What obstacles is your law firm facing as 2021 comes to an end? What is your law firm looking to achieve in 2022?
With the start of the new year comes many challenges for law firms. But this fresh start also allows small firms to reset their goals and decision-making for 2022.
Smokeball knows the importance of starting the new year off on a high note at your firm. This topic served as the inspiration for our December webinar discussion, “Prep Your Law Firm for a More Productive, Profitable 2022.”
Smokeball Senior Account Manager and in-house counsel Mark Petrolis broke down several key metrics and performance indicators that staff at small firms can implement to become more profitable and productive. These included finding a reliable way to track and refine your firm’s KPIs while also choosing KPIs that relate to your firm’s overall goals.
Financials and the future
Should my firm update its rates or flat fees? Would it be beneficial to update our retainer agreements? Mark broke down the notion that increasing the volume of work leads to more matters, which increases more money per matter. Since the end of the year is a slower time for most practices, your law firm can instead focus on the best workflow optimization. Mark brought up the importance of assessing how much work your firm is bringing in, then using that information to adjust how much your firm charges for services.
Protecting your firm and its reputation is crucial in reducing leakage and improving billing hygiene. Mark explained how enhancing your firm’s online reputation will not only protect your business in the long term but also informs your investments, whether it be in legal tech, additional staff or work/life balance solutions.
To close out our final webinar of 2021, Mark stressed the importance of making the right changes to allow your firm to succeed in the new year. Making these changes promptly will lead to a more fulfilling 2022.
Did you miss our CLE-sponsored webinar, “Prep Your Law Firm for a More Productive, Profitable 2022”? Watch it on demand here and earn CLE credit in your jurisdiction.