Do you know what your closure rates are? When a potential client comes in for a meeting, do you know the likelihood that he or she will end up becoming an actual client? If you do not know what your closure rates are, now is the time to start diving in to a better understanding of what they are and why they are at that level.
Examining closure rates can be frustrating. It can be hard to tackle. When we look at our closure rates intentionally, however, and try to understand what made people move forward or not move forward, that provides a critical opportunity for a tremendous amount of growth in your firm. It is a place to be curious. Instead of judging yourself, let yourself learn and find a way to grow.
You may be holding yourself back because you have a difficult time quoting fees. You may struggle with discussing what needs to be done with a client. You may have the wrong support staff in place to achieve your goals. All of these things need to be a part of this process. You need to understand why you do not have a 80 to 90 percent closure rate at all times. You need to understand why you do have a 100 percent closure, or a ten percent closure. The number, no matter what it is, serves as a starting point.
It is by taking time to evaluate your practice, things like this, that we are able to improve and to be sustainable for the long term. For example, if your inquiries result in learning that most of your clients are not ready to move forward at the time of signing, you need to have a process in place to follow up with the potential client. This way you can avoid losing a client due to inaction or lack of follow-up. You know what you need to do. You can watch success happen as you formulate the process you need and track your progress. You can make time to continually check in with your both new process and your current closure rate to what the magic happen.
Yes, tracking closure rates can be frustrating. It can seem to be just one more thing on your ever-growing to-do list. There is, however, value in knowing your closure rates and having a plan in place to address and improve them. This can be an integral part of growing your firm and setting it up for a sustainable and successful future. While it may seem outside of your attorney expertise, our team is here to assist. Get in touch with us to find out more about how our expert attorney law practice management coaches can step in and help you get the results you want for your firm.
