November 29, 2020

Volume X, Number 334

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Law Firm Business Strategies: 4 Keys to Breaking the 7-Figure Barrier (Part 3 of 4)

We have probably helped more attorneys break the seven-figure barrier in revenues than anyone else. We're not telling you this to brag, but to share with you the keys to breaking the seven-figure barrier based on my experiences.

Key #3: Identify your ideal target market.

Your ideal target market (ITM) is the person or company who is most likely to retain you initially, repeatedly and at the highest profit margin. No matter what area of practice you are in, you can use these eight questions to help you determine your ideal client. I recommend you answer these questions with as much specificity as you can:

  1. What does your perfect client look like? (Think in terms of age, profession, gender, education, interests, work, marital status, family size, hobbies and lifestyle.)

  2. Who can afford your fees? How much can they afford? What’s your value to them?

  3. Who could be a good long-term, repeat client for your firm?

  4. What qualities, characteristics and values do they have?

  5. What are you helping them accomplish?

  6. What are their issues, challenges or pain?

  7. Who could be a good source of referrals for these ideal clients?

  8. Who is NOT your ideal client?

Identifying and targeting the right market is absolutely critical to the success of your law firm marketing plan. If you don’t target the right market, nothing else you do will matter. To be successful in your marketing, you must start with a clear picture of your perfect client.

Part 1- Law Firm Business Strategies: 4 Keys to Breaking the 7-Figure Barrier (Part 1 of 4)

Part 2-Focus on a Niche: 4 Keys to Breaking 7-Figure Barrier (Part 2 of 4)

Part 4- Law Firm Business Strategies: 4 Keys to Breaking the 7-Figure Barrier (Part 4 of 4)

© The Rainmaker Institute, All Rights Reserved National Law Review, Volume VI, Number 189
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About this Author

Stephen Fairley legal marketing expert, law office management
CEO

Two-time international best-selling author, Stephen Fairley is the Founder and CEO of The Rainmaker Institute, the nation’s largest law firm marketing company specializing in marketing and lead conversion for small to medium law firms. Since 1999, he has built a national reputation as a legal marketing expert and been named, “America’s Top Marketing Coach.” He has spoken numerous times for over 35 of the nation’s largest state and local bar associations.

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