Starting your own law firm is an exciting entrepreneurial venture. Once the firm has been set up, however, keeping it running smoothly proves to be the biggest challenge for many fantastic lawyers.
What makes a law firm like Monshaugen & Van Huff successful? Are there industry secrets that others simply don’t know, or is it just a matter of luck? Here’s everything you need to know to make your own venture a successful one.
A Five-Tool Firm
You and your team of attorneys should practice the five-tool rule set forth by Kerry M. Lavelle. Take the time to consider if your team brings these elements to the table, and whether or not you should bring in outside help.
Your Best Foot Forward
The First is providing high-quality work. Every firm needs to nothing short of A+ quality legal services if they hope to compete with the big leagues. Measuring the quality of what your team can provide is crucial for your success.
The second is meeting production goals. Managing your team’s time via a service like Clockspot can help keep everyone on track as you oversee projects. You’ll also need to meet billing goals on time and at the price you’ve set.
The Right Marketing
Every member of your team, including yourself, needs to be actively marketing the firm. Encourage your employees to get involved in the community from PTA meetings to youth sports and social organizations. These acts help you net referrals through casually networking, which means more potential clients for your business.
Be The Leader You Wanted
It’s important to take the time to teach new attorneys. Making an investment in their profession is the same as making an investment in your firm. Think of the boss you would like to have had when you were an attorney at a firm, then emulate that idea.
Be an Entrepreneur
Sticking with an entrepreneurial mindset is as easy as treating the firm like a business. Encourage your attorneys to participate in the firm’s operations and have them work together towards profitable goals. As always, lead by example and keep your eye on the next goal to keep things expanding.
The Right Tech
With the five-tool method covered, the next step is investing in the right technology for the firm. You want computers fast enough to tackle large tasks quickly, as well as the software needed to protect the integrity of the services provided and enhance client communication.
Don’t Forget the Support Staff
In order for you and your team to focus on cases, it’s highly recommended that you acquire the help of a support team. These individuals will handle financial tasks, offer tech support, and any other professional services that might detract from your ability to provide the best service possible to your clientele.
Making Your Firm a Success
By following these simple tips, you’re setting yourself and your firm up for the success it deserves. While the entrepreneurial aspect of opening a firm might seem like a somewhat frightening task, thinking proactively about the five tools, technology, and support is a sure fire way to success.