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Year-end planning: Collect Data about Your Clients

Year-end planning: Focus on current clientsFocus on your current clients

Part 2: Tips for year-end planning 

Year-end planning tips. Now is a good time to focus on what needs to be done to wrap up the business year and get a head start on 2017. As an attorney and business owner, year-end can become the most stressful time of year. To help you out, we put together this list of four areas on which to focus between now and year-end, while your business may be slower than normal. Area #2 – focus on current clients.

The last weeks of the year tend to be slow for getting new cases, so use this time to focus on your current clients – your source of income for the first part of 2017.

  • Pick out your 5-10 best clients from 2016. First, define what a best client looks like:
    • Maybe these are the clients that always paid on time.
    • Maybe they always provided you with and returned documents on time.
    • Maybe they referred you other good clients.
    • Maybe they were just genuinely nice people to work with.

Look through your client list and start rating your clients from 2016.

Tip: You need a way to capture this client rating system in your database so you can develop reports on your rated clients. Your law practice management software should have the ability to setup custom fields. These are a great tool for capturing this data. When you produce the report and are able to separate where your revenue for 2016 came from, you will probably see that 80% of your revenue came from these best clients. But without capturing this data – you will never know.

After looking at your list of “A” rated clients, pick up the phone and call them. Let them know they were/are one of your best clients and you enjoyed working with them. If appropriate, offer to take them out to breakfast in January and set up your first business development meeting for 2017. Also, keep this list in a place where you can review it every week and continually ask yourself “How can I get more clients like these?”

Current Clients are a Potential Source of Income for 2017

For your current clients, who are your source of income for the next few months, do something memorable when sending out their December invoice. Prepare a case summary, outlining and highlighting tasks completed, milestones reached and any upcoming dates and deadlines. This is a way to remind them of the work you have done on their behalf and may make paying the bill a bit easier.

Tip: For estate planning clients, the holidays are the time of year when children are getting engaged and they will have the need to update their estate planning documents. Using your nicely organized client database, run a list of estate planning clients who have children around the age of getting married. In their letters, include a note about your services for young couples.

Is your database not that well organized? Well then, you have a new goal for 2017: start capturing more data about your clients so you can make better strategic decisions. CPN Legal can help you set up processes to capture more data. Give us a call if you’d like to discuss this and prepare for a great start in 2017 for your business.


 

Peggy and Chris Gruenke are co-owners of CPN Legal, a company whose mission is to help solo and small-firm lawyers build better businesses. Peggy is active in the ABA GPSolo Division, where she heads the technology committee and is vice-chair of the national conference committee. Follow her on Twitter @PeggyGruenke.