3 Ways to Make Your Law Firm Investable (and Recession-Proof)
4 minutes to read
You’ve poured thousands of hours into your cases, standing up for your clients and helping them get the justice they deserve.
There’s just one problem — that’s not enough in today’s legal market. Investors aren’t reading your case notes. They’re looking at your bottom line.
Your success in the courtroom alone doesn’t equate to successful investment — and make no mistake: becoming an investable law firm IS the future of the legal industry.
The alteration of Rule 5.4 in states like Utah and Arizona is opening the door for non-lawyer firm ownership, opening the door for outside investors to enter the legal landscape — and business-savvy owners to compete directly with you.
This should be enough to trouble any attorney who isn’t thinking about the business of their firm at the best of economic times. Today, being investable means even more. It means placing yourself and your team in the top 1% of law firms, especially as recession fears loom.
Economic upheaval and market uncertainty provide prime opportunities for forward-thinking law firms to get ahead.
How do you get ahead? Learn to build the business of your law firm and make yourself the only choice in your market for outside capital.
These are the three essential focal points that will make your law firm not only successful but investable, to carve out your place as a key player in the future of the legal landscape.
1. Process
If you want a benchmark for your ability to grow right now, take a look at your internal processes and procedures.
Large (well-funded) firms know that there’s one thing bringing potential clients over the threshold and referrals in over time: a frictionless client experience. In the world of user experience and convenience services from Goliaths like Amazon, Starbucks, and Netflix, your services need to be just as simple and accessible for your clients.
Are the systems and processes in your organization running seamlessly and creating opportunities for growth? Or pinched at every junction, causing a backlog for your firm?
2. People
Just like a great company, the future of a great law firm is built by the work of great people.
Take a look around your office and ask yourself the following questions about your team members:
- Would I enthusiastically rehire every single one of my team members again?
- What are the qualities I admire about my best team members?
- What are the most problematic qualities about some of my underperforming team members?
- If I were to hire new candidates for each position in my law firm, what are the top three qualities they must possess?
3. Progress
This is where it all comes together. The key to an investable law firm is consistent, clear growth toward a defined vision.
The key to a defined vision is ownership, and that comes down to one person: you.
You’re not just another attorney. You’re the CEO and owner in control of your business. Are you leading that way? Or does the day-to-day grind feel like it’s taken over your life?
The only way forward is to get control over yourself, your leadership, your business, and its progression forward.
Ready to own your firm’s progress?
There’s only one place you need to put yourself: the Crisp Coach program.
Crisp Coach is a closed-door community of the highest-performing law firms, and yours could join them.
Ensure that 2023 is your best year yet with the happiest clients, most accountable team members, and most streamlined operations. Apply today!
