This post kicks off a new discussion regarding a topic on the minds of many attorneys around the holidays – increasing a law firm’s profits in the coming year. I decided to write on this topic because, to be really frickin’ blunt, most lawyers will go about trying to increase profitability in all the wrong ways as we go into 2017. This flawed approach is going to leave most legal professionals looking like this:
While those who “get it” will wind up looking like this fine chap:
Why did we choose that photo for the first attorney? Simple. For reasons we’ll be discussing in a separate blog series, quite a few law firms are going to fail in 2017 (and even more in ’18). The latter photo was chosen because those who choose to follow some of the steps we’ll be discussing will be more successful than ever while those around them fail. Do those statements sound like a lot of ‘da doom and ‘da gloom? Yep. Are they accurate? Yep. The reason they are accurate is simple. The amount of work for attorneys to perform is quickly decreasing while the number of lawyers continues to increase. In other words, the issues I discussed in my post on the struggles of the legal profession are worsening.
Here are some of the topics I’ll be discussing over the course of this series:
- Why law firms fail to get the most value out of each case they handle and how this hurts profits
- How your firm can reduce marketing costs by providing better service to your current clients
- How you can reduce overhead by providing better service to your current clients
- Specific steps you can take to get the most value out of each case you handle
The steps I’ll be discussing over my coming posts are pretty easy to implement. Will most attorneys choose to implement them? Nope. Is that an opportunity for you? Yep. In short, you’ll be able to see your firm succeed and grow in 2017 while many of your colleagues to belly up. The choice of whether or not to implement these steps is entirely up to you.