Every entrepreneurs are facing some complications in their business growth management.
From the past two decades, technology becomes a part in our day to day life process.
Law school prepared you well for the practice of law, but it may not be prepared you for the business of law. It is a great time to be a successful lawyer if you are running a law firm that makes good profit as business firm, and a many law firms are not.
While the first priority is always to do the very best job for clients, to grow, it is critical to bring in new legal matters and manage the firm with a focus on profitability. With great effort through out your career you might have good number of clients and references. But have you ever analyzed your business using metrics?
If you analyze, 80% of your businesses are coming from 20% of your clients. By focusing on these 20% money making clients you can increase your business profitability to good extend. Do you know who are these 20%?
Another point is understanding what practice areas are profitable and why, as well as which lawyers are profitable and why, can be very powerful. Similarity there are many metrics that will help to run your firm with more profitability.
The demand for legal services is considerable and growing. Business firms that do proper business analysis with BI tools will be able to better help their clients and dramatically increase profit.