LEGAL INDUSTRY PLANNING 2022
The pandemic restrictions may be over but unfortunately that is not the end of business disruption in the legal industry for you and your business.
If you’re like most of our law firm clients, you’ve likely experienced a significant influx of work. That is the good news.
The challenge that creates for you is your ability to capitalise on the opportunity.
Time (or the lack thereof) is always one of your biggest challenges and throughout this pandemic period it is likely got worse, not better.
If you do not have the right team in place, you will either miss opportunities or not manage existing and new opportunities well or both and that would be a disaster.
So… what is the answer to the problem ..??
- Review your current internal capacity.
- Review your processes.
- Review your external support team
All of the above action plans will help you determine where you have a shortfall or some shortcomings so you can take action and rectify it immediately.
You should not view this as a short-term fix because done right, it will have an enormous positive impact longer-term.
One of the mistakes I have seen many law firm owners make is trying to do everything themselves and not planning and setting up their business well.
Let’s not forget – you’re running your business. You’re not working for someone else.
Ask yourself this question …
Do I have the right team in place, including, lawyers, paralegals, clerks, office staff, Accountant/Business Advisor?
Lawyers’ futureproof planning
As important is the need to plan / budget / forecast your numbers so you know what is ahead or at the very least have an idea based on your pipeline, your network, your history and your knowledge.
Of course, you would likely expect an Accountant to suggest this and I’m glad I did not let you down but I say this not because I am an Accountant, but because I am a business advisor that has worked hard to support many law firms over the last 20 plus years.
Without fail, those that closely manage their financial position are better off. We advise all our clients to automate their systems and accounting operations to enable seamless and accurate data and planning.
Accurate and timely numbers do not lie and they will tell you everything you need to know – good and bad so you can make informed business decisions as you need to.
Once you get on top of this part of your business, you will begin to achieve the maximum financial benefit that your business allows.
Don’t waste the hard work you put in.
Don’t operate on gut feel.
Don’t ignore the numbers.
Please reach out for a ‘no obligation ‘chat to find out how we can systemise your firm or practise for 2022 and beyond.
Tony Dimitriadis B.Bus CPA Director
Our renowned coaching programs will allow you to:
- Work fewer hours — and make more money
- Attract and retain quality, high-paying customers
- Manage your time so you’ll get more done in less time
- Hone sharp leadership skills to manage your team
- Cut expenses without sacrificing quality
- Automate your business, so you can leave for days, weeks, or even months at a time