Will your law firms BRAND die with you or last forever?

Unlike you and me, a well managed law practice can live (nearly) forever. The sad fact is that 90% of the law firms out there ignore this fact.

 If your online legal practice provides you with a steady flow of income, it is not just a job or website, it is a valuable asset.  Your online business may in fact, be your most valuable asset you have in life. If your business provides you with $100,000 in annual income that is equivalent to owning over $3 million in U.S. treasury notes paying 3.3%.

 Do you treat your law firms brand with the respect that it deserves?

 A common strategic error is in law firm brand name creation. Your brand is something that can be buried in the grave with you, or it can be passed on to your family as a valuable asset. The choice is yours!  One of the biggest mistakes folks make online is the first thing they do. They name their business / website after themselves and instantly sabotage the businesses long term asset value. With all due respect, one of the biggest offenders of this are law firms and their websites.

 After you are pushing up daisies, the website your “JoeSmithLawFirm.com” only has a minor interest from a few Joe Smith attorneys who don’t already have a website. This brands long term value is nearly worthless. Are you wasting money by investing in short term assets?

 Conversely, if Joe Smith (a probate lawyer) owned the domain name www.ProbateLawyer.org or www.EstatePlanningAttorneys.org his family might have decent poker hand when a large national law firm wants to expand into the probate or estate planning practice areas.

 It’s true that no one knows how the internet or Google may evolve and influence online asset values. But what we do know is that the internet is growing 25% to 50% a year in use and most companies are “way behind the curve” in investing in online assets.

 If your business owns online assets (a website or service platform) then it already has some pretty strong asset value characteristics: low incremental costs, high margins and technology based pipeline of revenues.  If a website receives a healthy amount of traffic, then it has value. That “value” needs to be preserved and realized.

  For me, I would rather bequeath to my children a few great brand name domain names and high volume niche websites than a lump of gold or a government bond (i.e., monopoly money). A $9 domain name and some hard work on a website may go a long way in the future.

 Try not to screw up this potential opportunity for your kids and grand kids.

 Want advice and consultation of online asset building? Call us at 813 944-3190. (initial analysis and consultation is $99).