BEST PRACTICES IN CONVERTING MORE CLIENTS FOR LEGAL AND FINANCIAL PROFESSIONALS

Deck link: http://bit.ly/lorman-converting-more-clients

Hi!

I’m Maddy Martin

Head of marketing & partnerships for Smith.ai, a call routing & virtual receptionist service for small businesses.

https://smith.ai

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GOALS & OBJECTIVES

Here’s what you’re going to learn.

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WHAT YOU WILL LEARN

1. How to manage response times to clients and potential clients more effectively
2. The best lead-qualification questions, and how to standardize and outsource them
3. The optimal workflow for new client intake using your CRM, CMS, and calendaring software
4. How to leverage virtual receptionists for inbound and outbound calls with potential clients�

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WHO CARES?

You should, according to the

2017 Clio Legal Trends Report and 2018 Kitces Report

1.9 hours

1.2 hours

2.9 hours

2 hours

The average time an attorney spends on billable work per day.

Of the 2.9 hours on “admin tasks,” the top 3 tasks are office administration (16%), invoicing (15%) & configuring technology (11%).

The average time spent each day on admin tasks.

33% of 6 hours/day not spent on billable work goes toward business development, indicating the importance of generating new clients.

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ARE YOU LAWYERING OR LABORING?

86 percent

39 percent

23 minutes

2 out of 3 potential clients

The average amount of attorneys’ earnings that is ever collected.

How much faster law firms get paid when they accept credit cards.

How long it takes to recover from an interruption. Attorneys are interrupted ~6/day, so that’s a ~2-hour loss per day.

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Folks who say their “decision to hire” is most influenced by an attorney’s responsiveness to their first call or email.

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ARE YOU LAWYERING OR LABORING?

19% The average time a lead financial advisor spends with clients.

26% The average time spent on planning �analyses and meeting preparation.

17% The average time spent meeting with prospects and engaging in business development tasks.

12% The average time spent on client �service issues.

8% The average time spent on administrative tasks.

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WHERE DOES THE TIME GO FOR FINANCIAL ADVISORS?

The average time consumed by the most common daily tasks of a lead financial advisor

(other)

clients

prospects

Analyses & prep

issues

admin

Data source: 2018 Kitces Research Study on Financial Planning Process, www.kitces.com

SEVEN DILEMMAS OF SOLO AND SMALL-FIRM ATTORNEYS & ADVISORS

So, you’re losing leads, earnings, and valuable time.�

Why? Because you’re faced with difficult (and understandable) trade-offs.�

Here are the top seven.

The Seven Dilemmas

Dilemma 1: Business Growth vs. Productivity

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• Interruptions from calls, texts, and emails kill your productivity. You want to minimize interruptions.

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• Potential clients demand quick response times. You want to maximize responsiveness.

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The Seven Dilemmas

Dilemma 2: Revenue vs. Non-Billable Time

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• Invoicing and chasing down late payments drain time that could be spent on billable work. You want to minimize time-consuming billing tasks.

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• You need (and deserve) to get paid. And not after a collections agency takes a 30-50% cut. You want to maximize revenue.

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The Seven Dilemmas

Dilemma 3: Intelligent Technology vs. Technology Skills

• Technology makes you more efficient. It’s particularly important for solo and small-firm attorneys and advisors to automate tasks, processes, and data. You want to minimize routine tasks and administrative chores through software, apps, and AI-enhanced services.

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• Few attorneys have advanced technical know-how. In a small practice, you have limited to zero IT support. You can’t spend all day learning and configuring technology. You want to maximize your use of simple, intelligent tools that don’t require a consultant to set up.

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The Seven Dilemmas

Dilemma 4: Happy Clients vs. Satisfied Self

• Clients need an attorney or advisor who is not only adept, but also reliable and responsive. Less responsive attorneys receive more customer complaints and negative reviews. More responsive attorneys receive more referrals. You want to maximize responsiveness to clients.

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• Your time and your assistant’s time are best spent on work that only you can do — not intake, calendaring, and giving directions to the office. Plus, attorneys and advisors who spend more time on meaningful work report greater work satisfaction. You want to minimize time spent on non-confidential client tasks.

