Growing a law firm has several stages. In the beginning, you are hungry for clients and looking to make a name for yourself. You work on promotion, your track record, and never miss a networking event. But there comes a time when your problem is actually having too much work. If you are in that stage, this article is for you.
Billing can be a huge pain point for lawyers. In the 2023 Trends Report by Clio, it was found that 14% of billable hours never get invoiced and, from those that get invoiced, 11% never get paid by clients. This means a significant portion of most law firms’ profits never reach their bank account.
Most lawyers who went solo came from a corporate background, so they know what it’s like to put in 60 hours of work each week. The difference is that, when they start their own firm, they have to keep doing all the legal work PLUS the countless tasks of managing a business.
It’s 3:30 pm and you are in the middle of a client meeting. You know City Hall closes at 4:30 p.m., yet you still need to obtain certified copies for an important hearing tomorrow at 8 a.m. What are you going to do?
According to CB Insights, 35% of businesses fail because there is no market need. All the growth potential of your business lies in its ability to pivot and meet the dynamic needs of a rapidly changing world.
How can you do this in practical terms? It all comes down to a commitment to innovation and service, which is exactly what this article will showcase through Amata’s case study.
The economy might be slowing down, but the demand for litigation is definitely not. A 2023 study by Thomson Reuters Corporation showed that the demand for counter-cyclical practices is accelerating — particularly litigation. BTI Consulting Group found that there is ‘more litigation than ever’, and Crowell & Moring stated in their Litigation Forecast 2023 that class actions will ‘continue to be a significant part of the litigation landscape.’
Should you pick a physical office or a virtual workspace? There are benefits either way. A virtual office offers flexibility, cost savings, and remote access. But a physical office provides a dedicated space for collaboration and productive meetings.
Time is everything for lawyers and professional service providers. It is their greatest asset, and the thing that they need to protect the most. But in today’s world, there are many more tasks beyond serving clients that need to be done