Can you double your revenue and quadruple your profits in as little as 12 months? Moshe Amsel is convinced that certain things can put you on this path more than others. Mr. Amsel is a business development professional who has spent considerable time and energy working with law firm owners to assist with revenue and profit maximization. Join us and learn the 5 secrets to rapid law firm growth.
1. Referral Sources
Referrals are among the most beneficial forms of business you can gain. The primary reason for this is because, in many cases, you won’t have to spend any monetary resources to convert referral clients. The main resource you will need to spend is time, because you will need to spend time building relationships with other lawyers and also other professionals (CPAs, financial planners, etc.). You can gain referrals even from your competition, in some cases, because you might have a specialized focus which very few other lawyers have. The bottom line is that the more business you can generate from referrals, the better off your firm will be.
2. Understand the Sales Cycle & Know Your Numbers
Understand the sales process, as well as all your sales numbers. Be aware of the cost of your operation. If, for instance, you know that one of your attorneys can improve his cost-to-conversion ratio for certain types of clients, then you need to communicate these hypothetical improvements to your employee. You need to have a clear sense of how much it costs to bring in a typical client and how long it takes.
3. Focus on Efficiency
Focus on increasing the efficiency of your team members. To achieve efficiency, you will want to explore an alternative fee model, or explore team building exercises. Consider hiring virtual team members who can deliver the same results, but for a smaller cost.
4. Remove Unnecessary Costs
Concentrate on eliminating extraneous costs, rather than solely focusing on team and individual performance. Go through your entire cost spreadsheet and remove any unnecessary expenses. You can also look for better providers.
5. Improve the Billing Process
Another secret to rapid law firm growth is modifying your billing practices. Ideally, as the firm owner, you should not be involved with the billing process at all, as this process can be effectively managed by someone else. This is a perfect task to outsource. Ensure that your billing methods are geared toward maximizing profits.
Now you know, scaling up your law firm it’s more than a possibility, it’s a reality. By fixing and improving upon these 5 secrets we’ve just shared, you will experience and confirm how easy it is to rapidly grow your law firm. Implement these strategies and apply the talent of quality international offshore virtual assistants. Great results are bound to happen, get ready, Get Staffed up.
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