GROWTH ASSESSMENT TOOL

Is your law firm ready for growth?

Preparing your contingency fee law firm for expansion is a challenging endeavor, made even more complicated when you’re unsure where to focus your efforts and limited resources. Understanding how to position yourself for growth can help you proactively manage your resources to maximize your growth potential.

Use our insightful Growth Assessment Tool to understand what stage of growth you’re currently in and the next steps you should take to drive growth for your contingency fee law firm.

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    Answer a few short questions

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    Receive your analysis and recommendations

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What are your spaces used for?

Business Structure & Core Functions

Business Structure & Core Functions

Business Structure & Core Functions

Business Structure & Core Functions

Financial Health and Growth Goals

Financial Health and Growth Goals

About Your Firm

About Your Firm

About Your Firm

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Question 1

Why Do We Ask This?

Why Do We Ask This? While not always a direct indicator of growth, dedicated marketing departments are often a growth accelerant for firms.
Do you have an internal marketing department?
Question 2

Why Do We Ask This?

Why Do We Ask This? Law firms that have a dedicated IT function are typically better able to leverage automation and other technologies that can create efficiencies, as well as unlock and accelerate growth.
Do you have an internal IT department?
Question 3

Why Do We Ask This?

Why Do We Ask This? Law firms who have invested in a finance department typically grow and are positioned to grow more easily and effectively than those who have not.
Does your firm have a finance department beyond a bookkeeper/office manager?
Question 4

Why Do We Ask This?

Why Do We Ask This? Forecasting the value of your case inventory, revenue and case resolution dates is a key element to understanding future revenue. These are key aspects in your firms ability to invest in growth and long term sustainability.
Do you currently apply any forecasting methods in order to predict the value of your case inventory and projected revenue?
Question 5

Why Do We Ask This?

Why Do We Ask This? Your fees are the lifeblood of your firm and growth projections ultimately rely on the fee revenue. Assessing your case inventory provides us with better visibility into your potential revenue, as well as enables us to provide tailored recommendations for growth. If you would prefer not answer this question, you can talk privately to one of our expert consultants.
B. If you were to resolve all of your cases tomorrow, what would be your project Net Attorneys Fees?
Question 6

Why Do We Ask This?

Why Do We Ask This? Finding out where and how you want to grow your law firm allows us to give you specific tailored recommendations on how to achieve your expansion goals.
What are your goals when it comes to growing your law firm?
Choose all that apply.
Question 7

Why Do We Ask This?

Why Do We Ask This? This metric enables us to better understand your capacity for growth.
How many employees do you currently have?
Question 8

Why Do We Ask This?

Why Do We Ask This? This question enables us to benchmark you relative to other firms surveyed and provide recommendations in the context of firms like yours.
Which category best describes your law firm?
Question 9

Why Do We Ask This?

Why Do We Ask This? The way that case costs are paid for affects the liquidity of the law firm which ultimately impedes spending on law firm growth.
How do you currently pay for your case costs?
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Your results are almost ready!

Thank you for answering these questions to analyze your firm’s current operations and ascertain your growth stage.

Lastly, please provide your contact details to be emailed a copy of your results as well as relevant resources with valuable insights and advice on how you can drive focused growth for your contingency law firm.

 

Results

Based on your answers, your contingency fee law firm is a ‘Growth Starter’.

Based on your answers, your contingency fee law firm is a ‘Growth Improver’.

Based on your answers, your contingency fee law firm is a ‘Growth Leader’.

Based on your answers, your contingency fee law firm is a ‘Growth Optimizer’.

Growth Starter 1. Growth Starter
  • Early growth stage
  • Focus: Increase revenue
Growth Improver 2. Growth Improver
  • Successfully litigated a number of cases
  • Focus: expand business functions
Growth Leader 3. Growth Leader
  • Poised for exponential growth
  • Focus: Pursue with ambition
Growth Optimizer 4. Growth Optimizer
  • Poised for exponential growth
  • Focus: Diversify & expand nationwide

Interpreting Your Results

As a Growth Starter, your primary goal is to acquire cases, focusing on gaining revenue to finance your firm’s operations.

