It is tough to establish and run a law firm, but the real challenge is to expand it in a market with so much competition. Amongst the challenges that impede growth are the costs of establishing a law firm, acquiring new clients, competing with other law firms, and having no time to focus on financial aspects. These challenges can become quite overwhelming. Hence, law firm growth becomes stagnant. In order to overcome these obstacles and to ensure successful growth and progress, some proactive measures and a well-thought-out plan are required.
The law firm’s growth will bring in more clients, meet the growing demands, generate more revenue, and outperform competing law firms. The following suggestions will help you scale your law firm and ensure steady progress.
- Prioritize and Delegate
Every day, numerous routine tasks must be completed and will consume a significant amount of your valuable time. Meaningless and mundane tasks will only take up your time and hinder the firm’s growth. Keep in mind that you do not have to do everything yourself. With limited time available each day, prioritize the most important and profitable activities. Go for those you can do best and will be most profitable for the firm.
Choose the appropriate team members for the remaining tasks. Choose someone with a good skill set so that they do not require constant supervision.
- Use Tech and AI to your benefit
Using the appropriate technology will help save the time and energy of the team. For instance, using a CLE tracker will actively keep track of the CLE credits of your team and also keep them informed about new practice areas without anyone having to do it manually.
Your law firm must be efficient to avoid wasting time and resources and create a positive environment for clients and employees. Using specific and relevant software can provide organized storage, easy access to documents, better analysis, and smart management. Using appropriate tech leads to faster growth.
- Focus on the Billable Tasks
The efficacy and growth of any law firm depends on the number of billable tasks completed each day. Lawyers and attorneys must also provide legal services while accomplishing administrative tasks. Sometimes more office management takes precedence over the clients’ work.
It is important to track the tasks of all the team members and categorize them, such as billable, nonbillable, routine tasks, etc. The main focus for most of the day should be on billable tasks. As for extra and time-consuming management tasks, some appropriate action can be taken. A few options are discussed in this article.
- Get an Efficient Team
Growing a law firm is difficult without the right people to rely on. Hire a team that can support the company as it grows, understand its responsibilities, and prioritizes productivity.
When putting together a good team, ensure you have the right person and number of people for each task. Hiring too many may result in financial burden, while hiring too few may result in increased workload, burnout, and eventually lower firm productivity. They should have the appropriate skill set required for the tasks and be well aware of their duties. Members who need constant guidance and monitoring will only be a hindrance to the growth of the firm.
- Use External Vendors
Hiring full-time employees aren’t the only way to support your growth. Legal process outsourcing is a method of delegating tasks (such as document review, scanning, and non-substantive court appearances) to people other than your staff, such as experts, freelance lawyers, or other qualified professionals. Why not ease yourself and trust a professional?
Hiring outside vendors for such tasks is advantageous in two ways. Firstly, if your company is small, you do not need to hire and manage those employees. Secondly, it relieves your firm of the burden, allowing you to focus on taking on more cases and clients.
- Build your Brand
You need to make a lasting mark with so many competitive law firms in the market. More clients are required for the growth of your practice. Consider several marketing tips to help your business grow. As mentioned earlier, one way to do this is by hiring capable staff. That will lead to satisfied clients, and their word of mouth will advocate for your ability in the market.
But that is not enough for the growth of your firm. To reach your potential client, you must build an effective marketing strategy and invest in it. In today’s world, blogs, SEO content, and other digital marketing components are the best way to promote your brand and reach your target audience.
Another way to be prominent in the market is by being actively present in the community. Attend conferences and charities, and support different legal causes so you will be among the known names and become more reachable when the need arises.
As mentioned earlier, starting a law firm might not be difficult. However, you must devise appropriate strategies to ensure your law firm can compete in the market. Hopefully, this article has helped you take significant steps towards the growth of your law firm.