Run Your Law Firm As A Business
Among legal experts, there is widespread consensus that the demand for legal services is increasing. Even though demand is high, to truly achieve success there must be a shift in how law firms cultivate their prosperity. If a law firm is seeking to maintain a growing client-base and maximize profits, industry leaders are suggesting a new approach to achieving continued growth: running your law firm “like a business.”
Frank Carone, a leading authority in law firm management, offers this advice to firms looking to maximize revenue: “The skill of rainmaking is one that can be learned and enhanced by following a systematic, methodological, data-driven approach. By identifying, mapping out and following such an approach, law partners can substantially improve their ability to source clients, build revenue and improve their financial prospects in any environment.”
While providing clients with the best service is always the best priority for any firm, partners looking to increase revenue should consider dedicating significant resources to establishing and maintaining the aforementioned business-centered functions. These new functions will allow the firm to increase productivity and generate more revenue.
When developing these new functions with business growth in mind, it is important to use metrics to identify the firm’s strengths and weaknesses. According to Forbes’ Russ Alan Prince, a key consideration for any law firm manager should be which metrics to use and when. Click here for more: https://www.forbes.com/sites/russalanprince/2018/01/29/how-to-dramatically-increase-law-firm-profitability-by-running-the-firm-as-a-business/#2327c9532bd6
Gaining an understanding of which practice areas are lucrative and why is very powerful. Combining that understanding with the firm’s unique culture and vision provides the tools to map out a bright and rewarding future.
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