Efficiency contributes to the overall success of your law firm. While efficiency does not necessarily mean acquiring more clients, law firms who value efficiency have more time to focus on their clients’ needs and can potentially generate more revenue. Lack of efficiency may damage one’s business and many law firms are starting to realize it. In the recent 2017 Aderant Business of Law and Legal Technology Survey, 40% of the respondents said that operational efficiency was one of the most common challenges law firms are currently facing. Becoming more efficient may require a few changes in terms of your firm’s work processes, but it is feasible. In fact, efficiency can be achieved with these four simple steps.
Implement a strong strategic plan
In order to increase your firm’s efficiency, it is essential to have a strong strategic plan that identifies your business’ goals and objectives and has a clear vision of what you want to achieve in the long run. Preparing a strategic plan also gives you an opportunity to reflect on what your firm has accomplished and the work still to come. Building a strong strategic plan includes:
- Identifying your strengths as a team, and maximizing on those strengths
- Identifying common issues and working on your weaknesses
- Delegating tasks to the right people
- Identifying your clients’ needs and considering their feedback
- Investing time in training team members and new employees
- Creating a marketing plan
Invest in a legal process management software
Investing in a legal technology product can make it significantly easier to improve your firm’s habits and establish new and more efficient workflows. According to the 2017 Aderant Business of Law and Legal Technology Survey, a majority of the respondents (74%) said that automating manual tasks drives greater operational efficiency in law firms. For example, implementing legal transaction management software like dealcloser helps drive greater efficiency in the transaction process by offering a simple, accurate and secure way to get deals organized and running smoothly.
Keep your meetings short and meaningful
Long meetings can take up a huge amount of time which ultimately hurts your firm’s efficiency. Of course, there are circumstances when having long meetings are inevitable, it just doesn’t need to happen all the time. Keep your meetings short and meaningful by creating and distributing 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.
Look after your team members
Increasing your firm’s efficiency is not a one-person job, it requires cooperation and teamwork. That is why it’s important to know that you are working with the right people. To do this, you need to look after your team members and know what their professional goals are. Do they need more training? Do they need to have less or more work? Do they need some acknowledgement? Know what your team members are capable of because, at the end of the day, you all share the same goals and that is to grow together and become more successful.