Taken From: http://www.legalrss.uk/

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There is pressure from every side imploring you to stay ahead of the competition or die - so growth is an obvious area to push, right

There is a lot of pressure on the Law Firms to keep up with a rapid pace of change. The Legal sector news constantly reports how the latest technology must be adopted to survive. How X Firm has opened more offices or Y Firm increased revenues significantly over the previous year - but this isn't always the full picture and does this always relate back to increased profits?
There is pressure from every side imploring you to stay ahead of the competition or die - so growth is an obvious area to push, right?

Not necessarily... if growth is inefficient, it is probably not worth pursuing.

Sounds obvious, yet there are a number of Law Firms who are always pushing for growth to keep moving forward in a competitive landscape. To be fair, there are some large firms which are very good at it. They keep their heads down and they keep pushing forwards, sometimes at impressive rates - but there are cases for and against this being a viable option. What is right for you and your firm?

There will always be "NOISE" from the market on the latest and greatest technology. There is a whole industry built around media suppliers who provide an outlet for their "partners" who pay them good money to publish this, so don't worry about the noise... it's always been there and it always will be.

In terms of the latest and greatest technology - The good news is you don't need to worry about solutions either, because there are too many solutions to even count. All are targeted specifically for the LEGAL SECTOR, so availability isn't the issue.

The key is working out which, if any, are right FOR YOUR PEOPLE and YOUR FIRM.

Knowing that no two firms are exactly the same, no matter how similar they appear on paper. So sector specific solutions should always be taken with a pinch of salt. Take a step back, ignore the noise and start thinking about what YOU NEED and what YOUR PEOPLE need, in order to be more productive. This is what really matters, not what the NOISE is saying. Increasing the efficiency of your firm not only improves your working environment and job satisfaction, but enables your current people to do more FASTER.

Once this is achieved, you only need to make a VERY SMALL increase in Revenue for a real increase in profitability, and this IS WORTH HAVING...

WHY?

Because (as you will know) if you can increase your Revenue, even slightly, but process the additional W.I.P with the same headcount and operating costs - you have a real positive impact on your profitability.

Don't grow for the sake of increased revenue. It's not always worth it. Don't buy the latest and greatest technology just because someone else is using it. Look at what your firm and your people need to increase THEIR PRODUCTIVITY. The answers are within your firm (and people) - just start by making small steps and look for areas where you could increase the efficiency of your firm - this should be the focus for improving profitability.

Read the press and hear the noise, but observe the masses and do the opposite (within reason!)...

Author: ALEX HUTCHINSON – Director at TBA GROUP & Head of Legal Sector division ( www.EfficientLawFirm.co.uk )

www.EfficientLawFirm.co.uk help Law Firms improve the productivity of their people & efficiency of their firm. This enables your people to do more, and prepare your firm for growth.

Once efficiency is improved, growth becomes a viable option as any increase in Revenue, without the need to automatically recruit more people as you go, is when growth is worth pursuing and where increased PROFIT is achieved. Are you prepared for efficient growth?

 



 
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