All legal firms will want to scale when the time is right, and if it is your time to scale and grow your construction and engineering law firm, here are the tips you need.
Leadership
Outstanding leadership is one of the best ways to grow any business, but when it comes to scaling a niche law practice, it is essential. As the owner, it is your duty to make sure you have a vision for the future of the law firm. The plan that you have needs to focus on how you will scale and grow and what the business will look like in 5 years’ time.
Cash flow
A positive cash flow is a must, but there needs to be a track record for more than a few months. An accountant on your team is a must. They’ll be able to guide you in opportunities, how much you are growing, and talk about finance in the future. Understanding what your cash flow needs to look like and helping with understanding how many clients you will need.
Client Capture
Most of the time, clients will enquire when they need a short-term solution, but it is long-term clients that will make the biggest change in your profit. For many businesses, the capture process can be slow, and that can waste a lot of time. Anywhere that you can speed up the process for your potential construction and engineering client is a must. Using legal intake services can ensure that you have the smoothest process for you and your clients.
Selective
Winning new business is the way to go, but taking on any client you can get your hands on isn’t the way to go – even if the cash flow isn’t flowing. Being selective about the clients that you take and selecting those that will be more profitable is a better idea. If you are doubling your profits for tripling your workload, that is not sustainable.
Marketing
When you are using a legal intake service, you will be building a CRM – and that is incredibly powerful for creating a better marketing plan. Marketing your law firm requires a strategic plan because, without one, you won’t be reaching your target audience, and your marketing won’t be effective.
Services
Are your services enough for the industry? As you scale, you might want to consider adding in some extra services that will be beneficial. In some cases, you might need to add to your team to increase your services.
You can’t scale and grow without adding to your team, and adding a highly qualified person to your team costs money. Hiring while scaling is anticipatory – which means you hire to prevent a future where you don’t have the right amount of people on your team.
A forward-thinking company will also ensure that you have all possible clients in mind; creating a client-focused business will include accessibility: How to Adapt Your Business To Be More Accessible – S3DA DESIGN Structural & MEP Design.
