Five ways to successfully manage and grow an independent law firm

Growing a new law firm or moving an established firm onto the next level is a tall order, but understanding the key steps to follow makes it far easier to do this with confidence and without any fear. So, what are the five top ways of doing this you need to know about as soon as possible?

Set Challenging Growth Goals

One of the key areas of growing any sort of business that many people miss out on is the target-setting phase. This is a crucial part of the process in any industry, as it’s where you work out your goals and see how you can achieve them. For example, would you need to expand into a different city or hire more lawyers to have a realistic chance of growing like you want to? This is a time, to be honest, and work out how to overcome any obstacles you can see ahead.

Hire the Right Specialists

A strong team is needed for a law firm to grow and reach its goals, so choosing the right people is vital to your hopes for a brighter future. Getting the size of the team just right will let you work as efficiently as possible and continue to take on more new clients without it affecting the service you give to others. Using the services of a law recruitment firm makes sense in many cases, as this approach allows you to concentrate on other matters while recruitment is taken care of professionally.

Strong Team Member Onboarding

Since a growing company brings in new team members as it expands, there’s also a need for a strong onboarding process to bring them up to speed quickly. This is where you let them see your processes as well as your values and your mission statement, meaning that they’re in step right away in terms of what you’re trying to achieve. You want everyone to understand the strong appetite for growth in the firm and how they can help you to achieve this.

Outsource Tasks That Are Best Done Elsewhere

The possibility of outsourcing certain legal tasks is a huge advantage when you’re trying to grow your firm and you have new members who aren’t yet fully up to speed. It can also let you get by while you try to find the maximum capacity of work you can handle, or are in the process of looking for new team members to join you.

Better Financial Management, Including Bottom-Up Budgeting

The finances will also be a challenging part of this growth process, as you need to deal with changing budgets as you hire more staff or open new offices. This is where bottom-up budgeting using the right tools and services can help, with lower management encouraged to influence positive change by suggesting possible areas of cost savings such as smart invoice management and virtual credit cards.