Missed Potential Client Calls Cost Law Firms Real Money: An Example
Missing a potential client’s phone call can be quite expensive. That fact has been discussed previously in more abstract terms. This article will provide a more concrete example, using a law firm to illustrate the point.
Imagine that a potential client is calling with a case that would earn the firm $5,000 in revenue (the case could be a minor car accident, a criminal defense case, a divorce case, a worker’s compensation case, etc.) That potential client represents an advertising investment of $100 (dividing the firm’s advertising budget for the month by the number of potential clients that respond to the advertising). Like many such potential clients, our potential client here feel a sense of urgency when they choose to seek representation. and may end up calling at a time when the law firm is closed. After getting voicemail, the potential client moves on to another firm.
The net result in that scenario is the law firm loses $5,000 of income, and also wasted $100 of advertising money. The firm also lost the opportunity to build a relationship with that client such that the client would come back for future legal services, likely costing the firm future revenue.
In that example, the law firm could have spent under $2 on virtual reception services to realize thousands of dollars of income. While it is true that not every potential client call will lead to an actual client that generates thousands of dollars of revenue, the low per-cost call from our virtual receptionist service makes it highly cost-effective.