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The Small Firm Scorecard Is your law firm structured to succeed?

The Small Firm Scorecard Is your law firm structured to succeed?. Lawyerist.com. Top Challenges Faced by Small Firms. 2017 Legal Trends Report Clio. 2017 State of US Small Law Firms Thomson Reuters. But most firms aren’t doing anything about it. Why not?. They can’t.

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The Small Firm Scorecard Is your law firm structured to succeed?

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  1. The Small FirmScorecard Is your law firm structured tosucceed? Lawyerist.com

  2. Top Challenges Faced by SmallFirms

  3. 2017 Legal TrendsReport Clio

  4. 2017StateofUSSmallLawFirms ThomsonReuters

  5. Butmostfirmsaren’tdoinganything about it. Whynot?

  6. Theycan’t. Not yet,anyway.

  7. Many firms aren’t tracking keymetrics. • Many firms don’t have clear roles andresponsibilities. • Many firms don’t have a competitivestrategy. • Many firms don’t have a marketingstrategy. UnderlyingIssues Source: The Small FirmScorecard.

  8. The Small FirmScorecard

  9. Goals Technology Strategy ClientAcquisition Systems &Procedures Client-Centered Services Finances People &Staffing Small Firm ScorecardOverview

  10. Goals Whatareyourlifeandcareergoalsandisyourfirmhelpingyouaccomplishthem?

  11. Strategy Does your firm have ambitious long-term goals and a business model built around solving clients’ problems? Do you have a plan for accomplishing thosegoals?

  12. Technology Does your firm use technology strategically? Are you paperless, mobile, and secure? Is everyone at the firm competent with your techtools?

  13. ClientAcquisition Does your firm have a plan for getting clients and tracking the effectiveness of marketingefforts?

  14. Systems &Procedures Are your firm’s procedures documented, updated, and followed? Do you follow a project managementmethodology?

  15. Client-CenteredServices Is your client service model (intake, on boarding, and representation) designed around your ideal client? Do you capturefeedback?

  16. Finances Is your financial strategy aligned with your long-term business goals? Are your billing procedures designed so you get paid ontime?

  17. People &Staffing Do you hire, manage, and fire based on a “right people, right seats” model? Do you promote inclusion and work-lifebalance?

  18. We use a set of key performance indicators (KPIs) to monitor the health of our firm and helpuspredictourfuturesuccess.OurKPIsareregularlyupdatedandreported. • We have a written organizational chart that includes everyone in the firm and their actual reportingstructure. • Our firm occasionally conducts a competitive analysis and adjusts our strategy to win our market. • We have a written marketing plan and we use objective data to determine the success of our marketingactivities. Here’sWhereLawyersRateTheirFirmsLowest

  19. Before we tackle those, let’s make sure we’re putting them incontext.

  20. Goals

  21. Specific • Measurable • Achievable/Realistic • Relevant • Time-bound Setting SMARTGoals

  22. How much money you want tomake. How many hours you want to work (includingvacations). The kind of work you want to be doing. The impact you want your work to have in theworld. 4Goals You Should Set

  23. Is your firm helping youaccomplish yourgoals? Will it? Canit?

  24. KPIs The numbers that matter to yourfirm.

  25. Cost ofacquiring a client. Marketing time & expenses ÷ new clients =CAC

  26. Potential clientcontacts. Consider breaking down client contacts into qualified/unqualified, and categorizing them bysource.

  27. Newclients.

  28. Accountsreceivable.

  29. Utilization and collectionrates.

  30. Cash onhand.

  31. Net Promoter Score(NPS). “On a scale of 0 to 10, how likely are you to recommend our firm to a friend or family member?”

  32. More KPIs…

  33. OrganizationalChart Yes, solostoo.

  34. CompetitiveAnalysis

  35. Check your targetkeywords. With a third-party tool or your browser’s private/incognitomode.

  36. Check with yourclients. What other firms/options did theyconsider?

  37. Check yourrates.

  38. Create a marketing plan, followit, and track yourresults.

  39. Have aplan. Honestlyitdoesn’tmatterwhatyourplanisaslongasyouhaveone.

  40. Track your activities and resultsas part of yourKPIs.

  41. Useyourresultstoupdateyourplan.

  42. Get yourscore. Update itregularly.

  43. Thanks! You can find all the materials atgo.lawyerist.com/mlmjuly2018

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