Characteristics of a Successful Law Firm
There will be noticeable differences between successful law firms from those under-achieving ones. The success of a legal service provider is not limited to it’s size or location alone. We have listed the top 5 characteristics that are reportedly the seed of success.
Establishing a good partner relation is one of the building blocks and foundation of a successful law firm. Most successful firms has a noticeably healthy partner culture, where partners join forces in a common vision and goal, mutual and genuine respect of each other, and they are able to discuss difficult situations, problems, scenarios in a professional manner with open minds. Some firms stick with contract arrangements with their lawyers like senior counsel, equity partners, contract attorney, contract partner, and get lawyers to arrangements where they are offered a base salary with performance bonuses. Base salaries usually rises with partners (lawyers) tenureship. This strategy by the most successful law firms are considered to be fail proof in ensuring that they remain at the top of their game.
The most successful firms makes sure that their clients are getting the best possible services as much as possible. They are client focused, thus, keeping the income flowing is not a struggle for them. These firms take the company’s vision and mission seriously, and inculcate them in the minds of their employees, making sure they do not lose focus of those resulting to a firm that has a holistic and strong attitude for their clients. Client surveys are usually conducted by third party professionals so that a law firm gets to know what their clients wants and needs which helps a great lot for the goal of ensuring client satisfaction. Delivering great services to the client is extremely important in the present generations legal marketplace. Satisfaction of clients will guarantee loyalty, and loyalty will guarantee the flow of income to the firm.
More than just being flexible, a successful law firm must respect diversity regarding age, gender, ideas, religion, education, and ethnicity. But excessive diversity may pose a threat to the growth and expansion of some firms, especifically if these differences undermine the culture and core value of the firm. But, even with the differences in their belief, a group of lawyers in a firm should remain respecting and understanding of one’s diversity. Proper arrangements can be administered by the Management to make sure that the level and quality of service that they will render will remain polished and exceptional.
Just like any business, marketing plays an important role in the success of a legal firm. The company should let the public known of their existence. Effective marketing infrastructure and programs are observed especially competition is tougher today compared to the days when lawyers just simply practiced law. There are now an increase in supply of professional talents, service substitutes are also being available with the help of modern technology. All these factors, gives more reason for a firm wanting to stay on top to invest in an effective marketing. Big law firms hire the best professionals to take care of their marketing. One law firm in New york has a dedicated department solely focusing on marketing which was a big help in the expansion of the firm.
A successful law firm gives focus and attention to its employees making sure that they are well compensated and taken care of. Junior associates, paralegals, and clerks receive the same respect, treatment, training. Office bullies are not tolerated regardless of seniority and skills. A law firm that values employees keep them and make them stay loyal that in the long run saves the company money by retention and also allows great reviews and feedback.