Large law firms have deep pockets and big teams; here’s how your small firm can protect itself against risk when operating on tight financial margins.
By Richard Hugo-Hamman, Practice Advisor
Without the resources of large firms, owners of small family law firms must be versatile and resourceful. Apart from meeting client needs, they need to be financial controllers, HR managers, and IT specialists all rolled into one.
Even though a small firm’s biggest threats are likely to be factors within their control, here are three possible big threats facing your small law firm, and the ways you can meet them head-on.
There are a number of practical things you can do to minimize the time and anxiety expended on accounts receivable. Here is a checklist:
You can compete more effectively and hold up your value in the market by using one or more of these strategies:
When you are running a small law firm, you tend to put urgent client interests first. So the busier you are, the easier it is to overlook routine communication, conducting regular file reviews, and keeping your clients informed. This can get you into trouble. Follow these steps to avoid these communication breakdowns:
Richard Hugo-Hamman is the Executive Chairman of LEAP Legal Software. He has thought about the challenges facing small law firms for more than 25 years and has visited thousands of law firms on three continents. www.leap.us
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Family Lawyer Magazine
Spring 2019 Issue
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