What are you doing to make this the most profitable year yet for your law firm?
A new year is a perfect opportunity for a fresh start and these tips can help you make this the best year yet!
13 Ways To Prepare Your Law Firm For A Profitable Year
1. Review your year
Before you can plan for the future, take a look at how you did this past year. Look at your numbers revenue, profits, and what worked and did not work over the year. Write it all down so you can compare at the end of the upcoming year.
2. Review your clients
One of the biggest sources of career dissatisfaction for solos is dealing with clients and cases they hate. Which client’s did you love working with? Which types of cases? Which clients and cases were most profitable? How did these clients find you?
Use this information to update your client personas and target your marketing for the upcoming year.
3. Review your goals
What do you want your business to achieve next year? Be sure your goals are specific and measurable. And most importantly, write them down!
4. Build your strategy
Once you have goals for your practice you need to WRITE OUT A PLAN to achieve them. If you have a staff or partners, now is the time to get them involved. Schedule a planning and strategy meeting with yourself or your team and break down exactly how you plan to achieve your goals for the year.
5. Get your tax records in order
Tax time will be here before you know it so now is the perfect time to start getting your documents ready. It’s also a good time to touch base with your accountant before the craziness of tax season begins.
6. Get Organized
A new year makes us all want a clean fresh start. January is a great time to get organized. Organize your files, clean off your desk, or go paperless if you haven’t already.
7. Check Your CLE Status
Now is the time to figure out what CLE’s you need for the year and when they are due. If you are like me and wait until the last minute, you can block off some time to get it all done at once.
8. Review Your Networking Plan
Did you network regularly last year? Can you do better this year?
Make time in your schedule to attend networking events and plan to contact referral sources a few times a week. Networking works best when you have a plan. Go make that plan now!
9. Update Your Social Media Profiles
When was the last time you shared something on Linkedin? How old is your profile photo?
Clients are searching for you online and outdated social profiles will make you look bad. Take the time to update profiles you use, delete the ones you don’t have time to manage and make a schedule to keep them current.
10. Review And Update Your Website
Just like your social media profiles, you should make sure you have a recent image of yourself on your website.
Other things to check:
- Are there broken links?
- Is your website mobile friendly?
- Is there any outdated information?
- Is your location and contact information up to date?
11. Ask For Testimonials
Now is a great time to reach out to past clients who have yet to leave a review or give a testimonial. Asking for the review is also a good way to touch base with past clients and remind them your business thrives on referrals.
12. Review Your Schedule
Use the beginning of the year to review your routines and schedule. What day (every week or month) will you do bookkeeping, invoices, schedule your to-do list, etc.
You should also block off time for vacation/mental health days. In addition to my vacation time, I like to block off one day a month where I am inaccessible and I can recharge. Sometimes it a weekend day but often it’s a weekday. I find that if I block it off in advance I can make it happen.
13. Assess Your Rates
I usually review and raise my rates at the start of the year. I typically get an influx of new clients so it’s the perfect time for an increase. Every year I get more experienced and I am in higher demand so I feel an increase is justified.
Along with raising your rates, you should also review and update your retainer or fee agreement.
Strategy and planning are what separates average solos from exceptional solos. You can sit back and see what happens this year or you can make your goals happen by taking action.
What will you do this year to make your practice more profitable?
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