In this blog, we discuss why law firm COOs are important for plaintiffs law firms, featuring Tim McKey, CEO of  Vista Consulting, and Mary Ellen Murrah, chief strategy and marketing officer at Vista Consulting.

When There Are Too Many Hats and Not Enough Heads

In small to medium-sized law firms each team member tends to wear many hats, and this is especially true for the executive team. While many law firm owners don’t bother to hire a Chief Operating Officer (COO) or appoint a partner to fill this role, this can be detrimental to the firm’s growth and operations – especially as cases increase and workflow demands place a strain on operations. That’s when a COO is needed.

The Importance of Law Firm COOs

Law firm COOs ensure that all the processes of a law firm are running smoothly: from hiring and managing talent to interpreting the firm owner’s vision for growth into executable goals. COOs should be strong business leaders with high emotional intelligence and excellent communication skills. Additionally, they are often pivotal to resolving conflict or any drama that may occur during high-stress periods.

One of the most important roles of a COO is the time and mental load that they save law firm owners. Law firm COOs manage the firm’s day-to-day operations so that owners can establish the long-term goals, vision and strategies for exponential growth.

Typically, based on the size of a firm, COOs may function as head for both operations and human resources. Most of all, the COO serves as a layer between the law firm owner and the rest of the team.

The Challenge of Funding a COO

Not all law firms may be able to afford a standalone COO, so this work usually falls on one of the partners. To ensure this partner has the time and resources to do their role well, law firms should consider reducing their litigation work, hiring a team to support them, and hiring skilled litigators to pick up the cases the partner must forgo. Hiring talent is often a costly expense for growing law firms. At Esquire Bank, law firm clients often cite their inability to afford talented litigators as an obstacle to taking on more cases.

A COO could help a law firm determine where it can economize, increase productivity, and streamline operations to find the cash to hire these coveted litigators. If the firm still comes up short, an adept COO could also suggest taking on financing such as a Case Cost Line of Credit or a Working Capital Line of Credit.

Many of Esquire Bank’s clients have evolved from self-financing case costs to taking on a Working Capital Line of Credit once they saw how financing allowed them to scale the growth of their law firm and exceed their goals. Ensuring that the business of your law firm is running smoothly requires constant supervision and attention.

To learn more about the importance of law firm COOs and why you should consider adding one to your law firm, watch the video above featuring Tim McKey, CEO of  Vista Consulting, and Mary Ellen Murrah, chief strategy and marketing officer at Vista Consulting.