Change is one of the hardest things for people. Asking someone who has been practicing for three decades to consider their revenue goals and response times and they may look at you like you have two heads. But training associates and paralegals about the business aspects as well as the practice of law is how you build a team that succeeds in a highly competitive environment. To get your estate planning and Elder Law firm out ahead of the competition, you’ll need to change how you operate.
Start by setting real goals. Don’t base them on a generic “let’s get more clients” or “let’s get better clients” concept. Dig deeper and set revenue goals based on hard data. Crunch the numbers, and set a revenue goal by quarter, for the half-year mark and at the end of the year.
Share those numbers. You want your entire team focusing on both client work and productivity. You also want to dispel the notion that you (and they) have the luxury of a boutique law firm. This is a business.
Define multiple aspects of productivity. Law firms tend to measure productivity in matters handled or hours billed. But that’s not the entire picture. If one happy client sends you three friends who want a fresh set of eyes on their out-of-date estate plan, measure that also. Happy clients can have a great impact on your firm and that’s a worthy metric.
Cycle time targets. We know you have a J.D. and not an MBA, but certain functions of business should be incorporated into law practice and processes. How long does it take to transform a prospect into a client? How long should it take from the time the client meets with you until their estate plan is done. Once upon a time, the answer was “It depends.” But that won’t cut it today.
Develop a few different scenarios for the process that encompass a few different situations:
- Clients with simple estates,
- Clients who have zero paperwork and organizational skills,
- Clients with differing asset levels.
“Business as usual” doesn’t exist anymore. If you have not already transformed your law firm into the new world, there’s still time. Submit a support ticket or call James at 877-352-2021 x 80 to explore updating your website, automating your marketing with E2 CRM and bringing your intake process up to date with CLIPSM.