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MSBA Wednesday Webinar: Growth Strategies for Lawyers

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As part of the Maryland State Bar Association's Wednesday Webinar series, Clio is happy to discuss different growth strategies to help law firms.

As part of the Maryland State Bar Association's Wednesday Webinar series, Clio is happy to discuss different growth strategies to help law firms.

More in: Law , Career
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  • 1. Growth Strategies for Law Firms Joshua Lenon Lawyer in Residence Clio
  • 2. Law Firm Growth Plans! •  You’re losing business because you can’t keep up with demand •  You need/want to focus on certain aspects of your business rather than struggling to juggle everything How to know when to hire your first employee! by Charlene Jimenez in Business Entrepreneur - February 21, 2012  !
  • 3. Law Firm Growth Plans!
  • 4. Law Firm Growth Plans! Adding Employees •  Paralegals median pay was $46,680 per year. •  Legal secretaries median pay was $42,460 per year. •  Beginning associate median pay was $61,245 per year. Billings – [Total Compensation + Direct and Indirect Expenses] = Net Profit. Photo by Cornerstone Signature on Flickr!
  • 5. Law Firm Growth Plans! ‘Yes%%&% Permanent% Change% 2009% Response% 2013% Response% Change%in%%% Magnitude% Increase% More% Commodi*zed% Work% 25.5%% 88.6% +63.1% 3.5x% More% Contract% Lawyers% 28.3%% 71.5% +43.2% 2.5x% Outsourcing% Legal%Work% 11.5%% 50.7%% +39.2% 4.4x%
  • 6. Growth Strategies •  Clients •  Staff •  Attorneys •  Productivity
  • 8. Growing Clients Client Base Client Commitment
  • 9. Word of Mouth 57% of C-Level Executives hire law firms on the basis of a single, unprompted, peer recommendation Source: BTI Consulting Group!
  • 10. Clients Don’t Want Lowest Price •  Transparent pricing:  We want to understand how/why the price is set and have the opportunity to discuss changes -  36.4% •  Lowest pricing: We want the lowest price available - 9.6%  Source:Altman Weil 14th annual Chief Legal Officer Survey!
  • 11. Listening to Clients = Revenue •  Only 58% of law firms conduct client feedback. •  Firms acting on feedback generate 2.7 times more: – revenue generation – client retention – year-over-year growth. Source: BTI Consulting Group,“Firms Acting on Client Feedback Perform 2.7 Times Better Than All Others,” 03/12/2014!
  • 12. Listening to Clients = Revenue Law firms whose clients see them as being best in client service enjoy: •  30% higher profitability •  7% rate premiums across all staff levels •  35% higher client retention Source: BTI Consulting Group,“Client Service Leaders Boxing Out the Competition,” 02/27/2013!
  • 14. Why Outsource Your Receptionist
  • 15. JODI ANN DONATO, ESQ., LLC “I can honestly say it was THE BEST business decision I have made in the last 10 years. Ruby has helped me capture new business that I would have otherwise missed out on because I could no longer ‘do it all’ myself.” Jodi 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Grow
  • 17. Outsourced Attorneys Contract Attorneys •  Appearances •  Research •  Due Diligence Image: GracesCases.com!
  • 19. Productivity Rules! 1  Right Tool for the Job 2 Never Type Twice 3 Right Person for the Job Photo by zzpza on Flickr!
  • 20. Right Tool for the Job! Photo by zzpza on Flickr!
  • 21. Right Tool for the Job! = extra1.7 hours daily! Photo by Shehan Peruma on Flickr!
  • 22. Never Type Twice! Photo by Sasa Mutic on Flickr!
  • 23. Right Person for the Job! •  Assign & Track Tasks •  Let Clients Contribute •  Focus on Your Necessary Tasks Photo by Ben McLeod on Flickr!
  • 24. QUESTIONS #ClioWeb
  • 25. Thank You Joshua Lenon joshua@goclio.com @JoshuaLenon Linkedin.com/in/joshualenon