If you are focused on the business of law, in other words, growing your practice or firm, I’ve introduced a podcast series you won’t want to miss. Law- It’s a Business. Each month I look at another angle of the business of law and provide proven and practical strategies aimed at helping you grow. Click on the play button below to watch.
Join me for a live streaming coaching pod-cast entitled, “Law-It’s a Business”. Part one of this series starts tomorrow, Tuesday May 7th,at 4pm EST. If you are unable to attend live, a recording of each podcast will be available for you to view anytime.
This series is primarily designed for small firm owners and managing partners. However if you are a lawyer focused on growing your practice or firm, you will find highly valuable content throughout.
If you are a managing partner or founder of a law firm, and looking to grow, you won’t want to miss this. Join me live on Tuesday May 7th, at 7 pm EST for the first of a series of podcasts entitled, Law – It’s a Business.
I will be sharing the very same strategies I do with my clients who are successfully leading their firms to increased efficiency, productivity, higher growth and profitability.
This will be a live coaching session so I invite you to bring those burning questions you have about business development and marketing.
Join me for a live streaming coaching pod-cast, “Law-It’s a Business”, beginning Tuesday May 7th. If you are unable to attend live, a recording of each podcast will be available for you to view anytime.
This series is geared towards small firm owners and managing partners, however all lawyers who are serious about growing their firms or practices will find highly valuable content throughout.
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.
If you are an owner or managing partner of a firm, do the math. One rainmaker (you), or all, (your entire team)?
If you are the only one bringing in clients, there are limitations to your time, energy and focus. Whereas, if you get your entire team engaged in business development, or bringing in clients, the opportunities for growth are far greater.
So how do you go from a ‘one-person show’, (you are the only rainmaker), to getting your entire team out there growing your firm?
Get the right people on your team-that starts with hiring.
Establish the ‘new way’ with your new people-leverage the competitive nature to encourage your current people to step up.
Give your people the support and learning opportunities to develop new skills-that starts with investing in them.
Reward this new behavior-create a comprehensive bonus structure, somewhat like ‘profit-sharing’ to reward your people when they succeed.
Tell the whole world about your firm and your approach-this will help you to continue to attract the very best and brightest.
When you go from one ‘rainmaker’ to an entire team of rainmakers, watch your firm grow.
Over time little drops of water accumulate and form a puddle; growing into a stream, flowing into a river and eventually creating a lake, rushing into the ocean. And that’s exactly how growing your practice or firm works. New habits take time, and with repetition create lasting and impactful results. It all starts with that first drop; or in your case, first step.
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