By Stephen Fairley on Posted in Law Firm Development,Law Firm ManagementFor many law firms, business slows during the holidays. And that makes it a perfect time to review your law practice for ways to grow your law firm in the new year. Start by Asking 3 Questions: Am I on target with my goals? Are my numbers lining up? (Examine your overhead, major expenditures, profit… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementIn honor of Halloween, here are 7 scary slip-ups that lawyers need to avoid. Just make sure you’re not committing them, or you could put your practice in the grave! Not realizing you are running a business. You may have studied the law, but you are running a business. And to be successful, client development… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementThere really is no doubt about it. All the latest research shows that lawyers are spending way too much time NOT practicing the law. The 2016 Thomson Reuters Small Firm Report says attorneys in small firms report spending just 61% of their time on practicing law, while solos say they spend only 55% of their… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementClio, a cloud-based law firm practice management technology company, released its first Legal Trends Report last week based on data aggregated in the last year from 40,000 active Clio users. And it has some eye-popping information in it. First, let me say how great it is to have some data-driven information on how solos and… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementRecent LexisNexis research showed that 73% of small law firms have past due accounts, which is a killer for cash flow. In that survey, attorneys admitted to something we all know is true: lawyers hate asking clients for money. They find it embarrassing, distasteful, even greedy, but I don’t know any lawyers who find money… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementLaw Firm 500 celebrates velocity, innovation, and the entrepreneurial spirit of law firms of all sizes. The recognition you receive from this important new award will help you differentiate your law firm, add new clients, and enhance your standing in your business community. This prestigious award is similar to the Inc. 5000, which recognizes fast growing, independently owned companies… Continue Reading
By Stephen Fairley on Posted in Law Firm Development,Law Firm Management,Law Firm MarketingI truly hope that your plans for the long Labor Day weekend are as pleasurable as mine — I’m fishing in Montana! — but if they’re not and you’re looking for something to do, why not take an hour or so to discover some new ways to grow your law firm so you can enjoy a… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementDocument management is a big issue for law firms and not just because of the cost of all that paper, printing, copying, storage and so on. Generating documents is a primary area of inefficiency for many law firms and legal departments. Reducing resources required to create accurate documents immediately improves your bottom line. This is… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementToday’s guest post is by Jennifer M. Ramovs, Esq., who is Director of Training & Education at Affinity Consulting Group. Affinity consultants work with law firm clients on technology audits; strategic business & management assessments; technology selection and implementations; traditional and cloud-based financial practice management; litigation support and trial preparedness; and in-house training and professional development. Every firm is different,… Continue Reading
By Stephen Fairley on Posted in Law Firm DevelopmentWe held another Rainmaker Retreat session in Las Vegas last weekend and, as usual, I opened the floor for questions. I always enjoy this part of the Retreat since the questions attendees ask are usually on the minds of more than just the person asking the question. Learning from each other is one of the… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementEarlier this week, I wrote about the results from a recent Thomson Reuters survey in a post entitled, Top 5 Challenges Solos & Small Firms Face. The second most pressing problem was time spent by small firm attorneys on administrative tasks — almost 40% of a small firm lawyer’s day will be spent on doing something other than… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementThe practice of law in and of itself is a win/lose proposition. One side wins, the other side loses. Every good attorney I know wants to win. However, focusing only on the win often leads to missteps when it comes to managing a law firm because if you are afraid to fail, you’ll never try… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementThomson Reuters Solo and Small Law Firm group recently completed a survey of solos and small firms (less than 30 attorneys) to identify the biggest challenges these firms face and what they are doing to address them. The top five challenges in order of importance include: #1: New business development #2: Too much time spent… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementHaving good employees is critical to the success of your law firm. If your intake person sucks, your lead conversion rate suffers. If your paralegals suck, your work product suffers. If your attorneys suck, your clients will leave you. I learned some time ago that hiring Superstars is the key to positive, steady growth. I… Continue Reading
By Stephen Fairley on Posted in Law Firm DevelopmentOne of the most important things I’ve learned as a business owner is to learn from those who have already been there and done that. Benchmarking off successful entrepreneurs can save you a lot of time, money and headaches when it comes to running any business. So an article on Forbes.com on Five Things You… Continue Reading
By Stephen Fairley on Posted in Law Firm Development,Law Firm Management,Rainmaker Retreat Boot CampOne of the most engaging sessions we have at each Rainmaker Retreat is when I open the room up for questions. This is one of my favorite parts of the program since I learn so much about our attendees’ practices from the questions posed. Here are some recent examples: Q: I’ve hired people to write… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementI do a lot of traveling, speaking at bar associations, meeting with clients and holding our two-day Rainmaker Retreat legal marketing seminars across the country. Like many road warriors, I have found many benefits to upgrading my hotel experience. When I can, I make it a practice to stay at a Ritz-Carlton. As a somewhat demanding business… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementToday there are more attorneys than ever heeding the siren call of the solo practice or small firm experience these days in order to achieve a better work/life balance. You may think that seeking a solo practice is counterintuitive when it comes to finding balance in life. But if you do it right, a solo… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementYour first step in developing any type of plan for your law firm is to set goals. But if the goals you set won’t deliver the results you want, you’ve probably set the wrong goals. So how do you go about setting the right goals? Take these 5 steps: 1.Make them SMART goals. SMART is… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementMany attorneys don’t know the questions to ask or who to trust when it comes to law firm finance. And many traditional lenders will not even consider you if your firm is a personal injury, workers compensation, SSD or other contingency-based practice area. This is why I’m offering a free training webinar on Law Firm… Continue Reading
By Stephen Fairley on Posted in Law Firm Development,Law Firm Management“The competition that kills you doesn’t always look like you.” Those are the words of Richard Susskind OBE — British author, speaker and independent adviser to professional firms and governments around the world — who has long been focused on the future of professional service and, in particular, the way that technology and the Internet… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementThis is the second post in my three-post series this week on the three ways to fire up your law firm’s profit potential. Click on this link to read the first post in the series. Improve Your Billing There are several ways law firms can improve their billing system and lower their accounts receivable (A/R):… Continue Reading
By Stephen Fairley on Posted in Law Firm Management,Law Firm MarketingLook at any business in history and there is always more upside for companies that are more innovative. The downside is reserved for those that cling to the old ways of doing business, doing the same things they have always done and, somehow, expecting a different result –which is the very definition of insanity. So… Continue Reading
By Stephen Fairley on Posted in Law Firm ManagementHaving Superstars at every level of your law firm is the one thing that can truly differentiate your from your competition and keep clients coming in the door. Unfortunately, I hear from many attorneys that finding and keeping good people is a major challenge when it comes to law firm management. This is something that… Continue Reading