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The Seven Dilemmas

Dilemma 5: Operational Control vs. Sustainable Growth

• Having more control over your practice is one of the main reasons you chose to work in a solo or small practice. Control relates to your work methods, hours, practice areas, and more. You take pride in how you work, and your business is under your name. You want to maximize control over your practice and reputation.

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• Controlling everything is exhausting. You want work/life balance, or at least the option to delegate. There will come a point when you can’t do everything and do it well. You want to minimize your practice’s total reliance on you.

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The Seven Dilemmas

Dilemma 6: Lead Quality vs. Quantity in Digital Marketing

• A well designed website, traffic-driving content, local SEO and marketing automations are essential to drive new leads. You want to maximize your business’ exposure online.

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• Online traffic is often poor quality, reflected by low lead-to-client conversion rates compared to referrals and other traditional marketing channels. You want to minimize engagement with “bad” leads.

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The Seven Dilemmas

Dilemma 7: Receptionist Skills vs. Cost and Flexibility

• You recognize the need to enlist help. You need a receptionist who is smart, reliable, thorough, highly productive, professional, and makes good decisions on your behalf. You want to maximize your receptionist’s skills.

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• You run a lean and nimble business. In-house receptionists require a salary and benefits, and expect job security. What will your firm look like in a year? You want to minimize high fixed costs and commitments.

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WHAT THIS MEANS

Big picture:

• You’re spread too thin, which reduces responsiveness to new leads.
• Lack of responsiveness can lead to bar & CFP complaints
• You have limited resources. If you’re spending money on marketing, missing leads is costly.
• You’re spending too much time on admin tasks, like data entry, which is not the best (nor necessary) use of your time.

Better processes incorporating software & services help you filter & offload work, and get more ROI from your marketing efforts.

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WHAT THIS MEANS

Solution to these dilemmas:

• Adopt cost-effective & efficient systems for:
• Routing & tracking
• Calls, emails & web visitors
• Filtering
• Qualifying potential clients
• Referrals of “bad” leads
• Intake
• Basic (preliminary) & complete
• Scheduling
• Call-backs & appointments

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WHAT YOU CAN DO

These systems must:

• Be affordable (without commitment)
• Be customizable (at the start & ongoing)
• Be easy to use & monitor
• Be comprehensive (multiple comm. channels within one provider: fewer bills, less management)
• Integrate with your processes, systems & software
• If human, have reasonable discretion (as someone in-house would)

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TERMS & DEFINITIONS OF COMMUNICATIONS SYSTEMS

Let’s get the lay of the land.

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Understanding how potential clients can reach you

Potential clients typically reach you via:

• Phone
• Email
• Text
• Website (also: Facebook page)
• Chat
• Contact us form

�Let’s review how these communication platforms work in the context of a solo or small firm.

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Phone Systems: Landline, Cloud/VOIP & SIP (Softphone)

• Landline:
• Connected to phone jack in the wall
• Pros: Can be bundled with internet, independent of power grid, no dropped calls
• Cons: No mobility, limited carriers, hardware required, contracts

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Phone Systems: Landline, Cloud/VOIP & SIP (Softphone)

• Cloud/VOIP
• Internet-based phone service
• Pros: Mobile, many providers reduces cost, unbundled, scalable, no contracts
• Cons: Depends on internet quality
• SIP (Softphone)
• Softphone protocol that turns an internet-connected device like a computer into a phone
• Pros: Computer & tablet function as phone
• Cons: Cost is in addition to cloud phone service

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Phone Services: IVRs, Call Centers & Virtual Receptionists

Forms of call routing & handling:

• Robots vs. humans:
• Call routing (IVR) vs. live call handling
• Semi-robots vs. humans
• Answering service vs. receptionists
• Humans vs. optimized humans
• Abroad vs. domestic receptionists
• Dedicated vs. distributed receptionists
• Remote vs. in-house receptionists

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Phone Systems & Services: Potential Issues

Watch for these common complaints & problems that �impact leads & clients:

• Phone systems
• Ring delays (latency)
• No tracking or analytics (how will you track marketing ROI?)
• Routing & tracking services
• Click-to-call (limits usefulness)
• Receptionists
• Limited impact (answer/transfer/message vs. workflows & integrations — consider time-to-conversion impact)
• Poor or inconsistent adherence to directions; inaccuracy
• Lack of professionalism (you want an “in-house” feel)

