Statistics show that most small businesses shut down within the first year of launch. It takes unyielding dedication and commitment for one to see their business overcome the first phase of the company, allowing it to achieve its goals.
The legal industry has greatly evolved and is currently run similar to other businesses. This trend is influenced by an increase in client base and service areas. With emerging client needs, law firms need to reorganize how they view service delivery.
Unlike big firms that already have a system, small firms need to adopt flexible and versatile policies to help them develop their practice and grow their business. Below are a few policies you should consider to propel your firm to the next level.
Open Communication
Effective communication is one of the key ingredients for the success of your law firm. When your team doesn’t have all the information they need to execute their roles, they are likely to make mistakes.
Being a small firm, you may wish to control everything around the office. However, this may affect your relationship with your employees and clients. Therefore, you need to devise effective communication to ensure the necessary information reaches your team and clients correctly and on time.
Lack of transparency is likely to cause division among your team members. Therefore, it’s best to have a centralized workflow system to ease the transfer of information. This way, you can promote collaboration and make your team feel involved.
Competitive Pricing and Alternative Payment Plans
Pricing is the most sensitive part of any law firm. You will likely lose clients or get shortchanged for your services without the right pricing. Therefore, you need to develop a policy to help find a balance in your pricing; this way, you can find a sweet spot to cushion your business while delivering affordable services.
This policy should be flexible enough to accommodate different clients, coming up with alternative payment methods. Your pricing should also mirror your services. Finally, you should be able to deliver on your promises to the clients to retain them for the long haul.
Client-Focused Approach
Most lawyers focus more on building their practice and reputation than work on their clients. However, a client-centered strategy in a small law firm is likely to succeed compared to a practice-based approach. Therefore, your policies should be centered on putting your client’s needs first.
Take time to listen to what the client is going through and try to relate. You can develop a customized approach to dealing with your client with this approach. But, more importantly, you can form a personal bond with your clients, something you need for a long-term business relationship.
The best way to approach this is by simplifying the legal issues, explaining the legal process, and being empathetic. Your policies should focus on establishing a type of communication that works around your client-centered approach.
Effective Docket and Calendar System
A small law firm policies and procedures should include effective docket and calendar systems. These policies not only help create an effective management system but also helps your firm secure a better deal for your insurance.
Being a small firm means all your practices are centralized. However, it’s best to have a computerized system to keep track of the calendar. This system should also act as a backup for your data and should preferably be kept offsite in case of a disaster.
All lawyers in your firm should participate in the centralized system without exception. This system should feature deadlines such as:
- Court dates
- Statutes of limitations
- Pleading deadlines
- Opposing party deadlines
- Appointments and meetings
- Regular communications with clients
- Discovery dates
As mentioned before, running a law firm has evolved and is similar to any business. However, for your small firm to succeed, you must develop policies and strategies to help you achieve your short and long-term goals.
Bottom Line
Take time to review your business approach and select your niche; this way, you can find policies that align with your model. You can also benchmark other firms to see what they are doing differently to see if it’s a fit for your firm.