Taking Your Law Firm From Infancy to Maturity

Uncategorized Apr 30, 2019

Your law firm is like a baby going through the different stages it has to go through in order to be an adult.

At each stage the child needs to learn specific lessons to mature through each stage through adulthood.

 

When you first start your law firm you have to take those baby steps (the basic necessities) first, otherwise it’s like you are a newborn trying to be an adult. At each stage there is a different lever you can use to complete that stage and move on to the next one.

 

Startup stage

  1. Need to learn how to sell. You don’t need anything fancy. You just have to figure out how to get someone who needs an attorney
  2. How to price your services
  3. How to deliver on the service you promised

These decisions can change. You just need to start with something.

In this stage you’ll access the lever of time. Make the most of your time and learn to use it well. All these things take time and now is when you need to master it.

 

Profitable stage

  1. You need to repeat this process with clients until you make enough for you to survive on.
  2. Balance workloads (which is a lot when it’s just you).
  • Admin work, client work, marketing work, etc.
  1. You will also start to learn what it is exactly that you enjoy. Which tasks excite you, what type of clients or cases you want to work with

This should direct you in the direction you take your firm

  1. Manage cash

Not everything you make goes to you. You have to figure out all your expenses so you know where to delegate the money

 

There are two levers here:

Leverage of pricing- When you reach full capacity it’s time to raise the pricing. It is limited, so it will max out at some point.

Leverage of packaging - You can package services differently. Give a package price instead of per hour - that removes risk for client because they don’t know how long it takes. When you know how your firm runs and how long it will take then it’s not really a risk for you either. You end up making more money per client.

 

Full capacity stage

You reach this stage when you get busy/full. You’re working more hours than you like. This is when you’ll realize you need help.

Manage time

Identify where you need help and then you have to learn to find the right people who  form a great team.

 

Think about seeking repeatable marketing/sales systems. Until now most of your clients have probably come from referrals and you can continue just using referrals. However, this is when you may start thinking about different marketing strategies.

This will help you create predictability since you will have more control over it than you do with referrals.

 

Scale stage

This is a broad stage, like adulthood.

Make everything you do repeatable so clients get the same awesome experience. You also want new employees to have a smooth transition into working with your team.



Scale is where you become a leader. In this stage you will inspire your team. You’ll realize that you not only have an impact on your clients, but on your team as well.

By hiring staff and creating a team, you will save time since they will do some of your work. By saving time you are able to bring in more clients and more clients means more money.

 

All the levers in the previous stages are small levers.

The biggest lever is in scale - Team Creation. In scale you have the ability to build a team and to inspire them. all of the levers will be amplified if there is a good team behind it. In this stage you have to learn how to hire the right people, people who will stand by your mission. How to train them so they are inspired and efficient in the work they’re doing.

People are more capable than they think they are, so you have to help them tap into their abilities and show them how much they can truly achieve.

 

You can’t skip to this step, but you can begin to understand the importance of a team. In scale when you create a good team you can have a future where clients, sales, and marketing are all handled by staff and all you have to do is oversee everything and make sure things are running smoothly.





Resources:

 

Episode 007

https://www.profitwithlaw.com/blog/Growing-Your-Law-Firm-Through-Hiring%20and-Marketing

Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.