Increase the Value of your Personal Injury Law Firm with FIT
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Get the most value from your largest asset – your law firm – using the principles of Focus, Individual Strengths, and Technology. (The power of predictable law firm lead generation.) http://www.chamberspivot.com/teleseminar-increasing-the-value-of-your-law-firm/
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Increase the Value of your Personal Injury Law Firm with FIT
- 1. Increasing the Value of Your Law Firm With FIT A framework for getting the most value from your firm at exit Chambers Pivot Industries Presents:
- 2. Perception $2? $3? $5? $10? What changed? Why 2-5X more? PERCEPTION $0.00 – no need? $1.57 a pack? $2.00?
- 3. The Big Idea
- 4. The Big Idea
- 5. Who this is for
- 6. What you’ll walk out with • How law firms are valued • Ideas on how to increase that value • An example to consider
- 7. How firms are valued
- 9. What can we Impact?
- 17. Strong Vision Long-term commitment vs. Short-term commitment LT outperformed ST by 400% -via The Talent Code
- 18. System based on Strengths Character strengths use at work is connected to productivity. . . -from VIA Institute
- 19. Technology to Lock Change in Place
- 21. The Example 3-yr ave Revenue: $380,000 Assets on hand: $ 65,000 Goodwill: $100,000 Multiplier: X 0.75 X 1.00 X 0.50 Revenue: $285,000 Assets: $ 65,000 Goodwill: $ 50,000_______________ $400,000 3-yr ave Revenue: $480,000 Assets on hand: $ 65,000 Goodwill: $100,000 Multiplier: X 1.00 X 1.00 X 1.50 Revenue: $480,000 Assets: $ 65,000 Goodwill: $150,000_______________ $695,000 3-yr investment of $180,000 on lead generation system provided: - $300,000 in new revenue - $295,000 increased asset value - Increased comfort from new partner, banking relationship, financial advisor. Direction firm was headed prior to partial exit opportunity. - Unsteady revenue - No story behind asset valuation - High level of discomfort from partner, banks, and financial advisors, “Why can’t you just do this yourself?”
- 22. It’s Replicable • We weren’t looking for added asset value when we started. You can. • The principles of our effective lead generation followed best practices from other industries. • Looking back, we could have done more knowing what we know today.
- 23. Resources for you You will get these sent to you in the next 12-24 hours: • Subscribe to the Greg’s Right FIT newsletter for weekly ideas • Get copies of my booklet, AMALGAMATE, a bi-annual publication focused on new business development. • Take a quick Firm Value assessment. • My article on perception and value.
- 24. Schedule time with Greg Get results faster with my help. Schedule a call. 30 minutes, Skype or phone. Fill out an assessment and we’ll talk about next steps, no charge. The call is 100% focused on answering questions about applying these ideas to your firm in your market.
- 25. Thank you Greg Chambers El Presidente Chambers Pivot Industries, LLC pivot@chamberspivot.com 402-709-9962
Notas do Editor
- These are the parts – the lens we operate in is “how reliable is this going to be in the future?” That, my friends is perception
- If value is based on revenue – we want that go up and we want that to be something that stays up. A big case, a big project, a big client that just showed up, those are not reliable future revenues.
- The lower the cost of sales, that adds to value. If we can see places to reduce the cost of sales, that’s bottom line profit
- Using that reliability of future lens, assets don’t really change. They just get compared to what you’d need to spend today on your own. New desk, $2500,, your used desk, $750 – we’ll use 1X
- Goodwill is that nebulous thing – the established reputation of a firm. I’m going to focus here because there’s a way to increase your reputation – brand value – and have it impact your revenue. Goodwill and branding definitions are very similar in this manner – a perception thing.
- We’ll do this via a lead generation process. It will do 3 things for us – it will help in driving new revenue, it will help us manage the cost of sales down, and it will increase the brand value because it will systematically communicate your value to the marketplace over time.
- So what follows is a primer on what you need to do for an effective lead generation process for a law firm
- See what we’ve done here? We’ve created a process where a guarantee of future revenues can be transferred to a buyer – the scariest part of the transaction. Will tomorrow look like today when things have changed? With a reliable, predictable, new business generation system in place, the answer becomes “yes” and the values go up. Let’s look at an example