Lawyers who are hoping to expand their law business may at first find it challenging. Oftentimes, people become lawyers because they want to make a positive impact on the world. Growing your small firm into a bigger firm is one way to increase your reach. In order to grow a law firm to be bigger and more successful, there are certain efforts you can increase to target expansion.
Lawyers hoping to grow their law practice encounter the struggles that all small business owners face. When putting together a bigger firm, there are a few things every lawyer must keep in mind.
Determine Client Capacity
Lawyers working on their own tend to serve a varying amount of clients, usually leaning towards a smaller number. While this is indicative of a successful small practice, in order to make it as a larger firm, the team needs to be able to take on more clients on a more steady basis. This is the point in time where it’s helpful to get an idea of the client capacity the future firm can handle.
Keep Track of the Numbers
When transforming from practicing as a small firm to a large firm, it’s essential to pay attention to the numbers. This type of information includes the contingent client costs, the average number of engagements one must speak at a month, the number of clients that have been seen in the past six months, etc. By thoroughly understanding these numbers, a firm will understand where they need more assistance when building their firm. Moreover, keeping track of this information will help to determine the firm’s budget.
Pinpoint Which Tasks Can Be Delegated
When expanding one’s practice, it’s important to know what jobs can be offloaded. By pinpointing what tasks another lawyer can tackle, a firm will be well on their way to successfully expanding their business. This will help to determine whether or not there is enough work for another person to take on.
Figure Out What’s Driving Profit
Lawyers hoping to grow their business need to determine where most of their money is coming from. These typically include speaking at events, meeting with clients, and meeting with partners.
Lawyers hoping to expand their business from a small firm to a large firm have to know their needs, expenses, client capacity, and anything else that may hinder their success. By starting with these four suggestions, small law firms can begin the journey of expanding their reach to help more people, and make a greater impact on the world.