This article is an insight into business mindset.
Over the years working with law firms, I’ve noticed a few traits they almost all share. On one hand, you’ve got highly educated, motivated legal teams working hard to deliver the best possible results for their clients. Right beside them are skilled support staff: assistants, finance teams, litigation support, junior interns, and paralegals – all working diligently and upholding the responsibilities of their firm.
What I’ve never encountered, to be honest, is a firm or practitioner “gaming the system” for personal gain. Most folks in legal genuinely want to do the right thing.
But here’s the kicker: where many fall short is on the business side of things. There’s a widespread belief – call it the “Field of Dreams” approach – that if you do the work, the business will look after itself. The reality? Even firms that do exemplary legal work can fail without a solid business mindset alongside their legal expertise.
The Simplicity – and Challenge – of a Legal Business Model:
On paper, the business model for a law firm is simple:
• Generate a steady stream of leads for your lawyers
• Make sure all billable work is recorded
• Bill in a timely manner, and follow up overdue bills
Sounds straightforward enough, right? The hard part should be the actual legal work – whether it’s negotiating contracts or wrangling with new legislation. Compared to that, recording time and billing clients ought to be the easy bit.
Compliance adds some complexity, of course. You need to provide estimates and try to stick to them. Sometimes, things change mid-matter, but if you’re keeping an eye on the financials, you can address that quickly with your client.
Leverage the Right Tools, Not Just Hard Work:
The common worry: “But I have hundreds of matters – how can I keep on top of them all?” Good news: you don’t actually have to. With the right tools – like RedView Business Intelligence, for example – you can configure your system to automatically warn you when matters get close to their estimated limits. For everything else running smoothly, just let them pass through the usual process.
If you would like to understand how firms are creating a culture of financial awareness for all lawyers, finance teams and leadership or how having access to data can create a collaborative spirt to achieve targets, you can access those law firm by clicking here
