How to Double Your Law Firm’s Profit
We’ve all been there, and are always at the forefront of our businesses to drive expansion and hopefully scale up our profits without losing sight of sustainability. However, it’s easier said than done as mismanagement of your resources can often result in an unexpected obstacle that will halt your speed.
But it’s fine if you’re having problems, it ain’t easy, and it isn’t supposed to be a part of our knowledge. We’re lawyers. To ensure profitability and efficiency at Mike Morse Law Firm, John Nachazel played a key role in helping us to figure out how to efficiently get to the other side of the rainbow.
Identify Your Core Values
You might think that your core values are fairly fundamental, and it’s about pursuing justice for your clients. But there’s more than that. According to Verne Harnish, the author of Scaling Up, well-thought-out and resonant core values are critical to your law firm’s growth in the long term. This attracts employees to those who share your values, and they will flourish under your roof to become ultimate assets.
You Need an Integrator
They don’t grow on trees, and oftentimes it’s hard to find a director of operations/general manager/chief operating officer that fits right in with your office environment, but it’s better you start later than never. We went through an extensive process before hiring John Nachazel, and he has been a great addition, not only for profitability but as a part of our small family as well. Your integrator will take your numbers from wildly mediocre to far more than useful.
Strong Numbers, Easy Decisions
There was a point in time when we realized that we were using 30% of our firm’s time on cases that generated only 4% of our income. Upon John’s suggestion, we hastily outsourced these cases to capable lawyers to make time for high-profile cases. You can do the same to increase your average per-case revenue.
Those are three simple, but extremely valuable core ideas that you should integrate into your business. However, it’s just the tip of the iceberg, and there’s a whole ocean to conquer. That’s where the Fireproof Coaching Comes in Play.
Don’t miss out on the opportunity to join Fireproof community of leaders! You can schedule your call here: https://scheduler.zoom.us/fireproof-jim-bishop
