Struggling with profitability in your law firm? You’re not alone. According to Thomson Reuters, law firms continue to see a spike in demand, yet a decline in overall revenue flow. Couple that with rising compensation costs and it becomes critical that you get a handle on your cash flow and increase your law firm’s revenue generation. There’s good news. Circle Management Group can help.Claim My Free Consultation
Common Sources of Revenue Loss
In many cases, less-than-ideal revenue generation is actually more about money being left on the table than it is failure to generate revenue in the first place. Poor time tracking and recording practices, redundancies, and inefficiencies in document creation and management, an insistence on physical documents rather than working with digital formats – these are just some of the ways that you’re leaving money behind. However, correcting those issues will require a proactive stance and a deep understanding of the underlying problems.
The Revenue vs. Profitability Situation
We tend to focus a lot on revenue, but that isn’t the whole story. In fact, you can have high revenue and still suffer from low profitability. It’s about watching your overall costs and ensuring that you’re not spending too much on administrative costs and overhead involved with serving your clients. You must minimize costs while increasing revenue.
How You Can Increase Law Firm Revenue and Cut Costs
Legal Technology: Too often, law firms struggling with profitability also struggle to come to grips with the technologically-driven world in which we live. If you’re still using hardcopy records or even Excel sheets, chances are good that your administrative costs eat up too much of your revenue. The right legal technology can cut your costs and the time required for everything from time tracking to client communication and even case research.
Automation: Automation is a powerful tool that can free up a significant amount of time that can then be invested into revenue-generating activities. For instance, by automating form filling, you ensure that your team can focus on big-picture items. Of course, automation has a much larger role to play in your law firm than just filling in common form fields.
Workflows and Communication: Your workflows should fit your team and your clients’ needs. The same applies to your communications strategy and tools. If you’re stuck relying on email or dealing with convoluted, outdated workflows, your revenue will take a hit.
Isn’t it time your law firm had a clear path to follow for profitability? Contact us today for more information.
Circle Management Group Increases Your Law Firm’s Revenue
At Circle Management Group, we understand that law firm revenue generation is a complex topic. It’s about more than just attracting new clients or maximizing billable hours.
Our certified consultants deliver an in-depth consultation and will analyze your business and industry trends to help you achieve measurable growth and success. From ensuring you have the right technology in place to designing a custom communication and workflow strategy, we deliver the solutions you need.
Get in touch to learn more or to schedule your free consultation.