Running Your Law Practice Like a Well-Oiled Machine

  • March 03, 2020
  • Karl Kremer, business coach at The Peak Potential

​Are you tired of working long endless hours and not making nearly enough for it? Are you not completely sure of what is going on with the finances of your practice? Does it sometimes feel like the harder you work the less you make? Is the stress of running your own firm affecting your business and personal life? Does it sometimes feel like your practice runs you; not the other way around?

Here are five steps to help you get your practice running like a well-oiled and profitable business.

  1. Become a Great Leader

Leadership is the one factor that can have a greater influence over an organization or activity than any other factor at any particular time. Every great law practice needs a great leader.

  1. Understand your purpose and understand the purpose of your practice. What does your business do to fulfill this purpose?
  2. What are the cultural values that serve as a moral compass for your business? What are the strategic values that serve as a strategic compass for your business? If you don’t define the culture of your firm, it will define itself and usually not in the way that you would like it to be.
  3. Understand your practice’s mission and write a mission statement that describes what you do to carry out your purpose.
  4. Come up with a vision statement or story that describes where you see your practice being in 5-6 years. Be as detailed as possible. What will it look like physically? Where will it be located? How many lawyers? How many clerks, paralegals, admins? How much revenue will it bring in? Will it give you the lifestyle that you deserve?