It’s likely that you won’t have the business functions larger law firms have such as marketing, finance, or IT departments. The lack of these functions will keep your overheads at a minimum, but as you expand operations, creating these functions will be a priority if you want to invest in expansion and growth.

As your revenue increases, opportunities will arise to invest in core business functions to support your ability to acquire and successfully manage your case inventory.

Interpreting Your Results

As a Growth Starter, your primary goal is to acquire cases, focusing on gaining revenue to finance your firm’s operations.

As a Growth Starter, your primary goal is to acquire cases, focusing on gaining revenue to finance your firm’s operations.

It’s likely that you won’t have the business functions larger law firms have such as marketing, finance, or IT departments. The lack of these functions will keep your overheads at a minimum, but as you expand operations, creating these functions will be a priority if you want to invest in expansion and growth.

As your revenue increases, opportunities will arise to invest in core business functions to support your ability to acquire and successfully manage your case inventory.

Interpreting Your Results

As a Growth Starter, your primary goal is to acquire cases, focusing on gaining revenue to finance your firm’s operations.

It’s likely that you won’t have the business functions larger law firms have such as marketing, finance, or IT departments. The lack of these functions will keep your overheads at a minimum, but as you expand operations, creating these functions will be a priority if you want to invest in expansion and growth.

As your revenue increases, opportunities will arise to invest in core business functions to support your ability to acquire and successfully manage your case inventory.

Interpreting Your Results

As a Growth Starter, your primary goal is to acquire cases, focusing on gaining revenue to finance your firm’s operations.

It’s likely that you won’t have the business functions larger law firms have such as marketing, finance, or IT departments. The lack of these functions will keep your overheads at a minimum, but as you expand operations, creating these functions will be a priority if you want to invest in expansion and growth.

As your revenue increases, opportunities will arise to invest in core business functions to support your ability to acquire and successfully manage your case inventory.

Interpreting Your Results

As a Growth Starter, your primary goal is to acquire cases, focusing on gaining revenue to finance your firm’s operations.

It’s likely that you won’t have the business functions larger law firms have such as marketing, finance, or IT departments. The lack of these functions will keep your overheads at a minimum, but as you expand operations, creating these functions will be a priority if you want to invest in expansion and growth.

As your revenue increases, opportunities will arise to invest in core business functions to support your ability to acquire and successfully manage your case inventory.

Interpreting Your Results

As a Growth Starter, your primary goal is to acquire cases, focusing on gaining revenue to finance your firm’s operations.

It’s likely that you won’t have the business functions larger law firms have such as marketing, finance, or IT departments. The lack of these functions will keep your overheads at a minimum, but as you expand operations, creating these functions will be a priority if you want to invest in expansion and growth.

As your revenue increases, opportunities will arise to invest in core business functions to support your ability to acquire and successfully manage your case inventory.

Interpreting Your Results

As a Growth Starter, your primary goal is to acquire cases, focusing on gaining revenue to finance your firm’s operations.

It’s likely that you won’t have the business functions larger law firms have such as marketing, finance, or IT departments. The lack of these functions will keep your overheads at a minimum, but as you expand operations, creating these functions will be a priority if you want to invest in expansion and growth.

As your revenue increases, opportunities will arise to invest in core business functions to support your ability to acquire and successfully manage your case inventory.

Interpreting Your Results

As a Growth Starter, your primary goal is to acquire cases, focusing on gaining revenue to finance your firm’s operations.

It’s likely that you won’t have the business functions larger law firms have such as marketing, finance, or IT departments. The lack of these functions will keep your overheads at a minimum, but as you expand operations, creating these functions will be a priority if you want to invest in expansion and growth.

As your revenue increases, opportunities will arise to invest in core business functions to support your ability to acquire and successfully manage your case inventory.

