To successfully move forward, law firms need to change their perspective and to truly innovate in terms of their Marketing and Business Development practices. A good place to start is with the clients your firm already has--and wants to keep. Break them into A list, B list and C list--so you can identify who may be happier working with a competitor, and who you want to make sure stays with your firm.
In recent years, most of the challenges firms are having are the same, everything from pressure on the economics, to resistance from clients to fee increases.
What is my priority?
Where do I want to be in 24, 36 months? Firm Size Matters for Law Firm Strategic Planning Olmstead figures that probably three-quarters of large firms have strategic plans, while mid-sized firms in the attorney range are closer towith the likelihood shrinking to 15 percent or less of firms with 10 attorneys and fewer.
Jenner has its practice broadly divided between litigation and business transactions groups, with several disciplines in each, and at the beginning of each year, each group develops its own strategic plan. What do we look like today?
What are our strengths, weaknesses, opportunities, and threats? Where do we want to be in 12 months, and in five years? Then I come back and talk to the people I need to talk to, my bookkeeper, marketing person, other attorneys, to figure out how are we going to get there, and what do we need to do?
I start soliciting some advice. The latter is more urgent. He cautions smaller firms not to take on more than one or two significant strategic initiatives at one time.
That goes for the law fimr strategic planning document, too, Olmstead adds. It might have to happen in a retreat setting.
You do the pre-work, financial review and analysis, beforehand. And then we lock ourselves up for a day or two in a retreat-type setting and basically work through the whole process.
He measures his marketing success in terms of numbers of articles published, newsletters contributed to, seminars delivered, and new contacts and referral sources.A law firm strategic planning process typically covers several areas including marketing, professional resource development, compensation and incentives, recruiting, progression and admission criteria, capacity planning, transition compensation, technology, financial management and leadership and management training.
If a small law firm is perfectly happy with its current status and future outlook, then it does not need a strategic plan. But really, how many firms can claim to be perfectly satisfied?
Most small firms want more business and better business. To achieve this goal, these small firms need a strategic plan. Jan 18, · Simple but devastatingly-effective strategic planning for solo & small law firms.
If you take your success at all seriously, you really owe it to yourself to watch these four videos in . Firm Size Matters for Law Firm Strategic Planning. Olmstead figures that probably three-quarters of large firms have strategic plans, while mid-sized firms in the attorney range are closer to , with the likelihood shrinking to 15 percent or less of firms with 10 attorneys and fewer.
It is imperative for today’s law firms to have a strategic plan that evolves with the firm and changes in the market; however, only 24% of law firms report having strategic plans, even though A successful small law firm strategic plan should consider a firm’s unique culture and vision, emerging trends in the legal market that might provide opportunities, emerging threats in the market that might dictate a change of course, and any needed operational changes.