In my latest column on The Lawyer Daily, I review some of the things that have changed for us and some of the things we can expect moving forward.
Here is a link to the full article.
Check your ego at the door before reading this post. (Disclaimer) My clients do NOT fall into this trap.
Why is it that you try to be all things? Why not focus on your strengths? Be the best lawyer you can be and then surround yourself with a team of professionals that will help you reach your goals faster then if you try to do it all on your own?
In the 15 and more years I have been coaching lawyers, I run into this all the time during a consultation. You are building your own website. You are taking on tasks that can easily and more efficiently be delegated to another professional at a fraction of the cost to you, while freeing up more of your time for billables and getting more clients.
Frankly I am still surprised at how many people fall into this trap. It’s simple math really. Take your hourly rate and minus what you would pay a paralegal, or assistant, or IT professional. Guess what? That’s money (profits) you are leaving on the table. And if your not stealing time away from billable work to complete these tasks, you’re stealing it away from business development, growth and profitability.
How about for one day you be the lawyer, that’s it. Just be the lawyer.
Do you ever wonder how you can become more profitable? My most recent column on The Lawyers Daily addresses how you can.
Measure everything. Everything!
KPI’s (Key Performance Indicators). What are they? The name pretty much speaks for itself. What are they for you? How do you use them to help you grow and become more profitable?
Consider these as some starting points in figuring out your KPI’s: Individual performance, team performance, performance improvement, (especially after a staff review or implementing a new system or policy), productivity, profitability of files, profitability of each practice area, hours spent generating the work, vs. revenues generated, your time invested, your people’s time invested, basically any and all investments you make in growing your firm.
How else will you know if what you are doing is working?
Then…If it’s working, first, understand why? Then do more of it and look for similar strategies.
If it’s not working, again, understand why? Then stop it immediately and anything else like it. Take the time and money from the under performing areas and re-allocate it to the areas that are working.
Growing your firm is not simply about getting more clients. It’s also about getting your marketing and business development strategies right-with pin-point accuracy.