IF YOU WANT TO GROW YOUR LAW PRACTICE quickly (and sustainably) from a solo to a high-revenue-generating law firm, take these seven actions immediately.
- Work your fastest path to cash AND long-term strategy. It’s not enough to focus solely on the fast cash. Collect the low hanging fruit and, simultaneously, create and implement a long-term growth strategy for your law firm. Identify your ideal clients, get clear on their most pressing problems, tailor your message to solving that problem, and then go where they hang out (both online and off).
- Set stretch goals for growth. Growth may or may not happen organically for you…for a while. But the bigger you grow, the more likely your growth will slow down unless you set aggressive goals and get laser-focused on achieving them. In creating your law firm growth plan, always set stretch goals—those goals that seem just a little out of reach. You’ll feel fabulous when you follow your plan and do reach them. And, hey, if you fall a bit short, you still are far ahead of where you are now.
- Fall in love with math. Know your numbers inside and out. You’d be surprised how many solo and small law firm attorneys don’t know their critical numbers: gross revenue, expenses, conversion rates, percentage profits and much more. If you do not know your current numbers how can you set goals effectively? Play math games with your numbers. Think about the effect on your business if you make X per month more, or X per week, or X per day. Calculate the average value (in dollars) of your clients. Now, calculate how many new clients you will need to achieve your goals. (These are just some of the math games you can play with your numbers. There are many more you can and should know.)
- Invest in growth. Put your money where your goals are. Expand your team, invest in automation, hire a business coach, a web designer or an expert in search engine optimization and Google advertising. Create a plan for your law firm growth and then be willing to spend a little to gain a lot.
- Measure and analyze everything. There are so many free and built-in analytical tools for your website, your accounting software, your case management software and just about every other piece of technology you use in your practice. Read the analytics, run the reports and study them. See where there are gaps in your data (e.g. perhaps you need to ask during intake how prospects heard about your law firm) and close the gap.
- Adapt to change and take action quickly. The longer you stay stuck in an old mindset and outdated habits, the longer it will take you to achieve your goals. Free your mind. Open yourself to new ideas. Get comfortable being uncomfortable. Staying stuck in “analysis paralysis” will stunt your law firm’s growth. Don’t check your brain at the door, but do learn to analyze quickly and then take decisive action. The more you do it, the better you’ll get at it and the more confident you will feel.
- Accept you do not, and cannot, know everything. Be willing to learn new skills. Lifelong learners tend to be happier. If it’s a skill you have no interest in learning, or one that doesn’t effectively help you meet your law firm growth goals, hire it done. The idea that any one person is the best person for every job required to run your business is ludicrous. Pinching pennies while burning dollars is the surest way shoot your business up in flames.
If you’d like help creating a plan to grow your law firm, regardless of the size it is now, complete this business assessment form and submit it to me today. I will contact you to schedule a complimentary consultation to discuss your particular law firm growth needs and desires.