7 Keys to Running a Law Firm as a Successful Business
~by Lizzie Weakley~
Some lawyers go into practice as good negotiators but not good leaders. If you run a law firm, you must have the same leadership qualities needed to run any business.
Review these 7 ways to handle the day-to-day running of a law firm.
Think about running a law firm like you would run any business. Develop basic management skills that include reporting company data and solving day-to-day problems. A lawyer must be a superior communicator to deal with many different types of clients, lawyers and other professionals.
2. Track Finances
Before you start the firm, pinpoint the legal areas that bring in sufficient profits. If the money flow is not coming in, one reason might be that few people need your legal expertise. Manage a financial plan using analytics software to keep track of monthly cash flow, expenditures, savings and profits.
3. Reach Your Audiences
Reach your legal audience using a website, blog or other digital marketing technique. Through professional expertise, stay up to date on current marketing trends from social media to mobile phone advertising. Find digital marketers who have worked with similar law firms to reach customers like yours.
4. Promote Continuing Education
The two main types of education for professionals are general and continuing. Continuing education is necessary in a world where laws change regularly based on changing economic needs or social values. Professionals will find hundreds of education law programs available online, in the classroom or both.
5. Monitor the Employees
Most employees at a law firm are disciplined, self-sufficient and dedicated to their jobs. However, there may be a few people who perform poorly due to lack of expertise or enthusiasm. Their shortcomings turn into poor results and declining profits for the entire company. Monitor the productivity rates of employees and know how much financial value they bring to the firm.
6. Implement a Referral System
In every business and industry, it works to maintain a referral system. Lawyers work harder to find new clients for the firm if this system is put to place.
7. Hold Employee Assessments
The main task of any business is to choose the right employees. Once you hire them, conduct regular assessments to see if their skills are up to speed.
As the owner and manager of a law firm, you set an example for other lawyers, clients and members of your community. Create a company that keeps the clients flowing in and maintains referrals to others in need of your legal help.
Lizzie is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky, Snowball.