There are several mistakes that plague law practice success. Could you be doing them yourself and not know it?
The success of your law practice is contingent upon knowing what you are doing wrong and what you are doing right.
Whether it is good or bad, it is important to understand what you are doing in relation to your firm so you can get the best results possible.
Don’t waste your time making the same mistakes over and over. Learn from them so you can grow along with your practice as it succeeds.
Mistakes that can hinder success for your law firm.
There are seven common mistakes made by developing legal firms:
1. Wasting time on busy work that can be delegated or outsourced.
We all do it. We keep ourselves busy when we do not know what to do.
For new businesses this is a common trap and something to easily fall into because being busy can make us feel productive without actually accomplishing anything.
The feeling of having to do everything yourself can play into this and outsourcing administrative tasks such as bookkeeping, website maintenance, and so forth allows to focus on what you need to do to keep your practice growing.
2. No Clear Marketing Strategy.
Without a defined plan, one typically goes about business in an aimless manner.
The right marketing strategy allows us to set goals such as our revenue goal for the year and metrics on how to achieve it. Our own skills and where we want to grow to better our business are essential plans that one should also have.
3. Not narrowing your practice focus.
The small firm attorney needs to pay careful attention not only to their area of legal expertise, but also their “vertical market” focus. That is, who, specifically, are the clients you service. The more narrow the focus, the better. A broad focus approach is essentially weak because it’s like fishing in a large pond. You can only hope to catch something.
4. Failing to Automate Marketing.
Small firms get busy over time and that is just the reality of it all. Without continuous marketing, one could lose out on potential revenue. By setting up marketing systems that can be executed automatically, the attorney’s marketing message continues to reach prospective clients even when the attorney is too busy to do it on his or her own.
5. Weak follow-up with leads and referral sources.
A weak follow up with leads and referral sources can ultimately hinder your revenue flow.
A timely follow up is essential to obtain potential work for the future. Over time, attorneys will see a boost to their image
6. Failing to anticipate the small firm income plateau.
It starts with not turning work around fast enough which gradually begins to limit your income potential. For the lawyer trapped in feast-or-famine economics, it’s hard to commit to the steady payroll of a paralegal or associate. Eventually, a small firm will need extra hands, whether it is for administrative tasks or more legal expertise. The question is never going to be “if you’ll need staffers,” it’s going to be “when you’ll need staffers.”
7. Not having passion for what you do.
Like any profession, one needs to have passion to do it and do it well.
Whether one is a stand-up comedian, a doctor, or an attorney, passion is essential for that hunger to keep going even when times are tough, to make changes that promote growth, and to do work that is of quality.
It is always best to check yourself before you wreck yourself, and knowing and understanding these common mistakes will help you to better build a successful firm.