Today, we welcome our friend Joseph E. Fournier of Fournier Legal Services as a guest blogger. Fournier Legal Services is a modern, client-centric law firm that utilizes the most recent and best-in-class technology to service its clients efficiently. The firm is located in New Haven, CT and Boston, MA, and focuses on three primary areas: Business, Estate Planning, and Law Firm Consulting.
The firm’s founder, Joseph Fournier, received his law degree from the University of North Carolina–Chapel Hill School of Law and his Accounting degree from the University of Rhode Island, is admitted to practice law in Connecticut, Massachusetts, and Rhode Island, and is a CPA.
We hope you enjoy this blog.
Four lessons learned, from a Law Firm COO
In addition to consulting with many different law firms and other companies, over the past nine years I have had the opportunity to work in a COO-capacity with three very successful high volume personal injury law firms.
Adding to the experience is the fact that each firm is in a different geographic market and each firm has its own unique culture. The opportunity to combine and aggregate these experiences has taught me a few new lessons, and also confirmed what I already knew about how law firms operate and about law firm management generally.
Regardless of where a firm is located and regardless of its culture and history, there are certain best practices that can help a law firm improve profitability and increase in value. Here are four of those practices:
- You must use systems to ensure efficient operational workflow and lay a foundation for scalable, replicable, and profitable growth.
- Creating a culture of accountability will improve performance at all levels - for intake, case management, and attorneys.
- Creating, implementing, and using key performance indicators (metrics) will help you manage your business so you can make more money by working smarter, not harder.
- Increasing case fees and/or decreasing time on desk will significantly improve profit margins and put more money in your pocket.