Investing in Law Firm Business Operations as You Scale
In Part 4 of our blog series “How Can Your Firm Experience Growth”, we discuss the importance of investing in law firm business operations to scale exponential law firm growth.
When you set out to become chief litigator at your law firm, did you also think you’d have to manage operations, marketing, technology, and other business areas that drive the business of the law firm? Likely not.
But those roles still exist and must be filled by individuals who possess the expertise to help scale the growth of your firm. Investing in these key areas in your firm will help you achieve bold growth.
Handling trial lawyer duties along with managing partner duties requires a balancing act that few attorneys are prepared or able to manage. Mick Grewal of Grewal Law firm actually promoted his top associate to COO to manage the firm’s administrative responsibilities, in order to free Grewal up for the knowledge work involved in managing clients and cases—and provide more family time and less stress.
Three Core Functions to Invest In to Scale Law Firm Growth
Bold growth through reinvestment in law firm business operations is generally focused on three core functions: IT, Marketing, and Finance.
- IT: Equipping your IT systems to work for you now and in the future is a critical move for increasing efficiency for all staff, and for scaling as your firm grows. Not only can technology make running a law firm easier and more efficient, but it also can provide details on attorney performance, case duration, and outcome trends—all valuable insights for increasing profitability and maximizing case value.
- Marketing: To grow your firm, you need help getting your name in front of clients. This is the job of the marketing department—from branding your firm to protecting that brand through well-executed collateral. In addition to providing leadership on digital marketing strategies, marketing can include social media presence and engagement, competitor analysis, and details on trends in the field, all of which are are necessary for bold growth in 2023.
- Finance: Operating without professionals focused on operations and finance, your firm will have a tough time growing. You need both – to identify top-performing areas, predict curves ahead, and project the costs of business. With a well-placed Chief Operating Officer and Chief Financial Officer on board, though, you can create the processes and forecasting necessary to understand your ability to withstand operational changes as well as capture opportunities to invest in growth-based initiatives.
Sleep Well with Esquire Bank’s Flexible, Financing Solutions
Grewal lauds the role of Esquire Bank. He says, “Esquire Bank assisted with all my financing, and it’s allowed me to get more sleep.” The work-life integration that Grewal notes—“a better relationships with my kids and my wife all because I have less stress”—would not have been possible without the law firm financing solutions that Esquire Bank provided to help the firm scale and meet bolder growth with strong financing.
In addition to leveraging Esquire Bank’s expertise and intimate knowledge of how case-cost financing can be utilized by contingency fee law firms, Grewal Law recognized the benefit of promoting lawyer Nolan Erickson to Chief Operating Officer (COO) to help solidify its business while delving deeper into existing practice areas and expanding into new ones. “Through the help of Esquire, I promoted one of my internal people to become the COO, ” noted Grewal. “I gave him all that work to free my mind, to actually go out and get the mass tort cases that I think my firm could do to make a change in this world.”
As your law firm looks to scale, investing in law firm business operations by filling the COO role along with these top advisors will provide critical focus for creating a thriving business.
How Did They Do it?
Want to read more about how Grewal Law invested in operations, marketing, and technology to fuel law firm growth?
Read More Blogs from Our Experiencing Growth Series
Next in Part 5 of our Experiencing Exponential Growth series, you’ll learn about “Expanding Into New Geographies and Practice Areas”, and how Ged Lawyers found its opportunity to grow into new practice areas.
Meet with Esquire Bank
Learn how your law firm can finance its case costs and free up capital to invest in talent, marketing, technology, operations, case acquisition, and growth. Schedule a no-obligation consultation with an Esquire Bank Business Development Officer today at a time convenient to your schedule.
Looking to Learn More About Law Firm Growth Strategies?
Download the eBook now, “5 Best Practices from Law Firms That Are Growing and Succeeding Boldly,” to get your hands on our top strategies for achieving exponential growth.
* 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 or appropriate for all law firms. Please consult your own tax, legal and accounting advisors as appropriate. Results may vary by law firm.
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This blog, featuring Reza Torkzadeh, founder and CEO of TorkLaw, explores the transformative power of leading with vision and culture, revealing how it can drive sustainable growth and set firms apart from the competition.
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