Start 2022 With a Bang! Seven Things You Can Do Right Now to Start the New Year Strong
| Publication year | 2021 |
| Pages | 0054 |
The Law Practice Management Program is here to help you run a profitable and purpose-filled law practice with less stress.
BY NKOYO-ENE R. EFFIONG
Imagine returning to work in January after a restful, work-free break to find your law practice running like a well-oiled machine. Your matters are in order. Your accounts are up to date. You have quality leads contacting your office and being added to your calendar for consultations. Your current clients are raving about your services. You feel refreshed and ready to hit the ground running.
Sounds like a fairy tale. Yet, with a bit of planning and preparation, that fairy tale can be a reality for you.
This new year presents numerous opportunities for you to build a law practice that you love. We want to help you do just that. Before you turn the page on 2021, we curated seven tips to help you start the new year strong. Read on to position yourself for success in 2022.
Reflect On Your Data
Healthy law practices make decisions based on facts, not [just] feelings. To gain a complete picture of how successful you were, you need to first define success for yourself and then determine what key performance indicators (KPIs) will help you gauge your progress to that success. KPIs provide targets for you to measure in all the critical areas of your law practice, from finances to marketing to business development and more. Not sure what KPIs you should track? Here are a few to get you started:
● Revenue.
● Budget expenses.
● Net promoter score (NPS).
● Client retention rate.
● Organic traffic to your website.
● Number of leads generated.
● Client conversion rates.
● Client acquisition costs.
● Number of new clients each month.
● Profit percentage.
● Accounts receivable over 30 days.
● Cash on hand.
● Realization rate (collected fees).
● Utilization rates.
Pull your data and reflect on your glows (strengths) and grows (areas for improvement). Not sure where to get this information, LPM can help you find intelligent tools that make it easier to find.
Celebrate Your Wins
Now that you have data reflect on what went well this year. Take a few minutes and list out all of your wins. No, really, make a list. If you did not celebrate your
wins when they happened, celebrate them now. Celebrating your...
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