Next Steps

Build Your Case Inventory

A contingency fee law firm needs clients to consistently build revenue long term. Your focus should be to acquire as many new clients as possible and to start litigating cases and generating revenue. Acquiring new cases can be done through digital marketing, referrals from other law firms, or taking on a partner who brings in an existing caseload. Each method has their pros and cons: determine which works for you or a balance of all the above that optimizes your limited resources.

Get Your Intake Process Up and Running

Attracting cases will count for nothing if your onboarding process leaves potential clients feeling confused and uncared for. Creating a nuanced and robust intake process is vital to successfully acquiring cases. In addition, training your staff to successfully implement each step of the process while ensuring potential clients feel taken care of will ensure a steady flow of cases. It’s especially important that a prospective client’s first point-of-contact with your firm is a positive experience.

Be Sensible with Overheads

Keep your overheads to a minimum until cases start to settle and you have a steady flow of income. This is the time to be frugal and build up the war chest for future case costs and operational expenses. As your law firm grows its practice, spend money on products or activities that improve your operational efficiency and ability to acquire cases.

Start Thinking About Core Business Functions Sooner Rather Than Later

Your aim is to grow your law firm, and at some point, that means expanding its business functions. It is much easier to grow a business when you have a firm foundation of standardized processes.

Although it can be difficult at this stage to understand the scope of the business functions you will need, having access to a trusted source of information is critical to future success. Educate yourself on what larger law firms are doing in terms of marketing, finance, IT, and client experience to attract prospective clients and efficiently manage their cases.

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Interpreting Your Results

As a Growth Improver, your primary goal is to expand your business, creating and improving the core business functions needed to thrive.

You’ve likely had some success with acquiring and litigating cases, and you’ll have some basic business functions in place. Developing these business functions will allow you to set your firm up for explosive business expansion.

As you build out your business processes and procedures, you’ll find bigger clients more eager to come onboard.

Interpreting Your Results

As a Growth Improver, your primary goal is to expand your business, creating and improving the core business functions needed to thrive.

You’ve likely had some success with acquiring and litigating cases, and you already have a finance and marketing department – two core business functions which are essential for growth. Further developing these existing business functions and establishing an IT department will allow you to run your business more efficiently and optimize the labor of your team.

As you build out your business processes and procedures, you’ll find bigger clients more eager to come onboard.

Interpreting Your Results

As a Growth Improver, your primary goal is to expand your business, creating and improving the core business functions needed to thrive.

You’ve likely had some success with acquiring and litigating cases, and you already have a finance and IT department – two core business functions which are essential for growth. Further developing these existing business functions and establishing a marketing department will allow you to build your brand and support any case acquisition efforts you’re currently doing.

As you build out your business processes and procedures, you’ll find bigger clients more eager to come onboard.

Interpreting Your Results

As a Growth Improver, your primary goal is to expand your business, creating and improving the core business functions needed to thrive.

You’ve likely had some success with acquiring and litigating cases, and you already have an IT and marketing department – two core business functions which are essential for growth. Further developing these existing business functions and establishing a finance department will allow you to better understand your cash flow and revenue cycles, giving you the peace of mind to take on cases with large case cost outlays and long durations. The calculated risk of taking on these bigger cases will net you the reward of out-sized fees to exponentially grow your firm.

As you build out your business processes and procedures, you’ll find bigger clients more eager to come onboard.

Interpreting Your Results

As a Growth Improver, your primary goal is to expand your business, creating and improving the core business functions needed to thrive.

You’ve likely had some success with acquiring and litigating cases, and you already have a marketing department which is starting to attract clients and acquire cases at a regular cadence. Your IT and finance functions are either handled by external contractors or a designated partner within your firm. Even though this has worked for now, as you grow, you’ll need to consider establishing these departments in-house to better understand the health of your business and improve your ability to handle many cases simultaneously.

As you build out your business processes and procedures, you’ll find bigger clients more eager to come onboard.

