Running a law firm is tough work, you need to work with investigators, paralegals and even junior partners. Now more than ever, it’s crucial to deliver the best service and advice to clients. Here are some ways any lawyer planning to start a firm should consider.
Optimise your collections and billing.
Even if you’re receiving a lot of clients, you still need to make sure you’re getting what your due is. Plenty of lawyers have to handle late payments, while some don’t even receive compensation for some of the hours they put in. The best way to ensure that your firm is receiving timely and adequate compensation for the work you’re putting into your clients, you should look into hiring accountancy services for law firms. These services will streamline the process for you, as well as review client trust funds and any other item that falls under a legal-specific chart of accounts.
Set clear-cut goals.
It’s not enough to simply want to improve, and you need to know exactly how you want to develop and which areas of your firm need the most work. The best way to measure this is through the use of Key Performance Indicators (KPIs). These clear-cut goals will help you see how effective your firm is at achieving your main objectives. There’s no universal standard for what the ideal KPI is, one thing is for sure: great KPIs are ones that are tailored specifically to your firm and your own personal goals. Be firm, flexible and specific when setting your goals, and you’ll definitely see it reflected in your performance.
Hire the right people.
Don’t spread yourself thin. Hire the right people who specialise in areas that you are not necessarily your expertise. This will allow you to cast your net wider when it comes to securing clients. It also gives you a competitive edge since you can offer a larger variety of services and products that not every other law firm has.
Outsource what you can.
Rather than taking on more work than you can handle, try to outsource whatever service you can. This allows you to save time and effort that could otherwise be devoted to more important things. You’ll also be saving yourself some money when it comes to hiring additional employees. You can outsource various tasks such as marketing, HR, and accounting which would greatly benefit your firm.
Make use of technology.
Technology can help you streamline many different tasks that otherwise bog you down. There’s plenty of tech-based solutions that can assist you when it comes to following up on clients and booking appointments. But high-tech software isn’t a necessity, especially if you’re a smaller firm. Sometimes, all you need to do to guarantee great performance is to ensure that you have an excellent internet connection, a reliable phone service, durable computers, printers, fax machines, and scanners.
For your firm to survive in the challenging world of today, you’ll need to be a cut above the rest. This tips will help your law firm stand out from the crowd and secure your spot among the most successful firms out there right now.