Incentives That Work
How do you get lawyers to develop business for their firm? As Larry Bodine writes, the answer is to offer incentives that reward lawyers for bringing in new work. In this post at his Law Marketing Blog, Larry Bodine describes an incentive program used by Minnesota law firm Leonard, Street and Deinard. Leonard Street implemented Fast Foward, a program to train 21 attorneys to generate an additional $500,000 in revenue each over two years. Those participants who met the goal received a four-day, three-night trip to any Ritz-Carlton in the United States, including hotel, airfare, meals and paid child care. Thirteen of the participating lawyers won some kind of incentive and generated $8 million additional dollars in fees. And though the program cost $150,000 to run, Bodine calculates a 5,300 percent return on investment.
I'm not sure why this kind of incentive actually works. Let's see -- $500,000 for the firm, a trip worth $5,000 at the absolute maximum for participants. That's about 1 percent of the revenue generated for the firm. Is that all it takes to motivate lawyers to bring in business?
Posted by Carolyn Elefant on December 13, 2006 at 03:25 PM | Permalink
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