They say admitting you have a problem is the first sign of recovery.
For most law firms, that means acknowledging that you don’t have a business plan for practicing law.
How is your firm doing? If you can answer the following 12 questions with concrete answers, you are on the right track. If not, it might be time to seek some help.
Where do you want to be in five years?
1. How much money do you want to make?
2. What types of clients do you want to work with?
3. What types of people do you want to work with?
4. How hard do you want to work?
5. What kind of business culture do you want to cultivate in your firm?
Regardless of whether you work for a global 25 firm or are a solo practitioner, these questions are important to address. They will define what success looks like.
From there, you have the foundation to answer the questions that will help you build a solid plan.
6. How much revenue do you need to generate to make the money you want to make?
7. How does your firm need to be structured to achieve your goals?
8. How do the clients you want to work with make legal purchasing decisions?
9. How do the clients you want to work with perceive you and your firm?
10. What unique value proposition do you offer your clients?
11. Who do you compete with?
12. Where do you rank against your competition?
With the typically slow month of August approaching, this is a great time to focus on the business side of your practice. Don’t be afraid to ask for help. It’s an investment that pays dividends.