Lowing costs and increasing profits are tasks that frequently take up space in solo and small law firm lawyer’s minds. But don’t worry, these great articles can help!
Interested in increasing your firm’s profitability or lowering costs? We’ve chosen our top resources that can help.
1. Top 13 Ways to Massively Increase Your Law Firm’s Profitability: A Guide for Stratospheric Law Firm Profits
While all law firms are different, and depending upon their practice area, cannot follow the same business model as another law firm, the same profitability guidelines can be applied in almost any legal practice. Follow the guidelines in this article to ensure your firm has enough incoming profitability to keep the associates and partners happy, but most importantly, the doors to your law firm open to whoever needs legal assistance.
2. Improving Law Firm Profitability: Top Ten Cost-Cutting Strategies
“I am often asked to help law firms design and implement profitability improvement programs. In most of my engagements, the real problem is insufficient gross income and lack of sufficient investment (spending and time) on marketing and initiatives designed to stimulate client and revenue growth. For most firms increasing revenues is the most effective way of impacting the bottom line.” Follow this article to learn about one lawyer’s top ten cost-cutting strategies.
3. 10 Things Lawyers Should Stop Doing in 2019
Almost every lawyer has struggled with time management. The solution to this problem does not lie in trying to find more hours in the day. The key to real, meaningful productivity is identifying the most important, essential tasks that drive success, and working to de-prioritize or eliminate the rest. Here are 10 things lawyers should stop doing in 2019.
4. Law Firm Budgeting
Maybe you have no financial strategy and you’re winging it. Maybe you didn’t learn how to budget and now you’re not sure where to start. Or, maybe you’re overwhelmed by all the options out there. You’re not alone! That’s why you need to check out these hacks and tips for creating a budget that works best for your firm, so you can gain back control over your finances.
5. 7 Steps Law Firms Can Follow To Lower Costs and Increase Profits [Infographic]
Having the right strategy or system of steps to fall back on will help any law firm – solo or not- to work better, and that will have a direct correlation towards lowering costs and increasing profits. The right strategy will allow you to plan, estimate and help cut down your cost, essentially enabling you to prioritize your work accordingly.
6. Law Firm Productivity & Profitability Relies on IT
Law firms are relying more on technology and cloud computing to increase their productivity and reduce costs. In fact, LexisNexis says that 65% of firms are investing in technology designed to grow their practice. This article details various ways law firms are investing in technology and using it to transform their business management.
7. How To Dramatically Increase Law Firm Profitability By Running The Firm As A Business
It is a great time to be a lawyer at a law firm. Across the board, there is a tremendous amount of pent up and latent demand for legal services. To be more precise…it is a great time to be a law firm lawyer if you are working in a law firm that is managed like a business, and a great many law firms are not.