At our Rainmaker Retreat in Orlando last weekend, we spent some time talking about the three key areas that every law firm needs to focus on:

Lead Generation: more people in the pipeline, more prospects, more leads.

Lead Conversion: turning more browsers into buyers.

Client Retention: creating a long-time and meaningful relationship with your clients so you get repeat referrals and repeat clients.

Of course, the one question I always seem to get is: Which is the most important?

The answer is, they are all important, but the one thing I hear most from attorneys is “I need more leads.”

In some cases, this is 100% true. But often, a law firm really has a conversion issue or a retention issue that is preventing the firm from growing or being successful. So growing and strengthening all three of these areas is ideal.

While most law firm marketers are focused on lead generation, overlooking conversion and retention is a costly mistake.  Lead generation is the most expensive of the three, so it makes sense that if you can convert a higher percentage of your prospects, you can improve revenue without having to pay to get more leads. 

And if you can enhance client retention, additional revenue will come in through repeat business from happy clients or a steady stream of referrals from past clients who were satisfied with the work you performed.

So, in essence, what we are talking about here is the proverbial three-legged stool. Take away one leg, and you’re on the floor.