Focusing the Law Firm To Improve Profitability

Question:

Our firm is a 9 attorney firm in Joplin, Missouri. We have our first partner meeting this weekend and we are looking for ideas that we can implement this year to improve our practice and profitability. We would appreciate any ideas that you may have?

Response:

Based upon our experience from client engagements I have concluded that lack of focus and accountability is one of the major problems facing law firms. Often the problem is too many ideas, alternatives, and options. The result often is no action at all or actions that fail to distinguish firms from their competitors and provide them with a sustained competitive advantage. Ideas, recommendations, suggestions, etc. are of no value unless implemented.

I suggest the following:

Recognize that unless your firm is a large firm – full-service may not be an appropriate strategy. Unless you are in a rural are small firms should identify fewer areas of practice and specialize and aggressively market these areas.
Limit your practice
Consider industry niches
Identify three to five key goals and strategies for the year and actually implement them
Be selective in client acceptance
Use your business/marketing plan as a tool to keep you on track
Create an environment in your firm for effectively getting decisions implemented

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John W. Olmstead, MBA, Ph.D, CMC

Posted at 06:37 PM in Profit Improvement, Strategy
Tags: Focusing the law firm, law firm planning

Jan 08, 2013

Focusing the Law Firm To Improve Profitability

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