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.
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.
Whether you are growing beyond solo practice to creating a firm, a partner growing your team, or a managing partner growing your firm, this simple formula can help you navigate the way forward with respect to growth and staffing.
It’s far too common for lawyers to wait until they are at maximum capacity and beyond to bring in help. Managing growth is a good problem to have, however, it does pose new challenges.
So here it is. When you are at about 60% capacity, start looking to recruit. That gives you the luxury of time to find the right people. You can be selective and not panic. You can take your time to find the right people and fit. And, that way, by the time you are at 80% capacity, you will still have time to groom, mentor, train, and get your people up to speed before you hit your wall.
If you wait until later, you may, as is often the case, find yourself in a never-ending cycle of chicken and egg. Where is the time to train? Who do you bring on? “Oh, I might as well just do it myself-even though that means long nights and weekends.” Think forward. don’t get caught thinking I can’t afford to bring someone in right now. Can you afford not to?
Sure, there are many other factors here: Letting go of the reigns, quality control, consistency, profitability. But they are all better managed when you are proactive and plan ahead. Think forward!
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.
As a law firm leader, to positively impact the successful growth of your firm, you have to have the ability to attract and keep top-level talent. Whether it be at the junior stage with students and young associates, mid to senior associates, or high-value lateral partners, the approach is the same. Follow these five steps and you and your firm will garner a reputation as ‘THE’ firm to work for in your market.
Recruitment- “Get the right people on the bus”-one of my favorite lines in the book, “Good to Great”, by Jim Collins. When you start at the beginning and get the right people, you are setting your firm up for future success. There will be less pushing and pulling, more teamwork and focus on client service, and your job as a leader will be far more enjoyable and lucrative.
Properly on-board them: I find this component to be missing or dreadful at best in most firms. However you attract your talent, doesn’t it make sense to provide them with everything they need to get a good head start upon landing?
Continue to support their development: Continued success means continued development. Think like a tech firm, constantly investing in innovating their products. Your product is your people.
Market the hell out of it- Make sure the whole world knows about it. This is really about becoming known as ‘the’ firm to work at.
Repeat- When you follow the first 4 steps above, each time you go through the cycle your ability to attract and keep top-level talent will increase.
There are so many benefits of following this formula; savings from higher retention rates; improved client satisfaction; firm growth, and higher profits.
Keep reading as I offer more insights for law firm leaders here in the weeks to follow.
You may also be interested to follow the ongoing series on The Lawyers Daily entitled “Building a Successful Law Firm”. I offer this in collaboration with Lisa Dawson and Mayur Gadhia. We have formed a Law Firm Leadership AllianceFrom start-up to wind up, we bring leadership expertise in Finance, Business Administration, Taxation, Risk Management, Cloud and Technology, IT Decision Making, Human Resources and Full Cycle Talent Management, Executive, Associate and Support Staff Leadership Coaching, and much more.
Here is a link to the intro article published in TLD.
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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