If you’re continually struggling to make money out of your law firm, you’re likely hard up against the very definition of insanity: you’re probably just hoping that doing the same things you’ve always done will increase your income. But, we all know that’s not going to happen. So, put the bedtime story down, and make this Summer the Summer that makes you more money in the Fall.
In this webinar, Jared D Correia Esq, Cathleen Swallow shared 5 common administrative blunders holding law firms back from hitting their revenue goals.
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Reason 1: You Don’t Charge Enough – 4:50
A significant amount of law firms are either charging too little for their services, don’t raise their rates over time, or both. Find out why you’re entirely justified in charging more for your legal services and how it can improve your business long term.
Reason 2: You Don’t Set Goals – 20:49
Ad hoc management will only keep your business afloat. By identifying your unique selling proposition and articulating why you’re practicing law in the first place, your goals come into focus, enabling you to formulate a place to accommodate them.
Reason 3: You Don’t Budget – 33:43
Once you’ve determined the sum of your firm’s overhead expenses as well as your yearly living expenses, budgeting can begin.
Reason 4: You’re Inefficient – 41:26
It’s not uncommon for law firms to base their administrative decision-making on gut feelings in lieu of hard data. Here’s how process management and modern technology solutions allow you to make data-based decisions and streamline your workflow, thereby making you more money.
Reason 5: You Can’t Hire and Train – 46:59
How do you decide who you are going to hire next? What does their first week look like? Jared pokes holes in the hiring practices, onboarding, and delegation in today’s legal landscape and how refining these in your firm can put you on a fast track to success.