Interpreting Your Results

As a Growth Improver, your primary goal is to expand your business, creating and improving the core business functions needed to thrive.

You’ve likely had some success with acquiring and litigating cases, and you already have a finance department, which is essential for understanding your cash flow and revenue cycle. Your marketing and IT functions are either handled by external contractors or you’ve mostly been relying on word-of-mouth referrals. Even though this has worked for now, as you grow, you’ll need to consider establishing and growing these departments in-house so that they can focus solely on building your brand and more robustly support your business needs.

As you build out your business processes and procedures, you’ll find bigger clients more eager to come onboard.

Interpreting Your Results

As a Growth Improver, your primary goal is to expand your business, creating and improving the core business functions needed to thrive.

You’ve likely had some success with acquiring and litigating cases, and you already have an IT department in place to support your case management system. Your marketing and finance functions are either handled by external contractors or a designated partner within your firm. Even though this has worked for now, as you grow, you’ll need to consider establishing and growing these departments in-house.

As you build out your business processes and procedures, you’ll find bigger clients more eager to come onboard.

Interpreting Your Results

As a Growth Improver, your primary goal is to expand your business, creating and improving the core business functions needed to thrive.

You’ve likely had some success acquiring and litigating cases, which is establishing your reputation as a winner in the courtroom. Your core business functions are minimal – perhaps handled by an external contractor or by a designated partner within your firm. This will increasingly become an inhibitor for growth until you can establish finance, marketing, and IT departments in-house.

As you build out your business processes and procedures, you’ll find bigger clients more eager to come onboard.

Next Steps

Build a Reliable Cadence of Case Acquisitions

As your law firm’s case inventories continue to expand over time, building a case acquisition ‘factory line’ will be a key determinant to long term growth at pace. If you are confident that you’ll have enough cases to keep the revenue flowing, you can reinvest in your firm’s growth.

Reinvest in the Business

Perhaps, by this point in your law firm’s journey, you’ve collected a few big settlements and accrued a sizeable nest-egg in the bank. Responsibly reinvesting that money back into your business early-on will help your firm achieve the growth you aspire to.

Investing in core business functions is necessary to sustain growth at this stage. While the temptation to only invest in the litigation side of your firm will be strong, growing your marketing, finance, IT, and administrative functions is vital to generating and nurturing the leads needed for consistent growth and future expansion.

Establish a Marketing Department

Of the three core business functions (finance, IT, and marketing), marketing is most directly related to growth. While healthy finances give you the ability to fund growth and a capable IT department gives you the tools to efficiently handle the additional workload, increasing your marketing will directly drive opportunities for growth through case acquisition. Establish an in-house marketing department to start driving these growth opportunities or take on an agency partner to help you build a strategy towards long-term brand building.

Establish an IT Department

While a marketing department will bring opportunities for growth through case acquisition and healthy finances allow you to fund the additional case costs that come with it, neglecting your IT and admin department will leave your systems ill-equipped to handle the increased workload. Finding skilled IT specialists will mean fewer headaches among your staff as well as help your team to manage their workload more efficiently through data management, optimizing their time and labor.

Establish a Finance Department

Of the three core business functions – finance, marketing, and IT – a finance department is most essential to the overall health of your law firm. Continuing to operate without a finance department will put your firm at risk of not understanding your cash flow and revenue position, tripping you up when the case costs become more expensive than you anticipated. Appoint a CFO or finance manager and establish a finance department to get your books in order, better plan for the peaks and valleys of your cash flow cycle, and forecast when you will best be able to invest heavily in growth.

Establish Essential Business Departments

While a finance department is essential for your law firm’s current health, you’ll find it increasingly hard to attract larger and more lucrative clients without an in-house marketing department to build your brand and nurture a consistent stream of leads. Similarly, your case management systems need to be robust enough to handle a larger quantity of cases more efficiently; a well-organized IT department is vital to prepare your law firm for growth.

