A properly managed law firm can help serve a community for decades. While it may be increasingly difficult to keep up with changes in the way businesses are run, as a manager of a law firm, there are a few fundamental principles you should stay up-to-date-on while traveling the path to success.
Master Effective Marketing
Before you can ever serve a client, you must acquire that client. To do that, you must master your marketing skills. There are dozens of marketing strategies that can work for law firms, but not all of them are appropriate in every situation. Test multiple marketing approaches to determine which ones are most effective for your case. Once you land on three to five successful systems, focus on implementing and improving them. To successfully grow your firm, you must have an effective marketing game-plan ready.
Hire High-Quality Staff
As your firm grows, it’s all about hiring the right kind of staff. Friendly and knowledgeable staff members will have clients flocking back to your firm. First, you must determine the workplace culture you would like to maintain and list the characteristics of the ideal employee. Then, you can begin the interview process with an idea of what you need in out of a candidate.
Create Concrete Systems
Once you have a staff and your business is growing, you’ll need to create concrete policies and procedures for your firm’s operations. Without written systems, your company cannot produce efficiently. You must develop methods for marketing, training, client intake, money management, and metrics so that your entire staff can follow. Without written policies and procedures, you’re sure to experience confusion and unnecessary headaches. Implementing concrete systems for your firm’s operation will ensure that every team member is on the same page and knows what you expect of them.
Deliver Superior Service
If you’ve managed to grasp marketing, you should have a steady stream of clients coming to you for services. To continue acquiring high-quality clients, put your focus on customer service. Providing superior service will leave your clients happy, and happy clients spread the word about your firm. Many firms rely heavily on referrals, and if you plan to do the same, then you must consistently impress your clients.
Monitor Your Metrics
If you’re looking to ramp up your revenue, then you need to monitor your metrics. Numbers you should be looking at include:
- Number of new monthly leads and their sources
- Number of new monthly consultations
- Number of new clients and retainers per month
- Monthly gross revenue
- Number of accounts due and overdue each month
- Cost of goods sold per month
- Monthly payroll expenses
- Non-payroll monthly expenses
- Net monthly profit
While this list is not comprehensive, it can give you a good idea of what you should be tracking on a monthly basis. Only when you keep track of your numbers can you find areas in need of improvement.
Improving Yourself
Being fluid enough to grow is perhaps the most crucial tactic to keep in mind when managing a successful law firm. If you develop yourself, then your business follows. Reading business magazines and websites, networking with other professionals and attending seminars are all useful when you’re looking to reach the next level. If you want to grow your firm, then you must continually improve yourself.
With so many things to learn about managing your law firm, it’s easy to get overwhelmed. Let the digital marketing experts at Market My Market help you get started. We are knowledgeable about all things legal marketing and can help guide you towards success in no time. Contact us to speak with a legal marketing expert today.
