Many lawyers ask me how to grow a law firm. This is usually after they’ve responded to one of my phone calls or emails. Generally speaking, lawyers just aren’t LOOKING for advice about how to grow their law firm.
There is a clear winner relative to growing a law firm. Scaling up a law firm fast means automating tasks that can be automated. I don’t like saying this, but it’s the reason why #BigLaw is shifting rudimentary legal tasks overseas to lawyers and paralegals who were trained in the United States but living in, say, China. I don’t like it, but it’s a reality in many businesses, not just law firms. The lesson here is to create efficiency in your law firm, whether you’re a solo attorney or a ten lawyer firm.
If you take a look at how firms of varying sizes ramp up to seven figures, you’ll see one thing in common. They specialize. They Focus. Kind of like the Physician that decides she wants to handle ONE type of surgery and nothing else. She doesn’t operate every day, but when she does, her charges are much more than a general surgeon and the insurance companies KNOW she’s a specialist and they pay without issue. It’s similar in the law. But the difference is, because your fellow attorneys KNOW you specialize in X type of law, everyone sends you the specific case that’s your specialty. You’re the “go to” guy regarding X law. Everyone in your city or county knows it and word has even spread around the state. You’re the expert in X law.
What does specializing in a niche practice do for you? Your law firm starts to “automate” the case management process because you know where the issues or nuances are in the law that make a difference in getting your clients a good result. You guard against issues that could harm your clients. In fact, your paralegals may have more knowledge if the law and motion practice than other lawyers in your city relative to X law. Your law firm processes flow smoothly. There’s confidence in your office. New clients feel it. The good reviews on https://www.avvo.com/ show you that what you’re doing in your law firm is bringing good results that brings you more new clients.
What your law firm is doing is repeatable if you wanted to start a second, or third law office. In your last law firm management meeting, you talked about offering a “package” of legal services for new clients that would be highly profitable for you and welcomed by new clients. Some clients have asked for offerings that you didn’t have available for them. Now you’re thinking like a business person that wants to increase revenue and profits. You didn’t notice it, but two months ago your firm went over the $1,000,000 mark in law firm revenue. But you just didn’t go over the one million dollars number, the revenue is actually $1,300,000 for the year and it’s only August.
Good things are happening. Your receptionist is getting overworked. Incoming calls have definitely increased over the past few months. You’re starting to turn away clients to newly found friendly firms and they’re returning the favor by bringing you more high revenue clients that you specialize in.
When life is good, life is good.
We help law firms scale up and increase revenue fast. Call us at 786-588-3673 anytime to make an appointment to discuss how we can help you. There are a handful of items we can do for you that make sense based on the numbers.