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Get ready to look into the crystal ball to see the stages of your law firm’s growth with Nichole Hanscom, Director of Special Projects at How To MANAGE a Small Law Firm.
Predictable Law Firm Growth Stages
Nichole breaks down the predictable stages of law firm growth with practical insight on the challenges and opportunities that come with each stage. When law firm owners know what to expect within each stage they can make more intentional decisions and minimize growing pains.
As law firms reach the higher stages of growth, owners have the freedom to choose their own path — whether that means continuing as CEO, transitioning to a founder role, or exploring new entrepreneurial ventures.
Key Takeaways
- Law firm growth follows predictable stages based on gross revenue
- Each stage presents unique challenges and opportunities
- Understanding these stages can not only minimize growing pains, but also prepare law firm owners to make intentional decisions for future success
- Higher stages of growth offer the freedom to choose your own path
Classic Question
In this segment, Nichole introduces an RJon clip where he encourages law firm owners to grow their practices, as this growth allows them to help more people. Nichole explains how this concept resonates with her personally and how this reframing works with law firm owners who feel conflicted about expressing their desire for financial growth. She then shares how that idea, combined with understanding the concept that true profitability must encompass personal, professional, and financial fulfillment, led to a significant shift in her own thinking and career path.
Links Mentioned
Podcast Resources & Weekly Newsletter
Secrets to Bookkeeping That Does Not Suck Ep 45 with Sherri Mansell
Problem-tunity Ep 49 with Beckie Moriello
How To MANAGE a Small Law Firm
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