Location, Location, Location: How to Grow a Profitable Law Firm

The more your business grows, the more specific your financial management strategies need to become.  In particular, as you expand your law firm into different physical locations = opening up new offices, you can’t just dump all of your financial information into one place, because if you do that, it becomes impossible to get insight into what parts of your firm are profitable, why and how. 



So, each office location needs to be measured, in a vacuum, for profitability.  If you don’t do this, it’s very easy for one high-performing office location to prop up another.  And, in a growing firm, each office location should be profitable, in its own right, which is partly the responsibility of that office’s manager, and partly the responsibility of the managing partner. 

 

But, you can’t provide specific incentives, or course correct, without transparency into finances. 

 

In addition to knowing your overall numbers, in a growing law firm, it’s important to get granular, to make the right decisions, in order to further entrench, your already successful position. 

 

. . . 

 

If you’re the manager of a law firm, and you want to check in your growth strategies, reach out to us today! 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, National Creditors' Bar Association members have access to experienced law practice management consultants at a special discount rate.

To get started, visit Red Cave's NCBA landing page, and start running your law practice like a business.

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