A longstanding myth about growth is that it is defined in terms of quantity — number of lawyers and staff, number of offices, number of clients; but growth also comes through quality and maturity of practice – more sophisticated systems and specialty expertise, increased complexity of work and greater depth of client relationships.
I like to think of law firm growth in terms of three key ingredients or modes:
(i) talent, both capacity as well as range of expertise;
(ii) clients, be it serving specific needs or overall market share; and
(iii) the firm’s reputation, within and outside of the profession.
While they feed on and into each other, each mode presents distinct opportunities and risks and has its own drivers. The focus of today’s column is on the “talent growth” mode.
(Karen Bell The Lawyers Weekly, a senior practice management counsel, advises law firms on risk management, practice efficiency, knowledge sharing and client service.)
MTE Legal Professionals- What steps are you taking to grow your firm in these tough times?
5 comments:
I have always believed in hiring kids that did well in Law School and come from a good backround, train them well, and the firm will grow with them
As a real estate attorney, I have downsized my office, but still focus on the core competency that clients can count on. When the market stablizes, I will again increase the size of my office.
I think the real key to growing your firm is client selection. You need to be patient early. I look for clients i can develope a long term relationship.
Focusing mostly on real estate its been tough to grow my practice. I have been in business for over 15 years but have always struggled to bring on good associates.
Arizona - I was under the impression the Phoenix and Tuscon Real Estate market was still very strong?
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