In this blog, we discuss the importance of diagnosing your law firm’s growth potential.

Managing Through Law Firm Growth Pains

The key to market leadership and industry-wide dominance is growth. Many young contingency fee law firms struggle in their first years, encountering false starts or stalled growth. Usually this is a result of inexperienced leadership that lacks the business acumen to run a law firm as a business. Many law firm owners become bogged down in the daily operations of their business while litigating cases for clients; caught in the weeds, they are unable to see the forest for the trees.

Skilled business operators understand that conducting a law business is much like conducting a symphony, each part of the firm must understand its role and execute its strategies in concert to maximize effectiveness while optimizing for efficiency. However, before all the bells and whistles of flashy marketing campaigns, exciting team building events, or hopeful hot shot new hires, a law firm owner needs to understand where their business currently stands. Every year, it is important to assess your firm’s growth phase. Is it a growth starter, growth improver, growth leader or growth optimizer?

How to Diagnose Your Law Firm’s Growth

Using Esquire Bank’s Growth Assessment Tool, law firm owners answer nine multiple-choice questions about their business to receive a growth diagnosis. Based on over 15 years of experience from funding and advising on contingency fee law firm growth, the tool’s algorithm is designed to account for factors such as firm size, case inventory value, business roles, executive management roles, and much more.

Before creating complex strategies or spending money on costly marketing campaigns, it is imperative that law firm owners assess the current state of their business. This understanding informs goal setting and business decisions. The Growth Assessment Tool provides content on simple steps law firm owners can take to stimulate growth, how to acquire funding, optimizing business operations, and achieve a sustainable growth. Additionally, it offers access to a content library at lawyeriq.esquirebank.com with case studies on successful contingency fee firms in the nation and analysis of growth strategies for every business function from accounting to intake.

Exponential growth is not just for the megafirms with deep pockets. With careful planning and bold leadership, a young firm can get ahead of the game by sourcing alternative funding options such as Case Cost Financing to uncouple itself from the feast and famine cash flow cycle that hinder many new firms. Understanding your firm’s current growth phase, the funding needed to push it into the next stage, and how to orchestrate that push is key to designing a growth strategy that can be replicated for sustained growth throughout the lifetime of your business.

Esquire Bank’s Growth Assessment Tool

Visit assessment.esquirebank.com to use Esquire Bank’s Growth Assessment Tool, gain a better understanding of your business, and set off on your journey to becoming the industry leader.

Ready to take the next step in your growth journey?

Click below to download our free eBook “ Scaling for Success: The Contingency Fee Law Firm Playbook for Strategic Growth” to learn law firm growth strategies and insights.

Meet with Esquire Bank

Learn how your law firm can leverage case cost financing to free up capital that can be invested in marketing, technology, talent, operations, case acquisition, and scaling law firm growth. Schedule a no-obligation consultation with an Esquire Bank Business Development Officer today at a time convenient to your schedule.

SCHEDULE A MEETING

* The information provided on (or accessed through) this blog is provided for general informational purposes only and is not intended as, and should not be relied on for, law firm operations, tax, legal or accounting advice. Some of the information may not be applicable to or appropriate for all law firms. Please consult your own tax, legal and accounting advisors as appropriate. Results may vary by law firm.