Lost Leads, Explained
I had never met a lawyer until I became a college student. Maybe it was my humble beginnings or just subconsciously tuning out people who wore suits, but I never really knew much about the legal profession. I just assumed that it was boring work, dealing with papers and stamps or topics like liability and statutes. The one exception, in my mind, were the lawyers on shows like Law and Order or Drop Dead Diva. Those television programs always had exciting courtroom action, with dramatic revelations and plot twists for days.
Recently, though, I have become more interested in the legal profession; there is something to be said about fighting for justice. And even for lawyers or paralegals who do not fight for justice, there is something to be said about earning a living by using your brain! I definitely think that being a lawyer and even dealing with “boring” topics is something I could see myself doing in the future.
However, practicing law is a whole business in itself. As I said, I have not given the idea of law much thought in my life, but I recently found through research the different aspects of a business that lawyers must deal with in order to make a living. One issue is “lost leads.” Lost leads are potential clients that a law firm introduced themselves to, but business never came to fruition.
Potential clients can include a client that was interested in the firm being placed on retainer but never followed up for some reason. Another “potential client” could be a party with a specific suit in mind that is not relatively time sensitive; if they have not already contracted another firm, they are a lost lead that could come back to the firm if someone reaches out to them. There are other types of clients that could be considered “lost leads,” but the term fundamentally comes down to a client that is reachable but was not acquired.
People involved in the legal business are smart cookies, so the fact that there are companies dedicated to improving law firms or increasing client retention came to no surprise after I started researching issues like lost leads, one business brands themselves as legal conversion experts because they are so talented at taking potential clients, lost leads, or other forms of business for a law firm, and converting them into successful customers. Their website’s testimonials speak for itself, so I trust that they are experts!
Entire businesses, like the aforementioned experts, are built around helping lawyers — often by people without a law degree! They are just talented at building out business for law firms through being contracted out to answer a firm’s phone calls, speaking with clients in other languages, and scheduling casework. Other marketing work, or activities related to earning more customers, including responding to potentially interested customers from web advertising or cold calls.