The #1 Greatest Asset to Your Law Firm’s Success
9 minutes to read
When it comes to running a law firm, there are hundreds of strategies, tools, tactics, and more you can leverage to be successful.
This begs the question:
What is the #1 greatest asset to your law firm’s success?
The answer is finally here.
In this ultimate guide, we’ll explore:
- What great looks like in a law firm
- The power of your people
- Effective ways to maximize your investments
If you want your firm to stand out and generate more growth than ever before, this is an excellent place to start.
What does great look like?
You will never build a great law firm without first defining what it means to be truly great. Here are a few of the key differentiators of some of the fastest-growing law firms in the country:
Great law firms understand what makes them unique
Let’s face it: There are over 1.3 million lawyers in the U.S. alone. With numbers like that, it’s difficult for your law firm to stand out from the heavily saturated crowd — that is, unless you give your ideal clients a reason to choose your firm over the thousands of other options.
This only happens when you have a compelling Unique Value Proposition (more commonly known as a UVP).
In short, your UVP is what makes your firm special and differentiates it from your competition. It answers questions such as:
- What is the personality of your law firm’s brand?
- What matters to you? Why do you do what you do?
- How are you different from the rest of the law firms in your market?
- Do you have distinct values that influence the way you practice?
- How are you uniquely equipped to solve your clients’ challenges?
The more specific you are, the better. Your ideal audience must understand and align with what you care about, because the stronger their emotional connection with you, the better your chances of landing them as a client.
Great law firms adapt to changes
According to John Morgan, owner of America’s largest personal injury firm Morgan & Morgan, one of the greatest threats to firms everywhere is not adapting to new technology, tools, and developments hitting the industry.
As the world evolves, you and your law firm must evolve with it to stay relevant and competitive. If you get stuck in your ways and resist changing yourself and your law firm, you will not be successful.
Great law firms see needs and opportunities and capitalize on creative solutions, whether they’re tried-and-true or brand new. That’s why so many of the fastest-growing firms in the country are leveraging emerging technology and AI solutions, such as ChatGPT and countless other programs.
If you’re open to adapting the way you run your law firm, you’ll be well on your way to making your organization great.
Great law firms are not micromanaged by their owners
If you’re the kind of law firm owner who must have the final word in everything your practice does, you’re not alone. However, micromanaging and bottlenecking progress can be a leader’s biggest downfall, namely when it gets to the point where your team can’t do anything for themselves.
If this sounds like what’s happening at your firm, the first step is to determine exactly where the dependency lies and measure how dependent your law firm truly is on you. This will help you identify opportunities to offload accountability, hire key team members, and free yourself up as the visionary leader of your law firm.
Wondering if any of this applies to you? Ask yourself the following questions:
- Is your leadership team capable of running itself?
- Do your team members know who to go to first for help?
- More importantly, can your team members find independent solutions to their own challenges?
- Are your financial operations running smoothly?
- Where does your focus currently lie?
The more honest with yourself you are, the sooner you’ll be able to get to the root of the problem within your firm.
While these factors strongly contribute to what great looks like in law firms, there’s one in particular that is easily the #1 greatest asset to your law firm’s success: your people.
The Power of Your People
Law firms can be great because of so many different reasons — but even if they get all of the above right, if you haven’t fully harnessed the power of your people, you’ll never reach your full potential.
In short, the #1 greatest asset to your law firm’s success comes down to your people.
- Great law firms make the best hires, not just the best available.
- Great law firms make sure their team members are properly trained.
- Great law firms invest in their people and give them everything they need to be successful both personally and professionally.
- Great law firms understand that their success can only go as far as their team can take them, so they prioritize them accordingly.
An organization is nothing without its people. Here are the most important indicators of how strong yours are:
Engaged Team Members Get Results
According to a Gallup study, highly engaged teams experience 21% higher profitability compared to their less engaged counterparts. Engaged team members are more motivated, productive, and committed to achieving the firm’s goals.
In fact, the same study found that the main drivers of team member engagement are the following:
- Purpose: How do I contribute to this organization and make a difference in its success?
