Making more money is growing revenue is not just about getting more clients. If you are looking to become more profitable, you won’t want to miss this Law Watercooler podcast. Simply hit the play button below and learn how you can make you firm more profitable.
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.
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.
You don’t have to be the Managing Partner to be a great leader. I have clients at various levels within their firms that are demonstrating great leadership.
One of the critical components of becoming a great leader is how you build your team. It comes down to this-don’t try to be all things to all people. Know your strengths, what you’re really good at, what you’re not good at, and what you don’t like. Then fill your team with people that compliment your strengths by filling in the holes around what’s missing.
Just because you CAN do something doesn’t mean you are the BEST person to do it. If that action pulls your time and energy away from the things you are good at and that will help your grow your practice and firm, it just doesn’t make sense.
I always conduct a SWAT (Strengths, Weaknesses, Opportunities and Threats) analysis with my clients. There is one school of thought that you shouldn’t waste too much time and energy on improving your weaknesses, you should focus on your strengths. When examining the weakness component of this analysis, I help my clients determine if by improving weakness, it will add to strengths, or take another approach.
Often it’s just best to get people around you who complete the puzzle. I use the word ‘puzzle’ intentionally because most lawyers find the concept of HR ‘puzzling’. Like many other components of business, law schools are short on the instruction of Human Resources.
So as you are building your team, concentrate on the skills, experience and knowledge that you, yourself, lack or don’t really care to improve on. Then, find the best people to fill these voids. The puzzle will come together with a lot less effort and stress. In the end, you will have the best people in the best roles producing the best results.
This is part one of a series I am doing on Leadership for Lawyers. You can also follow a series on The Lawyers Daily entitled “Building a Successful Law Firm”, that I am collaborating on with Lisa Dawson and Mayur Gadhia. We have formed a Law Firm Leadership Alliance. From 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 last week, 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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