In fact, according to the Australian Bureau of Statistics; more than sixty percent of new businesses close their doors in their first three years of being open.
While such statistics can be demoralising, it is important to remember that not all of those businesses should have gone under. With the right strategies, many of those companies might still be running today. Below we outline three key strategies to ensure success for your legal practice.
1. Have A Positive Mindset
In order to have a positive mindset, lawyers must first develop their "why"; the reason they wake up each morning, the reason they became a lawyer, the reason(s) they do what they do. Communicating these reasons to internal staff may seem like a waste of time, but research shows that communication of purpose, goals, and a positive mindset actually has the opposite effect on a company. It is vital to remember that leadership isn't about being the smartest person at the company or the person who brings in the most individual revenue.
Being a great manager of people is the true mark of leadership, which means you have to be able to get other people to do their best work for you, day in and day out. It is far, far easier for people to listen to, respect, and work for someone who has a positive mindset and motivates them in small ways throughout the workday.
2. Take Responsible Risks
A positive mindset will allow you to reap rewards in other areas as well.
Forbes.com says, "sometimes the greatest rewards come from saying yes to opportunities that may be slightly scary or uncomfortable." Without the ability to see the positive outcomes that can result from responsible risk-taking, you may never seize that opportunity that will make or break your practice. Clearly not all risks are something you should leap at. Risk-assessment is one process that helps businesses decide whether or not to take on a potentially risky challenge. A hard look at data, analysing the pros and cons of the situation, and weighing up the final benefits are all parts of this process and will go a long way to ensuring success in the long-run.
Look for opportunities in places you least expect them; and don't be afraid to say "yes" to something that has risk involved, as long as you've done your job of properly assessing the pay-off.
3. Keep Systems Efficient
Keeping your systems efficient means more than simply ensuring that they work. Law firms must have multiple systems running at once: marketing systems, organisational systems, and management systems.
One major way that law firms can modernise and maximise their practice management is through technology. Leading law firms are realising that technology is one of the best ways to make systems efficient, particularly as your practice grows.
Even with one or two lawyers, it can be difficult to manage, and as you begin scaling up, your practice will become more and more difficult without intelligent practice management technology. Easier than juggling multiple software systems and having to deal with individual on-boarding for employees so they can use said software, LawMaster seamlessly combines all of the systems you need in one, easy-to-search, easy-to-use location.
Combining technological advances with positive thinking and responsible risk-taking are three proven strategies to ensure success for your business or legal practice today. For more information about ensuring success in your legal practice, check out our website. Or contact us today. We're happy to help.