Managing a small law firm is no easy task, and it's even more complicated if you don't have experience doing it. While law school probably taught you how to practice law effectively, it probably didn't teach you how to run a law firm successfully.
You'll have to think not just as a lawyer but as a business manager if you want to get your law firm off the ground. That means you'll have to deal with many things besides your legal practice. For example, you'll have to manage your firm’s financial, administrative and ethical side if you want to keep the business going.
However, even though it's a complicated task, it's by no means impossible. If you’re willing to invest the time, work, and money necessary to make it happen, you will likely achieve your business goals sooner rather than later.
Here are five tips to help you along the way to turn your law firm into a successful business.
Your law firm is only as good as your people. One of your main management goals should be to hire talented professionals with a varied skill set who can handle many different tasks. Since your team will be limited, your employees may have to wear many hats to complete all the necessary duties to keep your law firm running.
An effective way to find potential team members is through referrals from your current employees or other experienced attorneys. Also, you may want to consider hiring third-party consultants like those at Beacon Legal if you need extra help with administrative or billing work.
The days of the phone book are now long gone. Today, every lawyer should learn how to do digital marketing if they want their law firm to find success.
To stay competitive in the digital landscape, there are several things you must keep in mind:
Finally, digital marketing is a time-consuming task that requires a lot of specialized knowledge. Therefore, you may want to consider hiring an expert to get the results you are looking for.
According to a 2010 study by the University of Oregon, more than 64% of entrepreneurs with a business plan were able to grow their businesses. As you may know, this trend also applies to law firms. Therefore, you should devise a growth strategy that helps you achieve your business goals effectively.
You should consider elements such as your mission and vision, an executive summary, market analysis, financial projections, client acquisition strategies, and long-term marketing efforts within your plan.
Did you know that more than 35% of potential client calls law firms receive go unanswered? Instead, they go straight to voicemail or receive some kind of automated response. Some law firms don't pay enough attention to these sorts of details and lose numerous clients as a result.
Don't make the same mistake. Focus on making sure your clients' experience working with your law firm is as seamless as possible. Answering every call, responding to every email, and keeping your clients updated at all times will go a long way in increasing the prestige and reputation of your law firm.
Finally, a law firm CRM software can help you simplify many of the most time-consuming tasks, so you can spend more time providing effective legal solutions for your clients.
A great CRM software should provide a file management system that helps you organize your documents in one place, should simplify the way you talk to and update your clients, and should even help you organize your tasks effectively.
Now that you know 5 of the most critical factors for successfully managing a small law firm, you can now implement them and grow your business like never before.