Marketing For Law Firms Via Attorney-Client Matching Services - Part II
This is the second post of a series on marketing for law firms. In this post, we will discuss attorney-client matching services. These services are valuable because they help move more potential clients towards your firm, which increases overall revenue.
Attorneys can use these services to find new cases that they will most likely be able to handle successfully, and it could potentially bring them in new business as well. This is good because if you bring in new business then you may have less work to do in the long run.
You can use the information from these matching services to help you determine if you are a good match for the client. They can also tell you how much to charge for your services, and what the typical billable hours are for the attorney who does this type of work.
When an attorney agrees to take a case through these matching services, it is common for them to charge about 25% more than their normal fees. This is because they want to make sure that they get paid as soon as possible so that it does not delay payment. Another thing that you should know is that many of these types of cases will have a retainer involved. Retainers usually range from $1,000 to $10,000.
One of the main reasons that attorneys are willing to pay a premium for these types of cases is because they may not have the normal office overhead costs. If you do not have to hire an assistant or pay for office space out of your retainer then it allows you to retain more money for yourself.
Since these services deal with personal injury claims, there is also a premium attached to them because of the potential payments. For example, you could end up getting around $2 million in total settlements if everything plays out well. Of course this depends on what the attorney asks for, but it is still possible.
Most attorneys will pay somewhere between 10% to 15% in total fees. Some attorney's fees could be as high as 33%, but that is rare. Since most attorneys only get the normal retainer, and then they pay 25% or so on top of that, you may want to think twice about working with these services.
When you begin using these services, it is good to have them explain everything that will happen in terms of the billing process. This is because a lot of people are going to need help setting up your billing system and running it. These services can assist with this process but it will limit the amount that you could make from all of this work. This is why it is important to have them explain everything in detail.
The information that the matching service gives to you is also very important in helping you decide if you want to work with them. If a lot of attorneys are saying that they need these services, that can be a sign of potential problems. Attorney's will not take cases from these services just because they have an agreement with one of these services.
While it may be possible to get away with taking on clients from these services, most attorneys find it unethical and unprofessional. This means that this type of work will not make you very popular among your colleagues and peers.
These services can have a lot of problems in terms of billing, and they can also be dangerous to do business with. When you use these services, the attorney and the client will sometimes not be able to communicate well enough for you to properly do your job.
If a client does not trust that you are doing a good job for them then this could lead to bad results. If this happens then the client may sue you for up to $75,000 per incident. This is also why it is important for attorneys who work with these services to be careful about their work and how it is billed because there are some very large lawsuits involved.
The main thing that you should know about these services is that they can be very valuable. This is because if you are able to find a way to work with them, then it can help you grow your business substantially. There are many different ways to go about finding clients through these services and I will cover them in detail in my next post.
You can also check out the marketing for law firms ebook for more information on how to market your law firm through effective and ethical methods. You can get more information about this ebook by visiting the website at www.marketingforlawfirmsbook .com .
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Michael Becker
www.eAttorneySpeakers.com
Author of: Marketing For Law Firms: An Attorneys Guide To Winning Clients In Tough Times -- Read More About It Now! (Order Your Copy Today!) - Click Here To Order Through Amazon.com
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There are hundreds of ways to promote your business. Here are just a few of the methods. Each of them is useful in its own way. You may add others to this list as you learn more about the industry and your business.