To flourish in a legal industry underpinned by law firm consolidation and increased competition trends, there are four successful traits of high performing law firms you should consider.

4 Successful Traits of High Performing Law Firms

• Always look to get better – a persistent pursuit of progress
• Learn and grow – audit processes, make changes, become more effective
• Dig deep and look at the numbers – consider costs and conversion rates
• Consider outsourcing when appropriate – leverage outside resources

As your law firm continues to grow, it is important to understand whether your firm’s operational processes are bringing in money or leaving it on the table. According to Chad Dudley, managing partner at Dudley DeBosier Injury Lawyers, high performing law firms are always looking to improve – an effort that can start by auditing your firm’s processes.

Additionally, high performing law firms typically adopt an “always learning” approach. Analyzing performance data for marketing and case intake initiatives, and then determining the cost per lead, cost per qualified case, or conversion rate are examples of how these law firms use data to make informed decisions.

For Gary Falkowitz, president of Intake Conversion Experts, too many law firms are leaving money on the table because they don’t understand the numbers behind their efforts. Leveraging robust, case management solutions can provide important insights into case intake, attorney performance and case value forecasting.

And while looking inward to audit and perfect processes is a sound business practice, Gary Falkowitz emphasizes that if there is something you can’t do well, you should seriously consider enlisting support from outsourced experts.

To learn more about the four successful traits of high performing law firms, watch this short video, featuring Chad Dudley and Gary Falkowitz.

Unlock Your Cash Flow – Meet With Esquire Bank Today

Whether your goal is investing in growth, expanding your practice, or positioning your firm for a merger or acquisition, understanding your case inventory is an important valuation for your firm. Leveraging your firm’s case inventory to finance case disbursements can allow you the flexibility and liquidity to pivot your focus to investing in digital marketing, technology, and staff.

Schedule a no-obligation consultation today to understand how Esquire Bank’s solution-based credit facilities can help you achieve your growth or succession goals.

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