Managing clients, operations, marketing, and new business development is challenging for any organization. Law firms that are already busy handling a high volume of clients and cases can benefit from a law firm management service. Law firm management services help organize clients in a way that an attorney might not realize can be done. By hiring a management firm, your firm’s efficiency will skyrocket. Let’s take a look at some of the benefits.
An attorney may be an exceptional counselor to his or her clients, but that doesn’t mean that the attorney is good at running business operations of the firm. Management services ultimately increase the profitability of your law firm by finding ways to reduce costs. Busy attorneys do not have time to make sure that business operations are running at the most cost-efficient level. A management team will evaluate a law firm’s expenses, identify where any cost savings can be achieved, and work with the law firm to execute those measures.
For example, you may find that it would be more profitable to collaborate with other law firms in certain cases if your attorneys do not have specialty qualifications needed. This will ensure your client is getting the best representation and allow your firm to focus on cases within your expertise instead of spending additional time, which impacts the firm’s bottom line. It’s important to have contractual agreements with any law firms that would be involved in the collaboration.
Also, a management firm will assess existing cases to determine which ones are most profitable. Given a firm’s capabilities, financial, and professional goals, the management services team evaluates how the lawyers and staff work to find the cases that are more labor intensive but less profitable. This helps the firm target cases in the future that will be more profitable for the business.
Another benefit of hiring a law firm management service is the focus on acquiring new business and new clients. To stay financially viable, it’s clear that a law firm needs clients. With demanding schedules and a full roster of existing clients, it’s nearly impossible for attorneys to do the marketing needed to grow new business. That’s where the service management team comes into play. The right mix of advertising that reaches your target audience will help your law firm grow. Understanding how to target those individuals is a key factor in that new business growth.