For success in any venture, it’s important that you have the necessary skill set ...as well as the determination and motivation to put in the hard work to achieve that success. This holds just as true for law firms too.
What makes a law firm successful can be achieved in a variety of ways. So we’ve outlined some of the characteristics found commonly in highly successful law firms. But first, here’s the quick answer to get you moving.
What makes a law firm successful? To run a successful law practice, you should focus on time management, business planning, making full use of technology, embracing community, and diversity. Combined with networking and providing your best talent with a supportive working environment. Stand out with your services and quality.
Now that we’ve seen the quick answer, let’s dive into more detail on the important points.
When it comes to providing legal services, timeliness is of the utmost importance. Many law firms often forget this fact - in an effort to provide as much value to their clients as possible - which is great - but can be costly!
In most cases, clients want their legal matters resolved, and usually promptly too. When you consider that most legal firms bill “by the hour”, it’s no surprise that firms that respect theirs and their clients’ time generally have more satisfied clients.
This makes it crucial for law firms to ensure that they can provide the required services using a tool that has a built-in time tracking tool.
In addition to this, it’s helpful to use a legal billing software that can ensure all your invoices are sent on time.
Thriving law firms make it a point to make full use of technology to improve productivity and become more efficient as an organization.
To make a law firm successful, it’s important to not just incorporate technology into your work such as laptops and phones, but also to ensure that you have appropriately skilled and trained staff to manage all your assets.
An example of using technology in a law firm would be through using a revenue-generating software such as a CRM. This can hugely improve productivity and efficiency, such as for billing and scheduling.
Again this is where specialist legal billing software helps your law firm to be successful by incorporating the mobile app for iOS and Android!
How do you plan to finance your business growth plans for the upcoming year?
If you’re unable to fund growth from profits, then look for options for outside financings, such as loans for example.
Track how the finances are being spent and plan accordingly for future promotions and advertising. Law firms often fail due to flawed budgeting.
It’s good practice to track and use analytics for finances every week so that you are always aware of the firm’s cash inflow and outflow. Tracking weekly finance reports is a crucial factor when it comes to the growth of any law firm.
According to a study published on the Thomson Reuters website, it is predicted that diversity will be one of the essential factors that are likely to affect the prosperity of law firms in the next five decades.
Ensure you’re making the most of providing a diverse workplace to help you to be successful as a law firm.
Due to a congested marketplace law firms have even more competition than ever before.
So it’s important to stand out from the crowd. Strategic marketing coupled with strong values that define your law firm will help you build an identity for yourself that will attract more clients towards you.
And once you have the clients, it’s then equally as important to provide top-quality service to ensure client satisfaction and retention.
A simple, yet effective way to measure a law firm’s success is by observing how it’s community sees it. It’s important for a legal firm to be seen as a symbol of justice and trust in the community.
This will help inspire confidence amongst the community members, who would then be more likely to come to you when they need legal services.
Simple steps such as hiring local talent, participating in community events, and doing pro bono work for community members can help build a sense of ownership and belonging among the community members towards your law firm.
Just like any other business, your employees are probably your most valuable asset. This means it’s important to ensure that you hire the right people for the right job.
But talent acquisition is only one part of talent management. Effectively managing this talent is the other, equally important part. Regularly evaluate and train your employees to ensure their knowledge and skills remain up to the standards you expect for your client’s ultimate satisfaction.
On the point of client satisfaction, this is one area that can only be guaranteed if each of your employees is playing their part towards making your law firm successful.
To ensure that all of your employees are working at their most productive and effective level, it’s important to provide them with a work environment that promotes this.
This is why successful law firms - more often than not, have a reputation as being a great place to work.
If you lack a support network and an audience, you’ll be unable to build a business. So start making an email list right from the start.
Start connecting with your fellow members and referral sources online. Always be helpful and focus on providing value, without giving much thought to selling. Begin thinking about a lead generation system very early in the process, so that you’re able to capture every lead.
Devise systems to get email addresses from those who visit your site, and make use of a monthly email newsletter to connect with them.
Engage with your LinkedIn and Facebook visitors every day, and respond to Instagram and Twitter messages on time.
Relationship building is a process that never stops. Your top clients will often come from individuals who follow and trust you.
Running a successful law firm requires much more than just knowledge and experience at practicing the law. Understand that there are many aspects of a law firm that a lawyer alone might not be able to handle.
Finances, HR, IT support, all of these departments need people that are most suited for them. This is why it is important to treat your law firm just like a proper business.
To make your law firm successful, it is important that your clients trust you to deliver a certain standard of service, in time, every time.
Once you have a steady client base, it’s then important to continue delivering superior legal service consistently in order to maximize client satisfaction, which will in return increase your chances of getting more referrals.
We hope this has given you some fundamentals of what you should look to achieve in order to make your law firm successful.
To achieve this to a much greater degree, employee specialist software like Bilr designed to maximize efficiency in your law firm and streamline your technology, time, and ultimately increase revenue! Find out more about how Bilr can help you, or contact us and we’ll be happy to assist.