Lawyerist’s foundational hypothesis is that the legal services marketplace as a whole is broken and chugging toward a massive correction. As a small or solo law firm lawyer, your reaction to that hypothesis and the cascade of impacts it will bring about is critically important.
That is why Lawyerist is dedicated to helping small-firm lawyers build future-proof and sustainable law practices for the next 20 years and beyond. That almost certainly means that they are hyperfocused on client-centric services, future-oriented technology, profit-oriented business models, and access to justice and inclusion.
Law Firm Strategy on Lawyerist
Most of those who’ve already found us know that the future demands their law businesses evolve. Their path to getting there—their working plans to prioritize objectives, compete in the global marketplace, and optimize financial performance—will require a strategy deep-dive. For your part, your strategy will explain in digestible terms how your law firm differentiates itself from competitors, earns revenues, and earns margins. It will reflect your strengths, weaknesses, opportunities, and threats. And it will include key performance measures to reflect your progress and future success.
Ideally, you will be able to check the box next to several important concepts:
- Your mission and values are clear and documented.
- You have a documented business model built around solving client problems in line with their expectations at an appropriate price.
- You study trends that will affect your firm and clients, and you incorporate what you learn into your strategy.
- You are working on projects and short-term goals that are connected to your long-term goals for your firm.
- You use a set of key performance indicators (KPIs) to monitor your firm’s health and help you predict your future success. Your KPIs are regularly updated, and you review them regularly.
- You occasionally conduct a competitive analysis and adjust your strategy to win your market.