The Trial Lawyer Summer 2024 | Page 17

THE 5 STAGES OF LAW FIRM GROWTH

EXTERNAL FACTORS
Stage 1 : Solo Practice
Stage 2 : Small Practice
Stage 3 : Midsize Practice
Stage 4 : Large Practice
Stage 5 : Mega Practice
STICKING POINTS
Need more cases , no vision , no plan , poor time management , fear of unknown , don ’ t know your numbers
“ Putting out fires ”, need more cases , chaotic , don ’ t know what you don ’ t know
No benchmarks , time management , scaling issues , communication issues , family atmosphere is gone
Scaling issues , productivity issues , not focusing enough on future , not enough leaders and A players
Falling in love with your firm , too many opportunities , distractions from core business , keeping everyone focused and motivated
SYMPTOMS
Running behind on cash flow , roller coaster income , dips in productivity , not enough hours in the day , putting out fires on a daily basis
Associates bringing you problems , employee drama , communication problems , important objectives slipping through the cracks , associates don ’ t produce the same quality you do
Everything depends on a response or decision from you , can ’ t find associates and staff you need , clients aren ’ t getting the type of service you want from your brand , can ’ t get past certain blocks
Cases aren ’ t getting done as well as when you were involved , not happy with quality of your firm ’ s output , things don ’ t get done , more mistakes from staff , poor communication in firm
Everybody not on the same page , culture issues , different people have their own priorities , “ cliques ” inside the business , people complain they don ’ t know what ’ s going on
SOLUTIONS
Create winning marketing strategy , create vision , mission , and values , create business and marketing plan , track numbers
Organizational chart , creating marketing and management systems , processes and procedures , strategic thinking
Create systems for hiring , firing , and training superstars , measure everything , set benchmarks , use reports
Create systems of scalability , focus on mega productive activities , focus on cutting edge technology
Recommitment to Client-centered experience , creating in-house university , inter-office newsletter
TRANSFORMATION
Create steady cash flow with good marketing systems and efficient case management
Scale the firm by attracting and retaining superstar associates to manage cases . Work more on the business
Build a strong firm management infrastructure with a firm admin and business systems , create better habits
Building a management hierarchy so that you can focus on most important aspects and managers ensure quality service
Get everyone working on the same team by leading with a culture of success
WHAT YOU ’ RE DOING
Everything
Have associates , still working on cases , managing with reports
Mentoring associates more ; monitoring key numbers , delegating more
Working more “ on ” business , lawyers managing , different practice areas
Practice runs without you , creating systems of mega productivity
MINDSET
Reactive vs . Proactive , Thinking tactically , not strategically
Thinking more strategically , still thinking too tactically
More strategic , clearer vision of future
Proactive and strategic thought process
Working on strategic projects for mega growth
SUCCESS FACTOR
More focused , income growth , attract better clients
Income growth , systemized business , make training easier , clear chain of command
Proactive systems , better service
Increasing capacity , outside the box solutions , 10x productivity , leader of your market
Only pick best opportunities , open lines of communication
PILMMA LLC ™