Resolve to Make Business Resolutions

Published January 19, 2016

It’s that time of year to make resolutions to improve the success of your law practice. Below are a year’s worth of resolutions (not necessarily in any particular order).

January: Recreate Your Financial Plan
Your financial plan should be a cash flow statement, including the firm’s revenue, the firm’s projected expenses, and a summary of the two.

February: Design and Maintain a Website
A website can be a great marketing tool to engage and impress current and prospective clients.

March: Beef Up Your Social Media Efforts
Social media constitutes a powerful marketing tool for lawyers.

April: Create Goals for Improving Client Relations
Show clients that you care about them.

May: Evaluate Your Risk Management
In terms of insurance, carefully consider the likelihood of occurrence compared to the cost.

June: Improve Your Bottom Line with Thoughtful Banking Practices
Banks use your average daily balance to analyze a loan request. Thus, maintain as high a balance as possible.

July: Improve Your Bottom Line with Negotiable Expenses
Although rent is normally fixed, it can become variable during times of economic difficulty.

August: Determine Your Revenue
Determining your revenue is important for future success.

September: Reconsider Your Pricing System
Is it time to reconsider your pricing system to make your services more attractive to potential clients?

October: Revise Your Billing System
Bills serve as an important marketing tool if used correctly. A narrative billing statement communicates what you have done to justify your fee.

November: Improve Your Collections
Some steps you can take to decrease the need to worry about collections include discussing your fee and establishing a budget with the client before beginning an engagement, increasing your retainer, and timing your statements to arrive after a satisfying event in the case.

December: Consider Hiring an Executive Director
Hiring a part-time executive director is one way that a solo or small firm can better manage the practice, deliver higher-quality legal services, and make more money doing it.

Ed Poll, a legal coach at LawBiz, can help you and your law firm every step of the way. For more information on legal coaching, click here.

Categorized in: Client Relations, Coaching, Ethics, Financial and Cash Flow Management, Management, Marketing and Business Development, Technology

Audience type: Administrators, Associates, Large Law Firms, Small Law Firms, Sole Practitioners