Episode 01 – Two Ways to Grow Your Law Firm

There are only two ways to effectively grow your law firm, and only one of them create value to the partners:

  • Lateral hires: recruiting partners from other firms
  • Word of Mouth Marketing

Data shows that lateral hires are a difficult long-term strategy for growing your firm. 83% of mergers don’t increase shareholder value, and, 47% of laterals don’t make it five years with their new firm, which is usually about the length of time needed for a lateral hire to cross over the recruiting and compensation-above-contribution line into positive territory.

By contrast, word of mouth is a far better long term strategy because it focuses on amplifying the effect of your word of mouth through your audience that you own and control

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Bill Bice

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Erin Barrio

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