The perfect formula for a successful legal practice can be difficult to quantify, especially considering that “perfect formula” might mean different things depending on the specialty of the lawyers, the location and a host of other considerations. Still, though, there are a host of universal reasons that law firms fail. Here are three of the biggest red flags.
Time management and career coaches agree that the lack of time for marketing, public relations and all of those other important elements is one of the biggest reasons a law firm doesn’t grow – or worse, fails.
The absence of a strategy is another company crusher. You don’t plan your finances each month without a strategy, right? You put aside money for retirement, savings, “mad money”, expenses, etc. This allows you to better plan for the future with the resources you currently have. The same holds true with a law firm: you want to ensure the success of the practice and you must maximize everything you already have so that you can stimulate that growth.
Lack of proper staff is another one of the big deal breakers. You can’t practice law successfully if you can’t find a great paralegal or the right receptionist to cover the phones. Choose your staff wisely and ensure they too are on the same page with the goals of working to bring the law firm to amazing heights.
Wondering what else you can do to raise the bar? By far, a social networking presence can be a powerful tool. Work to have your clients review the service they received on sites such as Solicitor.info. We tweet those impressive reviews each day – it’s a fine way to build a bit of client loyalty while getting your firm out there.
Also, most marketing folks will tell you to introduce a blog. This is another powerful resource that allows your clients to connect with you. It also serves as a great way to shape the image you want that public to see. A few tips here and there, a blog post or two about how rates are determined and other “of interest” stories from the legal sectors allow you to connect in ways you never thought possible.
