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Monday, October 18, 2021

How To Manage Your Small Law Firm Optimally

Lawyers help many businesses manage various legal aspects of their business. Indeed, legal assistance is often required in the management of customer contracts., human resources or even relations with service providers and suppliers. But what about the management of law firms themselves? How to best manage a small legal structure? Follow our advice to manage your small law firm well!

1. DEFINE A PROJECT FOR YOUR PRACTICE

To know in which direction to go and how to adapt your management accordingly, you must first establish a global strategy, a real project for your law firm. No matter the size of your structure, this orientation is essential to help you develop your business.

CONCRETELY, YOU NEED TO DEFINE:

  • An ambition, a global objective (for example, to become a benchmark in terms of labor law).
  • A category of customers. For a small firm, it is impossible to reach all types of clients, it is better to focus on a particular genre (SMEs, for example).
  • Growth objectives, mainly for your turnover (example: doubling your income in the next 3 years).

Then throughout the year, keep a dashboard to measure your progress. This approach will help you see more clearly, monitor your progress and possibly readjust your strategy, if necessary.

2. OPTIMIZE YOUR RESOURCES

In a law firm, the main resource is the competence of each lawyer . It can therefore be easily quantified in terms of time. To put it simply: each service requires a certain amount of time and expertise, which generates fees billed to customers.

In order to optimize the resources of your structure , you must therefore estimate the duration of your services as well as possible, in order to invoice them correctly. The process consists of:

  • Identify your areas of predilection, those for which you are the most efficient and the most profitable.
  • Estimate the amount of work your firm is capable of absorbing while still delivering quality work.

The combination of these two criteria will help you better choose your customers, coordinate your projects and invoice them in the most profitable way.

3. SURROUND YOURSELF

Finally, independent lawyers tend to bet everything on themselves, especially to reduce their costs. But when they enter small practices, they often continue to isolate themselves. However, better management requires a distribution of tasks. Instead of multiplying yourself by taking on the role of accountant, communication manager or even switchboard operator, refocus on your core business by entrusting these ancillary tasks to other people.

For example, by opting for a remote secretarial service , you will save a considerable amount of time for your clients. Plus, it won’t cost you much since a remote secretary is as skilled as an employee, but for only 10% of the price. So, while your telecretary greets your contacts on the phone, you can accomplish more billable work and even canvass new clients to expand your portfolio!

Likewise, consider collaborating with other lawyers specializing in a field close to yours, in order to broaden your opportunities. For a law firm, remember that the development and maintenance of the professional network is absolutely essential!

CONCLUSION

Even if you work in a small law firm , you cannot do without real management in the short, medium and long terms. So set up an organization adapted to your structure and your specific needs.

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