- Development: How can I continue to be better than yesterday?
- Committed Leaders: Do I have leaders who support me and invest in my growth?
- Ongoing Conversations: Are the people in charge keeping my team in the loop and up to date with changes in the firm?
- Focus on Strengths: Are my strengths being praised? Are my weaknesses being strategically assessed to improve in the future?
Your team members will do whatever it takes to make your law firm successful if they know that they are valued and invested in.
Retained Team Members Are Cost-Effective
Face it: We live in the age of the Great Attrition.
In the past few years, a record number of employees have quit or planned to quit their jobs, and that number continues to increase. In the U.S. alone, voluntary attrition increased by almost 800,000 in the past year, while involuntary attrition decreased by almost 400,000 during the same period according to the Bureau of Labor Statistics.
But that’s not all: According to a McKinsey survey, nearly a quarter of employers believe they are holding on to more low-performing talent now compared to a year ago. They’re unable to keep the best talent. They’re simply stuck with the most available.
The cost of this turnover in the legal profession is substantial. The Association for Legal Professionals estimates that replacing an employee can cost between 50% to 200% of their annual salary, with overall costs ranging anywhere from 90%-200%.
This is where investing in your people comes in. Whether you decide to provide continuing education opportunities, develop career paths, offer wellness programs, or something completely different, you will do your team (and your wallet) a favor by investing in them.
Happy Team Members Make Happy Clients
Fostered an environment where your team members feel valued, engaged, and challenged leads to a more positive representation of your law firm when dealing with clients.
A Gallup report stated that engaged employees can even increase sales by around 20%, and that figure can greatly increase by word of mouth. The happier your team members are, the happier your clients will be, and the more future clients will come your way.
These are just a few of the ways your people impact your law firm’s success. But if you’re looking for tangible strategies to maximize your investment in them, read on.
Maximizing Your Investment in Your People
The first step to maximizing your people is to hire the right people. As Crisp Head of Strategy Jessica Mogill always says, you should be hiring the best people — not just the best available.
So how do you do that?
Look beyond simply technical skills and qualifications. Seek out candidates who align with your firm’s values and culture. Ensure that your law firm has a rigorous hiring process, as that’s the best way to weed out the people who will or won’t be successful at your firm.
Effective onboarding is essential for integrating new hires into your firm’s culture and operations. In fact, it can even play a key role in determining whether or not a new hire stays with your firm for years to come.
Create a structured onboarding program that introduces them to the firm’s values, policies, procedures, and key personnel. Start with the following:
- Standardize each new hire’s onboarding process. Who will they need to meet and train with in order to be successful? What resources will they need from you? What will their first day at work look like?
- Stack their calendars. Your new hire doesn’t know what a typical day in the life at your law firm looks like, and they won’t come in knowing what to expect from their new position. Plan out their first days to the fullest extent possible to give them a better understanding and help them hit the ground running.
- Ensure they meet their new colleagues. It can be intimidating coming to work on the first day and not knowing anyone.
Consider implementing meet and greets or one-on-ones between your new team members and existing ones. This will help your new hire feel comfortable and welcomed, and it will give your existing ones an active role in shaping the culture of your organization.
Prioritize your new hires from the very beginning if you want them to succeed in your organization.
Invest in Training and Development
To maximize your team members’ potential and enhance their capabilities, never stop investing in their ongoing training and development.
Offer continuous learning opportunities (such as book clubs, lunch & learns, webinars, and more) to keep them up-to-date with emerging trends, best practices, and industry developments. Encourage participation in professional associations and networking events, which can broaden your team’s knowledge and establish valuable connections.
By investing in their growth, you can empower your team to deliver exceptional client service and contribute to your firm’s success.
In the fiercely competitive legal landscape, law firms that recognize their people as their greatest assets are more likely to achieve sustainable success.
If your team members are engaged, growing, and committed to your firm’s overall success, they will go far — and as a result, so will you.
Not sure where to start when it comes to building a team of game changers? We can help.
Contact us today and we’ll help make the most of your team while keeping them aligned and excited about working at your practice.
Your future depends on this — so let’s make it happen.