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Email Systems

• Pretty self explanatory, so let’s consider advanced features that drive efficiency:
• Organization & prompts
• Scheduled sends
• Reminders
• Rules
• Contact form connectivity
• CRM connectivity
• Marketing campaigns
• Lead nurture drips
• Standalone bulk email tools
• Mailshake
• Yet Another Mail Merge (Gmail)

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Text Messaging

VOIP phone with texting

• Text from your main number or direct line
• Mask your personal number
• Works via phone, computer, tablet

Apps & software that increase earnings & speed up communication:

• Time Miner: Crawls your calls and texts, and logs your billable time spent with clients in those channels.
• Zipwhip/MyRepChat: Securely communicate with clients about cases, and share documents via text message. Each interaction is logged in your case management software, so nothing slips through the cracks.
• CRM/PM Software: Some CRMs & practice management software feature texting; mostly automatic, like client alerts

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Web Chat (Onsite, Facebook & Beyond)

• Robot
• Low cost, lightening fast, but limited
• Stock answers to common questions
• Appointments, links to more information, forms, etc.
• Escalation or service extension via email/phone
• Human
• Medium to high cost, but higher ROI
• Pay per contact, chat, or lead (definitions vary)
• Appointments, payments, intake, links, etc.
• Both
• Automate routine answers & escalate to human via chat or phone as needed

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TERMS & DEFINITIONS OF SOFTWARE & SERVICES

Let’s get the lay of the land.

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Understanding how potential clients are handled

Potential clients can be handled by you and/or:

• With services:
• In-house
• Outsourced services, e.g., virtual receptionists & remote paralegals
• With software:
• Call routing & tracking
• CRM / client intake / marketing automation software
• Case / practice management software
• Calendaring software
• Payment / billing software

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LEAD

CONVERSION FLOW

Here’s how those communication channels factor into your business

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Reviews

Referrals

Local Listing

PPC

Social Media

Content

Technical SEO

Link Building

Lead Sources �(Generation)

Contact �Methods

Response �Methods

Phone

Email

Text

Web Chat

Attorney/�Planner/�Owner�

In-house assistant or associate��Receptionist service

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Chatbot

Qualification

Good leads

Bad leads

Intake & Scheduling

Basic intake

Transfer

Call-back

Appointment

LEAD CONVERSION FLOW

Monetization

Referrals

Qualification

New client!

Full intake

Follow-up call

Email drip

Instant

Delayed

Conversion

GENERATE

CAPTURE

PUTTING IT TOGETHER

Human intelligence

+

Machine intelligence

=

Fast, friendly & accurate

responses

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Responsiveness comes down to form + function

• Human intelligence
• Lead-qualifying questions & intake-form composition
• Caller greeting
• Email content (from appointment confirmations to lead conversion drips)
• How bad leads are handled�
• Machine intelligence
• Where is intake form hosted?
• How are leads & clients recorded & tracked?
• What happens after intake?
• What happens if lead doesn’t convert?

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Combined effectively, you will achieve fast, friendly & accurate responses, which leads to qualified leads & a better experience for new clients (read: they’re happier).

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Step 1: Manage response times to clients & potential clients

Effective response management gets you PAID:

Predictable� Accessible� Individualized� Directed

• Mobility: Call/text from any device (cell, desk phone, computer, tablet)
• Menus & routing
• Leads vs. clients vs. courthouse/judge vs. Mom
• Calls, texts & emails (single-channel vs. cross-channel)
• Inbound vs. outbound
• Time of day, holiday, vacation & schedule adjustments
• Blasts & sequences
• Overflow call handling
• After-hours voicemail
• Office directory (attorneys, paralegals, assistants & outsourced teams)
• Contacts (common callers & current clients)
• Block spam & unsolicited sales calls
• VIP (direct-transfer) & blocked-caller lists

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Step 2: Identify new-client criteria & standardize qualification process

• Criteria
• Thought exercise: Review your 10 “favorite” clients & 10 potential clients you wanted but missed.
• Identify common qualities.
• Determine goal alignment:
• Quality vs. volume
• Expansion/contraction plans (revenue, practice area)
• Work/life balance
• Action: Review & revise your basic qualification questions
• Pick 5-10 most essential “filtering” questions
• Focus on “must have” qualities
• Provide information, don’t just ask for it
• E.g., your fees, how you work, your availability to take on new clients
• Identify how to handle unqualified leads (see Step 6)

