Have you ever stopped to ask yourself what it takes to run a successful law firm?
Knowledge of the law? Yes. An ability to read and comprehend legislation? Yes. An understanding of Court procedure? Probably.
But there are many more skills you need too.
At its heart, the answer to this question requires a mindset shift. You need to change your focus from the practice of law, to instead considering how the business must work.
Law school might teach us to be great lawyers, but it doesn’t teach us to be great business people, and in the modern economy, being great businesspeople is the key to success.
For all the hype, the “future of law” is really about law firms becoming more like other businesses.
In this episode, I share the four essential elements to law firm success:
- The practice of law – the skills and legal knowledge to deliver legal services
- The business of law – including understanding marketing, business models, pricing, financial management and customer experience
- People – yourself, your staff and your customers. Ultimately law is about human relationships
- Legal operations – how to make your business operate more efficiently and effectively
These four elements are not linear. You might need to place different emphasis on each element at different times and for different purposes, but no one element in isolation will lead you to success.
The trap that most law firm owners fall into is that they think they’re building a business when, in fact, they’re creating a job. To escape this trap, you need to be across all four elements.
Listen to the episode to learn more about how they operate and what changes you can make to your business to lead to greater success.
Click here to download the worksheet to help you work out your business’ priority in each of the four quadrants.
My new book – It’s Time To Do Law Differently
My new book It’s Time to Do Law Differently: How to Reshape Your Firm and Regain Your Life is now available! You can get your signed copy here.
In It’s Time to Do Law Differently, I share my six-step blueprint for transforming your law firm. Learn how to move from a traditional practice to a productised ecosystem and as a bonus, you might just get that quality lifestyle that you’ve been craving.
Thank you to Nexus Law Group
This episode is brought to you by Nexus Law Group. For those seeking positive career change, Nexus Law Group offers senior lawyers the freedom of sole practice with all the support and infrastructure you need so you can focus on what you do best – practising law. Contact Nexus to find out how you can take the next step towards a more rewarding legal career. Find out more on the Join Us page at nexuslawyers.com.au.
Your $25 discount from LawCPD
Are you a lawyer who needs CPD? I’ve teamed up with LawCPD to help make that task easier for you. LawCPD provide premium CPD for Australian lawyers and they offer much more than just another webinar. LawCPD‘s courses are online, on-demand interactive learning. LawCPD are offering Doing Law Differently listeners $25 off their first purchase using the code DLD25. There are over 100 courses across all competency areas. Visit lawcpd.com.au to find your next CPD course and make sure you use the DLD25 code for $25 off.
Like this show?
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