely. If your firm has limited marketing funds you need to make the most of them. If your firm’s marketing budget isn’t limited, you should still do everything you can to get the greatest return on your legal marketing investment.
Get The Greatest Return On Your Legal Marketing Dollars
The firms that make the most out of their marketing dollars usually all start in the same place. They are all able to track their firm’s income by case type or practice area. Tracking your firm’s income by practice area will open up an entire new set of data surrounding your firm’s clients that allow you to make more effective decisions concerning your marketing dollars.
Tracking your firm’s income by practice area will enhance your marketing by identifying which clients and cases carry the most value for your firm. Once you are able to see how much income each practice area generates for your firm, you can compare that with how much of your firm’s marketing budget is attached to each case type, and not just the income tied to each case type, but the ROI numbers behind your marketing spend.
How To Track Your Firm’s Income By Practice Area
In theory all of this sounds great, most things do. Luckily with the right practice management solution in place you can make this happen for your firm.
The issue that most firms run into when they’re trying to track their income by practice area is that different case types call for different methods of billing. On top of that their legal accounting and billing take place in two different systems only compounding the problem. CosmoLex not only allows attorneys to track their time and associate it with a case type, but it also integrate billing and the firm’s accounting into one system. Increasing the ease in which your firm is able to access all of this valuable information.
Try CosmoLex for free and start making better use of your firm’s marketing budget today!