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Step 2: Identify new-client criteria & standardize qualification process

Process

• Lead passes: call-back, appointment (online/in-person)
• Determine policy on consultations:
• Length (15 minutes to 1 hour)
• Format (phone, Skype, video chat, in-person)
• Consider comfort level, personalization, ease of use
• Free or paid
• Lead doesn’t pass: see Step 6.
• Outsource process as much as possible
• Inbound calls > trigger workflow
• Inbound emails & contact-form completions > trigger outbound call-backs > workflows
• Leverage services with best-in-class technology, e.g., ZIP lookup vs. “Let me Google that for you”

Innovative approaches to lead capture

• Legal:
• Traffic ticket estimate request form vs. standard traffic ticket intake
• Eviction notice (adds lead to database for services upsell)
• Financial:
• Financial fitness survey
• Try: Interactive financial planner worksheets & online calculators

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Open-ended fields for “your note” or “your message” are not recommended.

Step 3: Hand-off & automate 2-stage new-client intake

• First stage - basic intake (hand-off)
• After lead capture, complete basic intake
• May occur during appointment booking or before first appointment
• Same as lead capture, identify required questions without overloading
• Aim for ~5-15 questions
• Standardize for all clients:
• ~5 basic contact information
• ~5 essential/ “deal-breaker” questions
• Either:
• Ask for 1 selection among practice areas + brief description (or life stage, e.g., pre-retirement or retirement), or
• Customize multiple forms with ~5 questions for primary client groups by practice area (e.g., targeted questions for family law vs. social security disability)
• Ok to have one general question, e.g., “What are your financial needs and goals?”
• Avoid at all costs: Open-ended text boxes for client like, “Your message”
• Balance completeness/complexity with cost/necessity (especially if outsourcing)
• Consider document upload option
• Always ask lead for source (“How did you hear about us?”)
• Outsource with clear instructions & non-login accessible URL

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Step 3: Hand-off & automate 2-stage new-client intake

• Second stage - complete intake (automate)
• Timing
• After appointment is booked,
• After first consultation, or
• After signed client agreement
• Communication method (initial & reminders)
• In appointment confirmation email
• On website
• Phone follow-up
• In person
• Form & Accessibility
• MS Word doc, PDF, Google form, online-hosted form
• Embed or download
• Standalone or linked to CRM (strongly recommended)
• Assignment
• Outsourcing generally not recommended
• Consider: signature requirement, cost, potential privacy concerns, thoroughness / access to complete information
• Workflow combining privacy with outsourcing & automation: Document-automation triggered by a receptionist service.

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Step 3: Hand-off & automate 2-stage new-client intake - LEGAL EXAMPLES

Basic (typical)

• General form, with options: http://www.cooperlawmn.com/cooper-law-online-intake-form
• Family: https://www.northmetrolitigators.com/wp-content/uploads/2015/07/Family-Paternity-intake.pdf
• Family (note: setting expectations): https://www.traviscarrlaw.com/family-law-intake-form
• Social security: http://www.socialsecurity-nc.com/client-questionnaire

Complete

• Social security: https://carlsonmeissner.com/userfiles/files/Intake%20Form%20-%20SS.pdf
• Bankruptcy: http://www.galyen.com/Client-Intake-Forms/Bankurptcy-General-Intake-Form.pdf

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Step 3: Hand-off & automate 2-stage new-client intake - FINANCE EXAMPLES

Basic (traditional, pre-meeting)

• http://www.newwavefs.com/contact/ (wisely includes “partner” contact fields, but missing “how did you hear about us” and targeted “describe your financial needs and goals” question)

Complete (often “questionnaire” format, along with all required supporting documents & policies)

• https://www.cognitoforms.com/MainStreetFinancialPlanningInc/ConfidentialQuestionnaire
• https://ljpr.com/new-client-questionnaire
• https://www.thalheimerfinancialplanning.com/wp-content/uploads/2015/10/tfp_confidential_questionnaire05.pdf
• Workbook model: http://www.theadvisoryfirm.net/pdfs/workbook.pdf

�Not recommended: http://www.palmbeachfinancialplanner.com/new-clients/

• Be careful to divide into 2 clear stages. Basic should aid evaluation and be only 5-10 questions. Complete should provide all necessary financial information.

