Scaling up your law firm, quickly growing a firm isn’t easy, but if you’re ready to expand and want to do it fast, there are key forces that will help you make it happen.
For many lawyers it can be difficult to know where to start—Questions such as –
are of immense importance.
The right answers on carving out a legal niche can be a powerful way to differentiate your law firm from the competition.
To scale effectively, these areas of your law firm deserve some attention and evaluation, with a clear plan of what can be improved and a strategy for going forward. By combining these forces together, your firm will develop efficiencies, resulting in a lean practice that’s designed to scale.
Most lawyers can rattle off several potential benefits to growing their law firms—from financial reasons to a greater sense of professional accomplishment and satisfaction.
Many lawyers would rightly say that you need to grow your clientele to grow your firm. But it’s not just about taking on more clients—other elements need tending, too.
A quick evaluation on some key factors such as:
Operations: with processes that can easily be duplicated as you hire more employees will help to cut down the time spent on administrative tasks and focus on billable hours while keeping client satisfaction and profits high.
Finances: will set the foundation to ensure your success is meant for the long-term. To make sure your cash flow is set up to support your plan, you’ll want to evaluate key data points and reports.
Marketing: will bring in more clients especially if you want to have it happen at your pace rather than through organic referrals. Not only should you have a strategy in place in accordance with your rules of professional conduct but you should also be evaluating your pricing to see if it’s competitive.
Sales: means keeping them busy to allow for a consistent flow of new business coming in the door, which includes converting leads into clients.
Human Resources: at the center of a firm’s progress is paramount to the day-to-day operations running smoothly, making items like employee recruitment and retention critical factors when scaling.
Lest we forget, a key ingredient for growing your law firm is removing yourself from some of the firm’s processes. Because if you’re going to take on more work, then someone else needs to take on what you’ve been doing.
Investing time into finding the right staff and leveraging metrics will all help you effectively scale your firm.