Lawyers go to law school learn about practicing law but in most case learn little about running a business. If you are a solo or small law firm, then you are running a business and there’s a lot you need to know to form and run the business profitably. Even in a mid-size firm, understanding the business of the law firm can help you better contribute to the firm.
The things you need to consider and understand can be grouped into broad categories:
- Choosing and using technology
- Marketing and business development
- Understanding financial statements
- Measuring performance
There are many resources available to help you develop your skills, and I have written on some of these in this blog. LexisNexis recently came out with a guidebook call Small and Midsize Law: A Guide to Operating a Profitable Modern Law Firm. This is an excellent resource and is concentrated on what you need to know without any push to sell their solutions. You can get this guidebook at https://software.lexisnexis.com/Law-Firm-Guidebook. While you do have to give them your name and email address, I believe the benefits are worthwhile.
Check it out and then, if you need more personalized guidance, contact us.