Business Advice for Law Firms – Eggs in one basket
Beware of having one or two large clients that make up most of your revenue. While that may be necessary in the beginning, you...
Business Advice for Law Firms – Client relationships
As mentioned before, you need to build and maintain strong relationships with your clients.
This might mean good service and good communication during...
Business Advice for Law Firms – Niche legal work
It is widely accepted that niche legal practices are more sustainable than general purpose law firms.
'Niche' might be achieved through a geographic...
Business Advice for Law Firms – Create a budget
It is crucial that every practice compiles a budget at the start of every financial year. Income should be based on billable hours and...
Business Advice for Law Firms – Outsource your admin
More and more small firms are outsourcing their admin and compliance functions so that they have more time to practise law and to grow...
Business Advice for Law Firms – Great Service
“Talked about” service is difficult. Especially in law, because it is regarded as a “grudge” spend.
You'll need to deliver a great performance...
Business Advice for Law Firms – Word of mouth referrals
By far your best source of new business will be through referrals from existing clients. But to get your clients to refer you to...
Business Advice for Law Firms – Finding clients
Growing your practice will invariably be the toughest challenge you will face.
You might already have existing clients, but if not, you will...
Business Advice for Law Firms – Learn to say “No”
This isn't the same as saying no to a discount – although that is equally important.
From time to time you will encounter...
Business Advice for Law Firms – Engagement Letter
Most lawyers have some sort of engagement letter for new clients, but few realise that it is one of the most effective ways of...
