MSBA Wednesday Webinar: Growth Strategies for Lawyers
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Growth Strategies for Law Firms Joshua Lenon Lawyer in Residence Clio
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Transcript of MSBA Wednesday Webinar: Growth Strategies for Lawyers
Growth Strategies for Law Firms
Joshua Lenon Lawyer in Residence
Clio
Law Firm Growth Plans! • You’re losing business because you can’t
keep up with demand • You need/want to focus on certain
aspects of your business rather than struggling to juggle everything
How to know when to hire your first employee!by Charlene Jimenez in Business Entrepreneur -
February 21, 2012 !
Law Firm Growth Plans!
Law Firm Growth Plans! Adding Employees • Paralegals median pay was $46,680 per
year. • Legal secretaries median pay was $42,460
per year. • Beginning associate median pay was
$61,245 per year.
Billings – [Total Compensation + Direct and Indirect Expenses] = Net Profit.
Photo by Cornerstone Signature on Flickr!
Law Firm Growth Plans!
‘Yes%%&%Permanent%Change%
2009%Response%
2013%Response%
Change%in%%% Magnitude%Increase%
More%Commodi*zed%Work%
25.5%% 88.6% +63.1% 3.5x%
More%Contract%Lawyers%
28.3%% 71.5% +43.2% 2.5x%
Outsourcing%Legal%Work%
11.5%% 50.7%% +39.2% 4.4x%
Growth Strategies
• Clients • Staff • Attorneys • Productivity
GROWING CLIENTS
Growing Clients
Client Base Client Commitment
Word of Mouth
57% of C-Level Executives hire law firms on the basis of a single, unprompted, peer
recommendation
Source: BTI Consulting Group!
Clients Don’t Want Lowest Price
• Transparent pricing: We want to understand how/why the price is set and have the opportunity to discuss changes - 36.4%
• Lowest pricing: We want the lowest price available - 9.6%
Source: Altman Weil 14th annual Chief Legal Officer Survey!
Listening to Clients = Revenue
• Only 58% of law firms conduct client feedback.
• Firms acting on feedback generate 2.7 times more: – revenue generation – client retention – year-over-year growth.
Source: BTI Consulting Group, “Firms Acting on Client Feedback Perform 2.7 Times Better Than All Others,” 03/12/2014!
Listening to Clients = Revenue
Law firms whose clients see them as being best in client service enjoy: • 30% higher profitability • 7% rate premiums across all staff levels • 35% higher client retention
Source: BTI Consulting Group, “Client Service Leaders Boxing Out the Competition,” 02/27/2013!
GROWING STAFF
Why Outsource Your Receptionist
JODI ANN DONATO, ESQ., LLC
“I can honestly say it was THE BEST business decision I have made in the last 10 years. Ruby has helped me capture new business that I would have otherwise missed out on because I could no longer ‘do it all’ myself.”
Jodi 0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Grow
GROWING ASSOCIATES
Outsourced Attorneys
Contract Attorneys • Appearances • Research • Due Diligence
Image: GracesCases.com!
GROWING PRODUCTIVITY
Productivity Rules!
1 Right Tool for the Job 2 Never Type Twice 3 Right Person for the Job
Photo by zzpza on Flickr!
Right Tool for the Job!
Photo by zzpza on Flickr!
Right Tool for the Job!
= extra1.7 hours daily!
Photo by Shehan Peruma on Flickr!
Never Type Twice!
Photo by Sasa Mutic on Flickr!
Right Person for the Job!
• Assign & Track Tasks • Let Clients Contribute • Focus on Your Necessary Tasks
Photo by Ben McLeod on Flickr!
QUESTIONS
#ClioWeb
