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Milestones Your New Law Firm Should Reach In The First Five Years

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Milestones Your New Law Firm Should Reach In The First Five Years

Every business has milestones. Starting any type of business comes with its ups and downs. Launching a new law firm comes with many of the same pitfalls and risks as launching any other business. The reality is that most businesses, including law firms, do not survive the first five years. Today, reaching the people you would like to represent becomes even more difficult if you are not connected to the mediums potential clients are connected to. For this reason and many more is why new law firms need to reach some critical milestones within the first five years to survive.

  1.  Implement a working business model. It’s one thing to map out a business model on paper, but once you begin to implement it in the law firm, it becomes a living, breathing document. Similar to process documentation, a business model must include how you will run the law firm, your current book of business, how you will attract more potential clients (marketing), next steps, and any and all risks involved with the business. To survive the first five years, you must make sure that your business model is realistic and can generate revenue. Profits can and will most likely be a way away, however, you need to know who your clients are/will be, time and method to reach them, and understand the value of your services that will serve both your clients and your Milestonesbottom-line.
  2. Nurture your client base. The lifeblood of your revenue line that will possibly sustain you financially during the lean beginning is your core client base. Their repeat business can float your new law firm and help you reach financial milestones that will keep your doors open. Nurturing your client base will take a lot of your time, but will pay off when other individuals or business owners need legal help, you will be the first person they think of.
  3. Hire a support person/team. Part of the business model will be to make a list of attorneys that can fill practice area gaps even if they serve as a sounding board to help you with cases. Likewise and especially if you are a solo (general) practitioner, you will need administrative help to offload some of the non-billable work that runs your business operations. Hiring a virtual assistant can help cut costs, organize you, and alleviate some of the operational burdens of running a law firm. Administrative support can also help you see where you have gaps and realize which milestones you are at risk of not reaching. Remaining organized will only help your firm stay relevant in changing times and in a modern world.

Surviving the first five years and reaching important milestones is crucial for continued success ten, fifteen and twenty years down the road. If you need help getting started, many local state bar associations offer help like the Law Firm Business Plan Sample on the New York City’s bar association site. You can also subscribe to the Leopard Blog for discussions on law firm management, diversity, recruiting insights, and other relevant topics.

Leopard Solutions is an online resource for real-time legal data and insights for law firms, corporations, law schools, recruiters, and attorneys. Our suite of data intelligence tools helps you with business development, firmographics, marketing, and data analysis. Our tools are popular with HR teams, talent acquisition/recruiters, business development, sales, and marketing teams.

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