When I started my firm Gerben IP in 2008, it was just me and the four walls. Now, I work with a team of 14 and I have learned a lot about growing and managing a law practice.
So to celebrate 16 years of business and all that I have learned, I wanted to share my 16 essential tips for building a successful law firm.
1. Your company is your people
There will come a time where you realize that you cannot possibly take care of everything in your firm yourself. Building a strong team is crucial to your firm’s success. Hire talented people, train them well, and treat them right to minimize turnover.
2. Spend money to make money
Investing money back into your business is crucial. If you are unsure of how to reinvest in your business, I recommend allocating a budget for marketing activities such as online ads, SEO, social media campaigns, and networking events.
The biggest mistake I made when growing my law practice was not spending more money on advertising when the firm was smaller. I could have grown the client base even more at the time, instead of trying to save money for a rainy day.
Similarly, don’t shy away from hiring additional staff when needed. Expanding your team can free up your time for more strategic tasks and increase your firm’s capacity to handle more clients.
I didn’t hire another lawyer for the first six years because I was afraid that I could not afford it. In the end, as soon as I started paying a salary the firm made more money, because it freed up some of my time so that I could focus on bringing in additional clients.
3. Don’t be the cheapest solution
Avoid competing solely on price. Position your firm as the best solution for a reasonable price. This attracts quality clients and avoids the pitfalls of being the lowest-cost option.
Competing on price can devalue your services and attract clients who may not appreciate the quality you provide. Instead, focus on showcasing the value and expertise your firm offers, by highlighting your successes, client testimonials, and any unique selling points.
By positioning yourself as a premium but affordable service provider, you attract clients who are willing to pay for quality and appreciate the expertise you bring to the table.
4. Buy life and disability insurance young
Secure your peace of mind by purchasing life and disability insurance when you’re young.
Life and disability insurance provide financial protection for you and your family in case of unexpected events. Getting these insurances while you are young and healthy means lower premiums and easier approval.
This ensures that your family and business are protected financially, allowing you to focus on growing your firm without the added worry about what might happen if you’re unable to work.
5. Trust your gut
Your instincts are invaluable. While seeking advice from others is important, trust yourself, especially for critical decisions.
Your intuition is often based on years of experience and knowledge. While it’s essential to seek advice and consider different perspectives, your gut feelings can provide crucial insights. If something doesn’t feel right, trust yourself and take the necessary actions. This balance between intuition and external advice can lead to more informed and confident decision-making.
6. Take advice
Surround yourself with people who challenge your ideas. Building a network of mentors, advisors, and peers who can provide constructive criticism and different viewpoints is priceless. These individuals can offer insights based on their experiences, helping you avoid potential pitfalls and identify opportunities.
7. Mitigate risk
Just as you manage risks for your clients, do the same for your firm.
Regularly review your firm’s insurance policies to ensure adequate coverage for malpractice, data breaches, and general liability. Additionally, invest in robust IT security measures to protect sensitive client information.
8. Reflect and think
Set aside time to reflect on your business. Creative solutions often come when you allow yourself to think freely, so don’t underestimate the power of quiet contemplation.
Schedule regular quiet times where you can step back, evaluate your progress, and brainstorm new ideas. This practice can help you identify areas for improvement and develop innovative solutions to challenges.
9. Accept that nobody will care as much as you
Recognize that no one will care about your firm as much as you do. Look for team members who are dedicated and aligned with your firm’s goals, but understand they won’t match your level of passion.
This perspective allows you to appreciate their contributions without expecting them to mirror your own intensity.
10. Incentivize employees
Implement incentive programs to motivate your team, especially the other attorneys in the firm. Align employee success with the firm’s success by rewarding extra effort with more money.
This boosts productivity by fostering a collaborative and motivated work environment.
11. Post on social media
Use social media to build relationships and retain clients. Share insights, success stories, and behind-the-scenes glimpses of your firm.
This transparency builds trust and helps clients feel more connected to you and your firm, as well as providing a window into your philosophy and practice.
12. Be kind to everyone
Kindness goes a long way in the legal profession. Approach every interaction with the intent to build a relationship first.
Positive relationships, even with opposing counsel, fosters better working relationships and can also lead to unexpected referrals and opportunities. Additionally, maintaining a positive demeanor can reduce stress and create a more pleasant work environment.
13. Prioritize your health
Your health is your most valuable asset. Prioritize regular exercise, a balanced diet, and adequate sleep.
These habits improve your physical and mental well-being, enhancing your ability to manage stress, make decisions, and lead your firm effectively.
14. Fire fast
If an employee isn’t a good fit, let them go quickly. It’s better for both the firm and the individual.
Keeping someone who doesn’t align with your firm’s values or performance standards can negatively impact the firm’s morale and productivity. Address issues promptly and make tough decisions to ensure your team remains strong and cohesive.
15. Always improve
Continuously look for ways to improve processes and legal services. No matter how experienced you are, there’s always room for growth.
Regularly review and refine your processes, seek feedback, and stay updated on industry trends. This commitment to excellence ensures your firm remains competitive and provides the highest quality service to clients.
16. Enjoy the journey
My dad used to say to me: the end is nothing, the road is all. A fulfilling career is built on enjoying each step, not just reaching the final destination or goal.
While achieving goals is important, finding joy in the daily process is crucial for long-term satisfaction. Celebrate small victories, appreciate your progress, and make adjustments if you’re not enjoying the journey.
Final thoughts
I hope you found these tips from someone who has been in your shoes helpful.
Running your own firm is challenging, but immensely rewarding. If you’re out there building your firm, feel free to reach out, I’d love to hear about your experiences.
Feel free to send me an email at josh@joshgerben.com or jgerben@gerbenlawfirm.com.
You can also follow the show on YouTube, LinkedIn, and Instagram.
Josh Gerben is a nationally recognized trademark attorney and sought-after thought leader for the national news media. In 2008, Josh founded Gerben IP, a boutique intellectual property firm, with the goal of providing businesses, individuals, and their attorneys with a way to protect their growing brands with the help of experienced attorneys, and without breaking the bank.
Sponsor Information:
This episode is brought to you by Gerben IP, a premier boutique law firm specializing in intellectual property. While primarily focusing on trademark law, Gerben IP also offers expert assistance for copyright and patent matters. Its team of dedicated attorneys serves clients across all 50 states in the U.S. and in over 30 countries worldwide, ensuring comprehensive protection for your innovations and creative assets.