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In this bonus episode of the Profit First for Lawyers podcast, we hear about the common pitfalls law firm owners face and how to overcome them. This episode is packed with actionable advice by experts from How To MANAGE a Small Law Firm and law firm owners to help you grow your business.
Key Pitfalls and Solutions:
- Underperforming Employees (Evelyn Aucoin)
- Don’t hesitate to let go of toxic or underperforming employees
- The cost of keeping them affects your law firm’s culture and performance
- DIY Mentality (Nichole Hanscom)
- Avoid the “I’ll do it myself” trap
- Focus on your zone of genius and delegate other tasks
- Phone Dependency (Bradley Phillips)
- Taking the phone out of your hands forces you to create systems
- This leads to better organization, intake processes, and client satisfaction
- Sales Mindset Issues (Tania Music)
- Don’t tie your self-worth to sales outcomes
- Stay curious and focused on understanding clients’ needs
- Inefficient Task Distribution (Beckie Moriello)
- Assign tasks to the lowest paid competent employee
- It’s about serving clients better, not being “too good” for certain tasks
- Financial Oversight (Sherri Mansell)
- Review your numbers monthly
- It’s not too late to course correct, get started now
- Marketing Metrics (Brian Horn)
- Know your numbers for all marketing channels
- Create easily accessible dashboards for quick insights
- Marketing Spend Control (Sarah Phillips)
- Track the source of every lead
- Be ready to quickly fire underperforming vendors
- Commitment to Goals (Erika Ferenczi)
- Give yourself fully to your goals
- If you say yes to something, play all in
Key Takeaways
- Regularly assess and address issues with employees and task distribution
- Implement systems that allow you to focus on high-value activities
- Stay client-focused on your sales and service approach
- Maintain a close eye on your financials and marketing metrics
- Commit fully to your goals and decisions
Connect and Engage
- Subscribe to the podcast
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- Email us your feedback at podcast@profitfirstforlawyers.com
- Order your copy of Profit First for Lawyers today! https://htm.live/PF4L-Book-1
