This blog post was contributed by Trevor McCandless, CPA, MTax, Fusion CPA. Join our upcoming webinar with Trevor, The 5 Forces of Scaling Your Law Firm, to learn more.
Quickly growing a law firm isn’t easy, but if you’re ready to expand and want to do it fast, there are key forces that will help you make it happen. To scale effectively, these areas of your law firm deserve some attention and evaluation, with a clear plan of what can be improved and a strategy for going forward. By combining these forces together, your firm will develop efficiencies, resulting in a lean practice that’s designed to scale.
A solid financial standing will set the foundation to ensure your success is meant for the long-term. To make sure your cash flow is set up to support your plan, you’ll want to evaluate key data points and reports.
To quickly grow, your firm will need to be efficient, with processes that can easily be duplicated as you hire more employees. Cut down the time spent on administrative tasks and focus on billable hours while keeping client satisfaction and profits high.
At the center of a firm’s progress is the team that keeps the day-to-day operations running smoothly, making items like employee recruitment and retention critical factors when scaling.
Bringing in more clients to support a larger firm requires significant marketing efforts, especially if you want to have it happen at your pace rather than through organic referrals. Not only should you have a strategy in place but you should also be evaluating your pricing to see if it’s competitive.
Hiring more attorneys doesn’t always mean there’s more work. To keep them busy you’ll need to make sure there’s a consistent flow of new business coming in the door, which includes converting leads into clients.
Ready to expand your firm efficiently? Learn techniques from the experts on how to set these forces up for growth in the upcoming webinar, The 5 Forces of Scaling Your Law Firm.