Articles Posted in Law Firm Management

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If you own a law firm you have a responsibility to make money.

You read that correctly. If you are a law firm owner, you are required to make money or you will be out of business.

As a lawyer you are part of a profession. You have professional responsibility. You must adhere to a code of ethics. But if you own your own law firm you must also live up to your responsibility as a business owner.

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If you have any desire to sell your law firm and make a profit you must have a strategy in place that will facilitate building equity in the firm.

This goes beyond law firm marketing. This is about planning for the future and aligning your short term goals with long term goals.

Here are the four things to focus on when looking to build equity in your law firm:

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There are four relationships that are of critical importance to attorney marketing. Each of them are critical in their own right, but when you look at them together you realize that these four relationships impact every aspect of your working life.

These four relationships are:

  • Your relationship with Time
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In the past few years legal marketing experts have popped up all over the place. If you are thinking of hiring a legal marketing expert you may want to follow this link to a video I posted about the charlatans that have recently infiltrated the ranks of legal marketing consultants.

If you do not want to spend the time to do your homework (and you should) before you hire a legal marketing expert, than I have a solid litmus test you can apply to anyone who claims they can help you attract clients for your law firm.

This is a concept borrowed directly from a Cognitive Behavioral Psychologist and made famous by Author Malcolm Gladwell. It is called the Theory of 10,000 Hours. Here is a video that explains how to apply this theory to hiring a legal marketing expert.

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Managing by committee is like choosing death by 1000 cuts. It is slow, painful and you wind up with a horrible end result.

Someone has to be ultimately responsible for the decisions. Someone must be held accountable. Committees are fine if they are advisory. But ultimately, all major decisions should have a single decision-maker.

This video provides more detail: