In addition to consulting with many different law firms and other companies, over the past nine years I have had the opportunity to work as the COO of three very successful high volume personal injury law firms. Adding to this experience is the fact that each firm is in a different geographic market and each firm has its own unique culture. The opportunity to combine and aggregate these experiences has taught me a few new lessons, and also confirmed what I already knew about how high volume PI firms and law firm management generally. Regardless of where a firm is located and regardless of its culture and history – there are certain best practices that can help a high volume personal injury law firm improve profitability and increase in value. Here are four of those practices:
1. You must use systems to ensure efficient operational workflow and to lay a foundation for scalable, replicable, and profitable growth.
2. Creating a culture of accountability will improve performance at all levels – for intake, case management, and attorneys.
3. Creating, implementing, and using key performance indicators (metrics) will help you manage your business so you can make more money by working smarter, not harder.
4.Increasing case fees and/or decreasing time on desk will significantly improve profit margins and put more money in your pocket.
If you want to improve profits, make more money faster, and increase the overall value of your business, while at the same time working smarter rather than harder, contact Fournier Legal Services via email at email@example.com or by calling 860.670.3535 now for a free consultation and planning session.