That's a lot of negativity, and not a note on which to end a discussion of
such an adventure as starting a new firm. I much prefer to conclude with the
positive – 10 common characteristics of successful law firms that I have
uniformly observed over decades as a lawyer, coach, executive, and consultant.
In these successful firms, the lawyers:
- have a
comprehensive business plan.
- remember
that the client comes first. Without clients, there’s no reason for a
lawyer to exist.
- sell
solutions ("provide value") to clients, not time as expressed in
billable hours.
- begin
each matter with an engagement letter -- a written agreement outlining the
scope and responsibility of each party, including the client's
responsibility to pay.
- prepare
budgets for each matter: tasks, events, timing and resources to be used
for the benefit of the client. This process requires early analysis and
client signoff.
- understand
that their inventory is not "billable hours," it's the cash
those hours represent, and they focus on collecting accounts receivable
and maintain a high realization rate.
- practice
effective cash flow management by getting funds into the bank as quickly
as possible.
- recognize
that technology -- e-mails, blogs, cell phones, and voicemail – can’t
replace personal relationships, personal integrity, and rapport with
clients.
- work
with a coach or mentor to achieve business and practice success more
quickly.
- have a
disaster plan in place and keep it current. Business survival and
succession can’t be left to chance.
Postingan
