Law Practice Management

• Citation: Vol. 29 No. 1 Pg. 0058
• Publication year: 2023
• Pages: 0058
• topic: Business of Law

Law Practice Management Vol. 29 No. 1 Pg. 58 Georgia Bar Journal August, 2023

Unlocking Profitability: Building a Profitable Law Practice

A profitable law practice is the cornerstone of a thriving legal career.

BY NKOYO-ENE R. EFFIONG

In the fiercely competitive legal land-scape, building a profitable law practice is not just a desire; it is a necessity for longterm success. In this article, we explore why profitability matters, how it impacts professionalism, and how you can begin or continue to design a profitable law practice.

As the director of Law Practice Management, I have the privilege of speaking with attorneys across the state about their law practices. One issue that I encounter frequently (outside of trust accounting issues) is the overworked, underpaid attorney who is struggling to stay on top of a huge caseload. Often, what we uncover is that they have unwittingly created a volume practice for themselves because they have not priced or positioned their services appropriately. Running a volume law practice requires a level of precision and process for which many have not designed their practice to have. As a result, many lawyers find themselves in the rat race bringing on more clients than they can handle. All the while, they are barely paying expenses and meeting payroll. There is another way, a more profitable (and peaceful) way.

Picture it: you open your banking app and check the balance in your operating account. All your auto drafts have been posted, rent is...