In this 2 minute video, Jim breaks down the numbers to show you how it is possible to have $1,000,000 in revenue at your Elder Law or Estate Planning practice over the next 12 months.
Additional articles you might be interested in:
Full video transcript
A while back we made a video about how you can generate a million dollars in extra revenue for your Elder Law or Estate Planning practice, breaking down the numbers. So I wanted to do that again for you, so you can see how easy it is to implement this at your practice over the next 12 months.
What does a million dollar year look like?
If you break it down, it’s just a little under $83,400 of revenue every month. If your average client produces around $4,500 in value, you would need 19 new clients every single month to hit that million dollar revenue mark.
So let’s make a couple assumptions: Let’s say when you get a new lead, half of those leads are junk. They don’t do anything. Then of 50% that actually schedule the consultation with you, half of those turn into clients. So 50% of your leads are consultations. Then of those 50%, 50% turn into clients.
That would mean that you need 38 consultations every single month — which is 72 opportunities or new leads generated by the firm. How do you get the 72 lead opportunities with new clients in your area? That’s the issue that a lot of firms have.
You can do a couple things. You can do workshops or webinars. If you have four events a month, every single month — which a lot of the clients we work with do — that would mean you need to have 18 registrations at every one of those workshops. So typically that’s the second and fourth week of every month on a Tuesday or Thursday. You’re doing an AM and PM session, or a PM session on two dates.
You’re running ads right to consultations. You have lead generation coming in from your website. That’s pretty predictable. And you have lead generation materials like videos, educational PDFs, or community outreach.
Typically it’s going to be a combination of all three. But as long as you have those coming in — you’re getting those 72 lead opportunities — then you will be making a $1,000,000 of revenue a year at your Elder Law or Estate Planning practice.
We’d love to talk to you more and how to break that down specifically for your law firm. Click here to schedule a call with us.
