Every firm should draft a business plan and then update annually. After a thorough assessment of your needs, priorities, and goals, you can create tailor-made systems and solutions designed to strengthen your business where it needs help most – maybe its managing your finances, case acquisition strategies, marketing or your retirement options. Most firms leave these and the many other challenges facing plaintiff lawyers to chance.
I know that each firm faces unique challenges and opportunities. Use your contacts, networks, and expertise to improve your handling of the business side of law. Arm yourself with the tools and experts you need to manage your firm now and increase your firm’s future outlook immediately. And best of all, no matter how complex your question, help is just a phone call away as there are tens of thousands of plaintiffs lawyers either going through or have gone through similar challenges. Don’t look at every lawyer as a potential competitor, look at them as a potential partner and a pool of knowledge. You should be networking and tapping this resource continuously. You should freely share your experience, knowledge and work to help other trial lawyers and this will improve all fortunes.
Most trial lawyers should consider bringing in business expertise as their time is best spent litigating cases. You may be at a level that requires a full time CFO or just a part-time off-site CFO to manage your firm’s financial growth and cash flow management. You always hire experts to advise and help maximize your clients cases why not afford yourself the same benefit. Sometimes all you need is an expert to use as a sounding board as you deal with the challenges of an unstable market while other times you will may need outside expertise to guide your firm to the next level. Why waste your time and valuable resources on inefficient or nonexistent management? Challenge yourself, your firm to be a strong business first and power your practice to the next level.
Though it may be the nature of a trial lawyer to go it alone, today’s world demands trial lawyers to run their law practice as a business.