November 15, 2006
Nine Steps to Improved Law Firm Financial Performance in the Coming Year
The December 2006 issue of Law Office Management & Administration report by IOMA listed nine things law firms need to do before year-end. The list is taken from Ed Poll’s new book Secrets of the Business of Law: Ways to be More Effective, Efficient and Profitable. What are they? I’ve taken the liberty of paraphrasing Ed somewhat and prepared the following list based on his nine steps:
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Update your business plan
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Set goals for each member of the firm
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Assess and update your marketing plan
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Prepare an operating budget based on your plans
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Critically review the desirability of your existing clients
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Raise your fees incrementally
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Restructure your fees based on the market and your objectives
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Improve your billing practices
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Concentrate your energy on revenue, not expense reduction
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