Double Play: The Simple Math Behind Law Firm Growth
You’ve heard the phrase often from busy lawyers, law firm owners particularly: ‘If only I could clone myself’. It’s wishful thinking; but, it gets to the heart of the one barrier to law firm expansion that you can’t fake: In order to grow your business, to scale it . . . you have to hire. Of course, that’s a hard thing to do, especially for solos, who’ve never had an employee before, or who have only used contractors previously. Lawyers, even lawyers who have started their own businesses, tend to be highly risk-averse. They crave safety, surety, over all else. But, there’s not a whole lot of surety in expanding a business. And, that’s mainly why it’s so difficult for attorneys to move forward on this score. Since most law firms bill on an hourly basis, the only way to increase your revenue beyond a certain point is to increase the numbers of hours you can bill, and there are only two ways to do that: become more effi...