Mitigating the risk of a one-client practice

Many barristers work on one case at a time. If that sounds like you, it’s worth adopting a marketing strategy that routinely lines up the next client.

The one-client scenario

My friend Sam called last week to tell me that her employer had put all staff on notice of redundancy.  It was something of a shock.

Company A, the marketing agency where Sam works, had worked for Client X for five years. Client X appointed a new CEO, who hired Company B to implement the new marketing strategy.  Client X terminated Company A’s contract with immediate effect.

If you work with one client at a time, you’re working at the same risk.

The risks of relying on one source of income.

Company A relied on Client X for 90% of its revenues. Losing a single contract led directly and immediately to the closure of the company.  It could have been avoided easily.

Company A could have diversified their client base, so that when Client X exited, the income from Clients Y and Z would have seen Company A through.

When you rely on a single client for your income, you are exposing yourself unnecessarily to commercial risk. Maintaining strong a pipeline is your best mitigation strategy.

The little-and-often marketing strategy

As a self-employed barrister, you have the opportunity to work on as many instructions as you have time available.  You don’t need hundreds of clients, but you do need a steady flow coming into your practice.

To create a steady flow of clients, adopt a little-and-often marketing strategy.

A little-and-often strategy

• keeps you on the radar of potential clients when you’re working on a single matter
• reduces the risk of long quiet periods when a succession of cases settle early
• means never having to cold-call a solicitor to ask whether she needs your services

Little-and-often communicates business-as-usual. Lots-but-occasionally communicates I need more work.

How to get started

To get started with little-and-often marketing, follow these steps:

1.            Choose a time (first Tuesdays at 08.30)

2.            Choose your channel (email)

3.            Choose your audience (recent clients, last 12 months)

4.            Decide how to add value (send your analysis of a recent judgment)

5.            Implement steps 1 – 4

Getting help

If you’d like to talk through your little-and-often marketing strategy, book a no-charge 15-minute call with me here.

By Heidi Smith
Creator of Jurilogical.com