In mass tort law, more so than in any other type of law, just one lost lead could have a huge impact on the firm as a whole. Losing even one lead can mean lost revenue, lower marketing ROI and missed opportunities to drive business growth.
Mass tort marketing leads can cost a few hundred dollars to a few thousand dollars each, but for mass tort areas like Xarelto or IVC filters, for example, settlements can range from $100,000 to $500,000. Because of the value of mass tort lead conversion, law firms invest millions every year in mass tort marketing campaigns to bring new leads into their firms.
The ultimate goal, however, is to capture every lead and provide a smooth, effective intake process. This stops the client shopping process and turns mass tort leads into paying clients that can translate into big payoffs for your law firm.
So, why are firms losing mass tort leads to the competition anyway? Consider these reasons:
1. Not Responding Quickly
If you're not responsive 24 hours per day, 7 days per week, there’s a good chance you will lose some leads. According to a study conducted by Harvard Business Review, firms that made contact with prospects within an hour of receiving a query were nearly seven times more likely to qualify the lead than those that tried to contact them even one hour later.
To avoid losing leads, aim to provide a live response within three rings, with minimal hold times. When that’s not possible, be sure to respond to all queries within an hour of receiving them to keep leads from contacting other firms.
2. Not Adding Off-Hours Support
This is another way every incoming lead receives a prompt response. Mass tort leads can come in at any hour or day, and you should have a solution in place to take in calls after business hours, on weekends and holidays. You may even consider hiring a legal services call center that can provide around-the-clock coverage to ensure you capture every new lead.
3. Staff Aren’t Trained for Intake
Your staff may be great customer service personnel, but are they knowledgeable at handling intake? Intake specialists should have expert training to build trust and rapport using active listening techniques. In addition, they should have empathy, call control knowledge and be able to rattle off legal terminology to build client confidence. In doing this, prospects have a superior call-in experience, motivating them to sign on as a client in your law firm.
4. Not Signing Leads Immediately
Once leads are acquired and qualified, the goal should be to sign them immediately. To achieve this, contracts should be sent via text or email using e-sign. In doing this, they can be signed without breaking initial contact, thus increasing the chances of conversion. Understand that this must be done utilizing secure contract delivery methods to protect client information.
5. Not Outlining the Next Steps
After an initial conversation, you should provide clear next steps for the client in order to stop the shopping process. The next step is to set a follow-up appointment or sign a fee agreement. Whatever it may be, make sure the potential client understands what to expect and is prepared to act on that next step in the process. Doing this can lead to increased conversions for your firm.
As you know, losing mass tort leads to the competition is a double loss—not only do you lose the benefits, but your competition gains them. Optimize your client intake process to assure that you are not making any of the mistakes listed above and that you can convert every mass tort lead into a paying client.