The Price Of The Relationship Management System

Have you ever gone to a restaurant where there were no prices on the menu?  I’m told that if you have to ask the price, you probably can’t afford to eat there.  Really?  In my world, I always want to know the price before I commit to anything.

Perhaps this is why I see so many member firms hesitating with implementing a Relationship Management System (“RMS”).  It’s possible that we haven’t been clear about the cost of implementing such a system.

It’s 12 hours a week.

That’s right.  Six hours from an attorney, and six hours on the administrative side.  That covers two RMS meetings a week for the attorney (including travel time), plus the time needed for a couple of phone calls, plus the hourly marketing meeting.  A minimum of six hours a week from a Professional Services Coordinator (“PSC”)  in which to identify and qualify potential partners, make introductory phone calls, schedule meetings, follow-up after meetings, track results and attend a weekly marketing meeting.

Sounds fairly simple, doesn’t it?  And it is!  So why do so many members either procrastinate the implementation of an RMS process, or sabotage what they accomplished in the past by not following up? 

Let’s look at the minimum requirements for a successful RMS.

1. Absolute dedication on part of the attorney to 6 hours a week and building this into his/her time template;
2. Absolute dedication on part of the Professional Services Coordinator to 6 hours a week and building this into his/her time template;
3. A weekly marketing/RMS meeting that is never hijacked;
4. A start date 3-4 weeks in the future;
5. Determine which type of professional your firm should focus on at first – either financial advisors or other law firms that do not practice elder law/estate planning are an excellent starting place;
6. Identify those professionals within a certain mile radius of your office(s);
7. Dig a little deeper to determine their credentials and experience;
8. Create a list (Excel, anyone?) listing their name, company name, credentials, address, phone number, email, assistant’s name and distance from your office.  Depending upon the number of professionals you identify, either increase or decrease your radius around your office until you have 20-30 names.
9. Review the list together and identify any professionals whom you’ve already met or worked with.  You will approach them a bit differently.  Rank each name according to distance from the office and level of experience or credentials.  Someone at the limit of your geographic radius with little experience would receive the lowest ranking.
10. Starting with your lowest ranking prospects, begin making introductory calls.  Suggested scripts can be found on the LWP website if your PSC is inexperienced in making such calls.
11. Schedule 2 meetings per week on the attorney’s calendar, starting 3-4 weeks into the future and continue until you have scheduled a full month.  Thereafter, continue to schedule at least one month out.
12. Watch the LWP webinar on using the RMS focusers.
13. Watch the LWP webinar on getting the financial advisors to do their homework.
14. The attorney should study the Synergy meeting outline and watch the Synergy meeting videos.
15. The CSC should prepare the introductory materials that the attorney will take to the Synergy meeting.
16. Follow up … follow up … follow up!

Remember that an RMS process should always be implemented with consistent attention.  Starting a process, making promises, and then failing to follow up on those promises will not only damage your firm's reputation but your firm's consistent referral stream as well.  We tell attorneys all the time, "You work so hard to get your phone to ring in the first place. You work so hard to get a referral in the door - nurturing and consistent touches to your referral sources are crucial. The key is giving your RMS system dedicated, consistent time."

If you have any questions or would like additional assistance in implementing your own RMS Process, please let me know.  You can reach me at [email protected].

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Nedra Catale - Coaching, Consulting & Implementation, Lawyers With Purpose