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Step 4: Streamline appointment scheduling

• Add public-facing booking page on your website, integrated with your calendar
• Make more or less visible on your website based on your needs & comfort level
• Accessible (must know URL or be included in workflow, e.g. lead nurture drip) vs. obvious (in main menu)
• Calendly.com for instant, free standalone site
• Free vs. fully featured
• Payments
• Integrated intake forms
• Multiple appointment types & durations
• Multiple coworkers
• Outsourcing
• Appointment booking
• Reminders (reduce cancellations/no-shows)
• Meeting prep reminders and check-ins
• Tip: You need to prep, too! Here’s a full guide to financial planning meeting prep from Kitces + his downloadable checklist

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Example from Glass Jacobson Financial Planning

Step 5: Minimize wasted time, get paid for valuable time

Less time spent on less-valuable tasks, means more time for more-valuable tasks.�

• Evaluate free vs. paid consultations for potential clients
• Higher volume & access �vs.
• Lower volume & accuracy
• Accept online payments for consultations & appointments
• Higher & more consistent collection rate & appointment adherence typically outweigh fees
• Embed on website, emails, or provide via privately accessible links
• Credit card & eCheck
• Integrate with calendaring & CRM software
• Set client expectations with sample invoices
• Pricing explanatory page and sample invoice from Pathway Financial Planning
• Outsource payment collection
• Consultations
• Deposits
• Retainers
• Invoices

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Step 6: Monetize "bad" leads through systematic referrals

• First: Review relevant rules & liability for referrals & referral fees
• See for example:
• Referral fee dos and don’ts
• Referral fee rules from the SEC, or your state & local Bar association.
• Then, in accordance with all pertinent rules & your comfort level:
• Think back to potential client qualification criteria
• Identify “bad” (read: unqualified) potential clients
• Make a list of all attorneys, firms, accountants, and other businesses you recommend (for attorneys, do this by GP and by practice area)
• Share list with staff or receptionist service, including instructions for identifying correct firm to recommend to “bad” lead
• E.g., based on location, practice area, cost
• Systematically earn revenue when lead engages recommended firm (such fees may be upwards of 40%)

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Step 7: Integrate your communications into your existing systems

• Record keeping
• Call & text within CRM
• Add & update records in CRM:
• New lead contact information
• Post-call notes
• Activity logs (e.g., new appointment)
• Triggered workflow actions (new lead-drip addition)
• Project & document management with workflows
• Document generation
• Email integration
• Signature requests
• Incoming & outgoing e-faxes
• Example: Chi City Legal

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Step 7: Integrate your communications into your existing systems

• Operations
• Call recording for notes
• Conference call “convening” services
• Notifications via email, phone, SMS, Slack, CRM �(call transfers, record updates, new lead consultation, etc.)
• Marketing & new business growth tracking
• Lead drips
• Performance tracking for SEO, PPC, retargeting, etc.
• Volume
• Quality (conversion rate)
• Cost (both generation & capture)
• Prioritization of top prospects �(↑ responsiveness ↔ ↑ conversion)
• Referrals
• Dedicate a phone number or extension & route with high priority

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YOUR GAME PLAN (READ: HOMEWORK)

It’s up to you now.

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What to do next

• Identify 5-10 preliminary qualification questions
• Focus on “must have” qualities to filter leads: good vs. bad
• Build a basic, shareable intake form (publicly accessible link)
• Define qualification & intake processes, and consider how to handle each step:
• Self (continue doing)
• Streamline (cut/reduce/ease)
• Automate (w/ software or app)
• Outsource (w/ service)

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What to do next

• Prioritize fixes by greatest time consumption, importance & urgency
• Consider Eisenhower Decision Matrix
• Tips:
• Qualification & payments are often most time consuming & most easily outsourced
• Data entry & lead follow-up are most easily automated
• Implement new form & process in next 30-60 days, depending on scope, cost & difficulty.
• Wait 1-2 months to re-stabilize. Evaluate impact: savings, earnings, leads, clients, work/life balance, stress levels, sleep quality, etc.
• Re-evaluate process & improvement opportunities 1-4 times per year.

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THANK YOU!

Questions?

Email: maddy@smith.ai

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