Running a Law Firm Like a Business Is a New Trend Amongst Attorneys
Being a good lawyer doesn’t mean being business-savvy, but attorneys running a law firm start to show a growing interest in their numbers and strategies
MIAMI, FL - While most lawyers might have believed in the past that the primary requirement to achieve professional success was becoming the best law practitioner they could be, a growing number of them have now recognized that successfully running a law firm actually means systematically running their numbers. Global law consulting firm Altman Weil, Inc. reports growth in the law industry of up to 1.7% annually, a marked improvement since 2008. It also shows that over 90% of large law firms (law practices with more than 50 employees) are gearing up to acquire laterals at some point in the next five years; with nearly 40% planning to merge or open new offices. That is one of the reasons why smaller law firms must have a complete knowledge of their finances, so that they can create new strategies, if they hope to compete in their market.
As pointed out by RJon Robins, legal coach and founder of the law firm management and marketing advisory program How To Manage A Small Law Firm, “for years attorneys have been oblivious to the reality of their finances”. He then speculates: “but I suppose the New Economy might have changed their perspective, especially in the past year - now they are increasingly interested in the subject and in what to do to grow from where they are”.
According to a senior attorney, in charge of hiring at a large law firm in Miami, FL, even top law schools rarely include business management and marketing as subjects. “The result of that is what we see day in and day out with our new-hires who have recently graduated – they come to the marketplace completely unprepared to take on a business approach to their positions”.
Rjon Robins has moved to address the issue, drawing from his own experience to coach both new and established attorneys on the successful running of a law firm. The Programs offered through How To Manage A Small Law Firm include analyzing current numbers and implementing new and simple business strategies. The goal is to significantly increase profits and support a healthy, happy lifestyle for members. RJon reminds them: “life is better when you know your numbers”.
The How To Manage A Small Law Firm proposition includes a business point of view that encourages members to become more aware of how much (or how little) they actually know their own firm’s finances. Robins believes that is the only way to actually take control of the practice as a business, and then take action. A current member of How To Manage A Small Law Firm recently stated: “I had always thought that my finances were my bookkeeper’s problem, and that my focus should be in the court house”, he admits. “But when I was coached by RJon on how to run my practice like a business, I started to see some real results fast, and realized how crucial it is to always keep an eye on my numbers”.
Hundreds of attorney-members from all over the country will be gathering at the How To Manage A Small Law Firm Quarterly Meeting to share experiences and provide feedback. The 2-day event that has previously taken place in San Francisco and Dallas will this time be held in Miami, November 3-4. Attorneys can visit www.HowToManageASmallLawFirm.com to learn more about becoming a member, and a happy lawyer.
About How To Manage A Small Law Firm:
Founded by RJon Robins, a member of The Florida Bar since 1998 and the first and only lawyer in history to serve as a Law Practice Management Advisor with The Florida Bar Law Office Management Assistance, the service currently has 100+ members, and helps attorneys across the Country with virtually every aspect of starting, marketing, managing, buying and even selling a successful and sustainable small law firm.
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