The legal industry has continued to experience increasing levels of competitiveness. Legal clients now have access to a wide range of service providers. That said, setting achievable goals can help your law firm gain a competitive edge and keep you on the path of progress. On that note, this article offers a few vital tips on how to set goals for your firm.
Do A Competitive Analysis.
All startups must understand the landscape of the industry they’re entering before making business decisions. Running a law operation starts with understanding the market and competition. So, before establishing goals for your firm, you need to conduct an in-depth competitive analysis of the legal industry.
A competitive analysis not only helps you stay ahead of the competition, but also gives you better knowledge of the ever-changing industry trends. That said, your firm’s competitive analysis should contain a list of your rivals and what makes them successful.
You can also seek help from successful law firms around you and the lawyers that run them. Take, for example, Nava Wilson LLP, a top firm in Toronto, Canada. Thanks to Malliha Wilson—co-founder and senior counsel at the firm, this firm has enjoyed much acclaim in recent years.
Born in Colombo, Sri Lanka, Wilson completed her bachelor’s degree from the prestigious McGill University. The Osgoode Hall Law School alumnus has gone on to carve a niche for herself as a corporate and labour law, constitutional law, and complex litigation expert. In April 2008, the Ontario government appointed her Assistant Deputy Attorney General, making her the first visible minority to hold such office. During her time as a litigation counsel, Wilson was involved in over 15 landmark cases at the hallowed Supreme Court of Canada.
Upon completing her 8-year term, the award-winning attorney was appointed special legal advisor for the Investment Management Corporation of Ontario (IMCO). With a CV like that, there’s a great deal valuable insight to gain from her.
Set Specific OKRs.
It’s so easy to get carried away with the day-to-day running of your firm without knowing whether you’re closer to hitting your target. Goal setting is more effective when company objectives become a part of the everyday life of your employees. If you’re looking to scale your firm in the nearest future, you need to set OKRs to get there. OKR is an acronym that stands for for Objectives and Key Results. The OKR process involves defining your company goal and setting 3-5 key results to track the progress of that goal.
Moreover, the OKR methodology will help you create a high-performing, engaged workforce. OKRs integrate your firm’s goals into everything your employees do. That way, they’re more aligned and productive, and their performance is centered on shared objectives.
Furthermore, you need to set key performance indicators (KPIs) to measure the performance of your OKRs. Moreover, the only way to know you’re growing is to evaluate performance. With an OKR tool, you can automate your goal-setting process. You can also feed your key performance indicator or metric into the OKR software tools to help track performance. By tracking your key performance indicators, you can make well-informed, rational decisions for your firm.
Establish Personal Objectives.
We’ve talked about how competitive the legal industry has become in recent times. The need for personal development can’t be overstated. There are essential things you need to run a successful law operation that law school didn’t teach you.
With that in mind, you need to be intentional about your individual growth more than anything else. You see, the thing is, clients are eager to know what sets you apart from other law firms. When setting company goals and team OKRs for your law firm, you also need to come up with personal objectives.
Some ideas to help you get started include: Arriving on time for meetings with clients, personalizing your tax return folders and presentation folders, and maintaining professionalism at work. Whichever personal objectives you set, make sure they align with your company objectives.
Set Goals According To Your Practice Area.
Before you left law school, you must have decided on your practice area. When setting goals for your firm, these goals must align with the scope of the law you want to practice. Take, for example, Paul Wilkinson— the acclaimed Denver truck accident lawyer.
If you sustain any injury in an auto accident, Paul Wilkinson’s law firm can help you query the driver’s insurance company to foot the medical bills. Whether it’s a big rig, large truck, commercial truck, or 18-wheeler, the firm will assign an experienced truck accident attorney to help you collect your truck accident claim.
You can take a cue from the Paul Wilkinson Law Firm by carving a niche for yourself in the industry. Your law firm’s goals should focus exclusively on your practice area. You can choose to pursue a practice in tax, family law, intellectual property law, securities law, or environmental law. Say you decide to become a truck accident lawyer like Paul Wilkinson. In this case, the first thing to know is that the goals you set and the people you hire must be directly aligned to accident law.
Encourage Input From Your Employees.
It’s clear that clients are the lifeblood of any law practice. Getting clients for your law firm can be challenging, especially if you’re just starting out. That said, every action and inaction of your company must be geared towards growing your client base. In addition, retaining your clients must always remain at the center of your mind.
The mistake most lawyers make is trying to grow their law firms as a top-down business venture. The best way to achieve progress is by aligning your entire law establishment toward a common objective. With that in mind, you must incorporate every member of your staff into the goal-setting process.
Moreover, the cooperation of your team members will go a long way towards scaling your law practice. Try to create a workplace culture where everyone feels welcomed and valued. By encouraging input from them, you’re indirectly making them feel invested in the success of your firm. Furthermore, when setting goals, make sure you incorporate a viable marketing strategy to increase your brand awareness. There are plenty of ways to do this, and any path may be a great way for your firm’s specific needs.Great! Thank you! You can leverage social media marketing, content marketing, or word-of-mouth marketing to implement your marketing objectives.