Growth Strategies
for Law Firms
Joshua Lenon
Lawyer in Residence
Clio
Law Firm Growth Plans!
•  You’re losing business because you can’t
keep up with demand
•  You need/want to focus on certai...
Law Firm Growth Plans!
Law Firm Growth Plans!
Adding Employees
•  Paralegals median pay was $46,680 per
year.
•  Legal secretaries median pay was...
Law Firm Growth Plans!
‘Yes%%&%
Permanent%
Change%
2009%
Response%
2013%
Response%
Change%in%%% Magnitude%
Increase%
More%...
Growth Strategies
•  Clients
•  Staff
•  Attorneys
•  Productivity
GROWING CLIENTS
Growing Clients
Client Base Client Commitment
Word of Mouth
57% of C-Level Executives hire
law firms on the basis of a
single, unprompted, peer
recommendation
Source: B...
Clients Don’t Want Lowest Price
•  Transparent pricing:  We want to
understand how/why the price is set and
have the oppor...
Listening to Clients = Revenue
•  Only 58% of law firms conduct client
feedback.
•  Firms acting on feedback generate 2.7
...
Listening to Clients = Revenue
Law firms whose clients see them as being
best in client service enjoy:
•  30% higher profi...
GROWING STAFF
Why Outsource Your
Receptionist
JODI ANN DONATO,
ESQ., LLC
“I can honestly say it was THE
BEST business decision I have
made in the last 10 years. Ruby
ha...
GROWING ASSOCIATES
Outsourced Attorneys
Contract Attorneys
•  Appearances
•  Research
•  Due Diligence
Image: GracesCases.com!
GROWING PRODUCTIVITY
Productivity Rules!
1  Right Tool for the Job
2 Never Type Twice
3 Right Person for the Job
Photo by zzpza on Flickr!
Right Tool for the Job!
Photo by zzpza on Flickr!
Right Tool for the Job!
= extra1.7 hours
daily!
Photo by Shehan Peruma on Flickr!
Never Type Twice!
Photo by Sasa Mutic on Flickr!
Right Person for the Job!
•  Assign & Track Tasks
•  Let Clients Contribute
•  Focus on Your Necessary Tasks
Photo by Ben ...
QUESTIONS
#ClioWeb
Thank You
Joshua Lenon
joshua@goclio.com
@JoshuaLenon
Linkedin.com/in/joshualenon
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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.

Published in: Law, Career
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MSBA Wednesday Webinar: Growth Strategies for Lawyers

  1. 1. Growth Strategies for Law Firms Joshua Lenon Lawyer in Residence Clio
  2. 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. 3. Law Firm Growth Plans!
  4. 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. 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. 6. Growth Strategies •  Clients •  Staff •  Attorneys •  Productivity
  7. 7. GROWING CLIENTS
  8. 8. Growing Clients Client Base Client Commitment
  9. 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. 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. 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. 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!
  13. 13. GROWING STAFF
  14. 14. Why Outsource Your Receptionist
  15. 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
  16. 16. GROWING ASSOCIATES
  17. 17. Outsourced Attorneys Contract Attorneys •  Appearances •  Research •  Due Diligence Image: GracesCases.com!
  18. 18. GROWING PRODUCTIVITY
  19. 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. 20. Right Tool for the Job! Photo by zzpza on Flickr!
  21. 21. Right Tool for the Job! = extra1.7 hours daily! Photo by Shehan Peruma on Flickr!
  22. 22. Never Type Twice! Photo by Sasa Mutic on Flickr!
  23. 23. Right Person for the Job! •  Assign & Track Tasks •  Let Clients Contribute •  Focus on Your Necessary Tasks Photo by Ben McLeod on Flickr!
  24. 24. QUESTIONS #ClioWeb
  25. 25. Thank You Joshua Lenon joshua@goclio.com @JoshuaLenon Linkedin.com/in/joshualenon

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