As a solo practitioner, you are busy running your law firm and fighting Goliath to get the best results for your clients. As you fight day in and day out, do you have a plan for continuing to grow your practice?
According to Thomson Reuter’s reports on the State of U.S. Small Law Firms, “the average small law attorney spends less than 60% of their time on the practice of law.” Amy Adams recently published an article in Attorney At Work entitled Solo Law Practice Growth Strategy.
The article offers tips to help manage growth plans and the practices to avoid ensuring your firm stays afloat.
Amy highlights the most common areas that sink a law firm are:
- Scaling too quickly without the resources to back up your rapid growth.
- Creating a weak or imbalanced staffing structure that is inefficient, poorly trained, or mismanaged.
- Missing out on valuable revenue because of a lack of clarity on your niche practice areas, target market, and competition.
- Misdirecting marketing, branding, and advertising campaigns fail to deliver results and generate leads.
Amy offers Eight tips to manage your growth strategy, including:
- Work smarter (not harder) through streamlined systems. Planning for and managing everyday tasks. Are you outsourcing tasks (intake, billing, document drafting, calendaring, etc.)?
- Invest in your people and empower them. Establish a team and build your culture around your growth plan.
- Be intentional and disciplined with your workday. Plan your work, and work your plan!
- Focus on competitive pricing with alternative fee structures. Gain on your competitors with competitive pricing.
- Leverage feedback to deliver an exceptional client experience. Is your firm’s culture embracing the client experience from intake to closing?
- Measure what matters to gain a competitive edge. Use more minor data analytics (client surveys, social media sentiment, website traffic data) to evaluate your client’s experience.
- Keep innovating through marketing and branding. Keep up with the latest trends and conduct a marketing audit to ensure it aligns with your growth plan.
- Collaborate through strategic partnerships. Advocate Capital is here to help you manage your cash flow by using our Case Expense Line to get the money out of your cases and back into your operating account!
Advocate Capital, Inc. is here to help solo practitioners & plaintiff injury law firms go head-to-head against the Goliaths! Our proprietary software, AdvoTrac®, and our Case Expense Funding Service help our clients deliver the best results for their clients.