American Hustle: What It Means to Start a Law Firm Now
Lawyers wishing to start their own law firms are beset by options.
While that may sound like a good thing in theory, in practice it far more often leads to floundering, than focusing. New law firms open their doors against significant competition, in a hyper-saturated environment. For a new law firm to succeed, its principals have to hit the ground lean and hungry. New law firms must be aggressive about acquiring work, and efficient in rendering it.
Of course, there are about as many ways to manage a law firm as there are law firms. There are more strategies than you can shake a stick at; and, it’s difficult to decide on a specific course of action.
So, here are two techniques to apply, to help you get off on the right foot:
Squeeze. A lot of law firms try to market and service too many practice areas. It’s difficult to try to sell everything; it’s easier to sell one thing. Would you like choose from one flavor popsicle, or to choose from a vast array of frozen delights? It’s easier to say ‘yes’ to the former, right? That’s how your clients feel. Settling on a niche practice allows you to refine your unique sales proposition and to better target your marketing efforts. Niche practices work better in saturated markets, where narrow pitches winnow down market segments. Plus, specializing (rather than dabbling) reduces the risk of committing malpractice.
Chunk. Practitioners founding new law firms need to figure out where to best spend their time. Need to build a book of business? 90% of your time should be spent looking for leads. Have a book of business? Maybe you focus on building out a technology platform for ramping up your efficiency. Comfortable acting as your own IT person? Perhaps you’ll finally take the time to learn trust accounting, cold. Ultimately, lawyers will want to concern themselves with performing high-end legal services, not in managing administrative tasks. In starting a law practice, though: attorneys tend to be chief cook and bottlewasher; however, that time spent developing effective systems pays off in the long run.
…
Want a bushelful of strategic tips for focusing your startup law firm? Download this free guide from Thomson Reuters.
This content is advertising.
