dealcloser blog

4 simple steps to achieve ultimate firm efficiency

What does efficiency mean to you? To us, it means maximizing productivity by focusing your energy on creating value. This results in having more time to focus on your clients’ needs and—you guessed it—generating more revenue. As the saying goes, time is money! Becoming more efficient may require a few changes to your current practices, but don’t worry, it’s pretty straightforward. Let us guide you through 4 simple steps to achieve firm efficiency!

1. implement a strong strategic plan

A strong strategic plan begins with outlining a transparent vision of your firm—past, present, and future. A good ol’ SWOT analysis provides a fantastic opportunity to reflect on what your firm has accomplished and the work still to come. Identify and maximize your strengths as a team by delegating the proper tasks to the most capable team members. Recognize and reflect on common issues and weaknesses. The goal should focus on converting deficiencies into efficiencies. Use these shortcomings as initiatives when forming your plan—we learn from our mistakes after all!

Pinpoint your clients’ needs and consider their previous feedback. From there, you can establish your firm’s goals and objectives. But make sure these actions are within your firm’s scope. We’re talking about setting realistic and measurable targets, not discouraging ones! You’ll want to clearly outline the responsibilities and expectations of each department. Investing in training team members equips them with efficient ways to work. But even more, training can motivate and encourage employees to work more enthusiastically and engagingly.

When all is said and done, evaluate your progress by measuring your results against your set targets. This will help prevent repeated mistakes and review if you’re efficiently allocating your resources. Were your targets too low or too far fetched? What kind of feedback are your clients giving? In reality, plans can fall through. And sometimes you just can’t fix what’s broken. In this case, reassess your shortcomings and adjust or redo your plan. Or maybe it’s time to say hey to a new team member who can introduce new perspectives and ideas. We promise that the burst in efficiency will be well worth it once you have a plan that jives with!

2. invest in a legal process management software

Yes, we’re repeating ourselves—but we only speak the truth! Deal management platforms simply work. Investing in a legal technology solution makes it significantly easier to improve your firm’s habits and establish new and more efficient workflows. No one can deny that automating manual tasks drives greater operational efficiency in law firms. If you need a final nudge to finally hop on a legal transaction management software like dealcloser, here it is! A simple, accurate and secure way to get deals organized and running smoothly—we swear it’s not too good to be true?

3. keep your meetings short and meaningful

We’ve all been a part of meetings that dragged on and on, right? Meetings are important, but all of them don’t necessarily have to be long. Keep your meetings short and meaningful by creating agendas beforehand for team members to review. Have your team share their ideas on what they think is important to discuss. This lets you engage with your team while keeping your meetings on track. Set time parameters and a planned question period. We know a lot of you are working from home now, so this is super easy to do on a video conferencing platform!

Realistically, some meetings are not necessary at all. Invite your team members to collaborate on a deal management platform instead. These technologies have features such as legal file closing checklists, version control systems, and track changes and comments that facilitate teamwork anytime and anywhere. Yes, that meeting “could’ve been an email!”

4. look after your team members

Increasing your firm’s efficiency is not a one-person job. It requires change, cooperation and teamwork. That is why it’s important to know that you are working with the right people. Determine what your team members are capable of and the ways you can support them. Look after your team members and know what their professional goals are. Do they require more training? Can they handle more work or do they need a break? Simply being recognized can encourage motivation, resulting in increased efficiency. At the end of the day, your team shares the same goals: to grow together and serve your clients exceptionally.

From plan to practice, achieving greater firm efficiency is well within your reach. Are you ready to foster a productive yet nurturing work environment and structure? See how dealcloser can help facilitate your firm’s efficiency, starting today!