Guideline to Profitably Building and Scaling a Law Firm
Successful law firms are a personality blend of lawyers and business people. In smaller law firms lawyers need to be a jack of all trades. They do the research, writing, phone calls, insurance, generate referrals etc. As the firm grows supporting all of these roles is no longer efficient. That is when the firm starts to look more like a business that scales and has multiple aligned teams.
Below are some common challenges law firms run into when scaling their practice.
- Spend time defining your core focus and core values. These will be the cornerstone for the business partners you hire and will be the foundation for how you will scale your business.
- Lawyers are naturally detail-oriented. Limit your Core Values to 5. Keep them memorable and short.
- Lawyers have a reputation for perfectionism. This can be an obstacle to effective delegation. (Delegate and Elevate)
- A Law firm’s limited resource is the lawyer’s time. Make meeting time effective. Rate them on a 1-10 scale.
- Get the right people in the right seat. This can initially seem challenging with partners and strong personalities. Once you establish your Core Values, Core Purpose, and make sure you have the right people in the right seat, some people will start to ‘self-select’ themselves out of the organization.
- Lawyers like big paychecks. Help them realize they are working for something larger than a paycheck.
- Many law firms have a family feel. It is necessary to hold people accountable and that might seem intimidating at first.