BANKRUPTCY LEADS FOR LAWYERS: 5 Keys to Retaining More Prospects
Here are five ways your firm can improve your conversion rate on bankruptcy leads based on our experience working with law firms across the U.S. At LeadQ, our primary mission is to generate qualified bankruptcy leads for lawyers that convert into retained clients at the highest rate possible.
1. Always answer the phone; don’t let any calls go to voicemail
Even if your firm does not have a receptionist, never let incoming phone calls go to voicemail. Rather than leaving you a message, callers seeking an initial consultation will often hang up and call a competitor instead.
Additionally, it’s always best to do your consult in person, rather than via phone when the prospect initially calls your firm. Keep the call brief and set a consult appointment at the earliest date and time possible. Phone consults leave the door open for prospects to continue shopping around.
2. Target your marketing to areas close to your office
Bankruptcy prospects who contact your firm sometimes do not realize how far away your office actually is from their location. After initially setting an appointment, they may decide the travel distance to your office is too far away, even for a free consult. The closer a prospect lives to your office, the greater the chances are that he’ll show up.
We’ve also seen a greater number of appointment “no shows” from prospects located in very low income zip codes. Therefore, we try to avoid generating bankruptcy leads for lawyers from these areas, no matter how close they are to a firm’s office.
3. Accept a low down payment to retain the firm
When you accept an initial down payment, you effectively prevent the prospect from further shopping around. Requiring a large fee or retainer upfront sets a potential roadblock to retaining the client. Of course the prospect will still need to pay for your legal services in full before you can file his Chapter 7 case. But once you accept an initial payment, the client is yours.
4. Don’t require a prospect to bring a completed questionnaire to his initial appointment
This is akin to asking a prospect to do homework prior to your first opportunity to sell him on choosing your firm. If he fails to do the homework, he’ll often avoid showing up unprepared and cancel the appointment.
Instead, complete the questionnaire together during your consultation. When you’re meeting bankruptcy leads for lawyers face-to-face, it’s much easier for the prospect to commit to keeping the process going by retaining your law firm on the spot.
5. Make a personal connection with the client
The old sales axiom “people buy from people they like” is true with legal services too. Many bankruptcy leads for lawyers will talk to more than one attorney before making a decision on which firm to retain. Show compassion for them personally and that you can genuinely help them with their situation — rather than simply being professional and straight-forward (which may be interpreted as “aloof”) and they’ll choose to hire you every time.