Grow Your Law Firm with Strategies for Gaining Clients, Hiring Staff, and Boosting Productivity
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As part of the Maryland State Bar Association's Wednesday Webinar series, Clio is happy to discuss different growth strategies to help law firms.
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Grow Your Law Firm with Strategies for Gaining Clients, Hiring Staff, and Boosting Productivity
- 1. Growth Strategies for Law Firms Joshua Lenon Lawyer in Residence Clio
- 2. Law Firm Growth Plans! • You’re losing business because you can’t keep up with demand • You need/want to focus on certain aspects of your business rather than struggling to juggle everything How to know when to hire your first employee! by Charlene Jimenez in Business Entrepreneur - February 21, 2012 !
- 3. Law Firm Growth Plans!
- 4. Law Firm Growth Plans! Adding Employees • Paralegals median pay was $46,680 per year. • Legal secretaries median pay was $42,460 per year. • Beginning associate median pay was $61,245 per year. Billings – [Total Compensation + Direct and Indirect Expenses] = Net Profit. Photo by Cornerstone Signature on Flickr!
- 5. Law Firm Growth Plans! ‘Yes%%&% Permanent% Change% 2009% Response% 2013% Response% Change%in%%% Magnitude% Increase% More% Commodi*zed% Work% 25.5%% 88.6% +63.1% 3.5x% More% Contract% Lawyers% 28.3%% 71.5% +43.2% 2.5x% Outsourcing% Legal%Work% 11.5%% 50.7%% +39.2% 4.4x%
- 6. Growth Strategies • Clients • Staff • Attorneys • Productivity
- 8. Growing Clients Client Base Client Commitment
- 9. Word of Mouth 57% of C-Level Executives hire law firms on the basis of a single, unprompted, peer recommendation Source: BTI Consulting Group!
- 10. Clients Don’t Want Lowest Price • Transparent pricing: We want to understand how/why the price is set and have the opportunity to discuss changes - 36.4% • Lowest pricing: We want the lowest price available - 9.6% Source:Altman Weil 14th annual Chief Legal Officer Survey!
- 11. Listening to Clients = Revenue • Only 58% of law firms conduct client feedback. • Firms acting on feedback generate 2.7 times more: – revenue generation – client retention – year-over-year growth. Source: BTI Consulting Group,“Firms Acting on Client Feedback Perform 2.7 Times Better Than All Others,” 03/12/2014!
- 12. Listening to Clients = Revenue Law firms whose clients see them as being best in client service enjoy: • 30% higher profitability • 7% rate premiums across all staff levels • 35% higher client retention Source: BTI Consulting Group,“Client Service Leaders Boxing Out the Competition,” 02/27/2013!
- 13. GROWING STAFF
- 15. JODI ANN DONATO, ESQ., LLC “I can honestly say it was THE BEST business decision I have made in the last 10 years. Ruby has helped me capture new business that I would have otherwise missed out on because I could no longer ‘do it all’ myself.” Jodi 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Grow
- 17. Outsourced Attorneys Contract Attorneys • Appearances • Research • Due Diligence Image: GracesCases.com!
- 19. Productivity Rules! 1 Right Tool for the Job 2 Never Type Twice 3 Right Person for the Job Photo by zzpza on Flickr!
- 20. Right Tool for the Job! Photo by zzpza on Flickr!
- 21. Right Tool for the Job! = extra1.7 hours daily! Photo by Shehan Peruma on Flickr!
- 22. Never Type Twice! Photo by Sasa Mutic on Flickr!
- 23. Right Person for the Job! • Assign & Track Tasks • Let Clients Contribute • Focus on Your Necessary Tasks Photo by Ben McLeod on Flickr!