This week I would like to introduce you to the 5 things successful firms do well, and the one thing you need to focus on to achieve them all.

It starts with how you define success. Many firms define success based on their revenue.

Clio puts out its Legal Trends Reports regularly. They have a definition of success based on revenue. It goes like this: Success means consistent, sustained revenue growth year on year.

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What are firms doing to be successful?

1. They focus on their clients’ overall experience, from the first touch to the final bill.
2. They use efficient processes, both on the legal side and the business & administrative side.
3. They are always generating new business.
4. They do MORE with LESS, accomplishing more work with fewer people and lower costs
5. They track important business metrics like utilization, realization, profitability, and collection rates.

If you define success as sustained revenue growth, this is your checklist.

Underlying this entire checklist is one thing. Efficiency. It is the key.

For these firms to have the time to dedicate to constant business development, or for them to do more work with the same number of lawyers, paralegals, and other employees, they have to be efficient.

The only way to increase utilization (the number of billable hours vs the total number of hours a lawyer works) or maximize margins (deliver legal services better, faster, and cheaper.)

But what if revenue growth isn’t your only measure of success?

What if your idea of a successful law practice is based on happiness or quality of life?

• Do you want to build a firm that where you never have to work a weekend?
• Or a firm that attracts people who are so content that they never want to leave?
• Or a practice that lets you cut out early to attend your son’s dance recital or your daughter’s basketball game?
• A firm where people are truly happy?

That is just as valid a definition of success as the revenue-based one we started with.

And you know what, efficiency is going to be the key to that firm’s success as well.

You will only be able to do all of these things, and still make enough money to survive, if you deliver your legal services better, faster, and cheaper.

No matter what you want your law firm to become, your success will come from finding ways to be more efficient in how you deliver your legal services and in how you execute all of the business & administrative processes.

Today’s tip, then, is to CONSTANTLY be looking for ways to make your work more efficient.

An easy way to do that is to start eliminating the friction and waste in your work. Download our free Eight Wastes Workbook. It will help you get started.

Next week we will be talking more about building a profitable and productive law practice.

Thanks a lot everybody!