Establish Essential Business Departments

Having a robust IT department is invaluable and means that your case management system is likely ready for any number of cases you acquire. However, the lack of proper finance and marketing departments will stifle your potential for growth. Establishing a finance department will help you understand the health of your cash position and let you better forecast when you can make the investments necessary for growth. A seasoned marketing department will allow you to build your brand and attract larger and more significant cases, nurturing a stream of case acquisitions to support growth.

Establish Essential Business Departments

Your marketing department is probably bringing you new opportunities already. Without the proper finance and IT functions in place, you may struggle to handle new clients, especially if your marketing department is very successful and able to bring in many cases all at once. Establish a finance department quickly to make sure your finances are healthy enough to handle the increased case costs and follow it up with an IT department to support your case management systems, streamline your data management, and optimize the efficiency of your team.

Establish Essential Business Departments

Without finance, marketing, and IT departments, it’s unlikely that your law firm will grow much larger. These core business functions not only increase the stability and health of your current business, but also work to attract new clients. A robust finance department will give you the financial stability to handle growing case costs, an IT department will support your case management needs, and a marketing department will actively attract new opportunities, allowing your firm to grow through more and larger cases.

Consider ‘Singles and Doubles’ Practice Areas for Consistent Income

Retaining and winning a big case could be the catalyst that sets your firm safely on the road to success, but only chasing the big-money cases is the most common point of failure for most start-up firms.

Consider coupling your mass tort cases and class actions with short-duration cases to give yourself a steady stream of revenue for day-to-day operations. That way, when the big cases come your way, you will have the cash necessary to finance its successful litigation.

Improve the Core Functions That Drive Growth and Stability

As you continue to acquire new cases, it’s imperative that you improve your core business capabilities. That means case acquisition and litigation, as well as the ability to accurately forecast the value and duration of cases so that you can allocate resources efficiently.

It’s critical to know who best to assign cases to in order to maximize revenue. Some lawyers will be great at the big wins (which take longer) and others are more singles and doubles lawyers (consistent revenue injections). Figure out who’s who and assign cases accordingly to keep a steady balance between a constant stream of revenue with the occasional injection of out-sized fees.

Keep Track of Case Costs

At this category of growth, keeping track of your case costs becomes vital; especially if you’re still self-financed. These costs can easily grow into the millions, and if not handled correctly, they can be an incredibly inefficient use of revenue with tax disadvantages you may not be aware of.

This is when you should consider if case cost financing is right for your firm as switching to a case cost financing model can become harder later when you seek the help of traditional lending institutions such as big-name banks. These siloed institutions are not equipped with the expertise to value your case inventory and lend against it nor are they able to tailor solutions to your specific needs.

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Interpreting Your Results

As a Growth Leader, you’ve built a law firm with a strong, robust foundation and great potential for continued growth at pace. You have all your core business functions in place and the firm has many staff devoted to the business of law, not just litigating cases.

It’s also likely that there’s still plenty to improve upon in terms of business operations; whether that’s appointing a designated CFO/COO or improving the efficiency of your marketing and finance processes. Additionally, balancing case costs for your caseload will become a daunting challenge, especially if your law firm is self-financed.

Pursuing increasingly larger and more lucrative litigation cases will allow you to push the boundaries of what your law firm can achieve and unlock even greater growth potential.

Interpreting Your Results

As a Growth Leader, you’ve built a law firm with a strong, robust foundation and great potential for further growth. Your finance department is working hard to keep your funds flowing and your marketing department generates plenty of new business opportunities.

It’s also likely that there’s still plenty for you to learn in terms of perfecting these business functions. However, it is urgently important to establish an IT department to handle the increasing stress on your case management system and optimize the efficiency of your team.

Pursuing increasingly larger and more lucrative litigation cases will allow you to push the boundaries of what your law firm can achieve and unlock even greater growth potential.

Interpreting Your Results

As a Growth Leader, you’ve built a law firm with a strong, robust foundation and great potential for further growth. Your finance department is working hard to keep your funds freely flowing, and your IT department is supporting your management systems to allow you to maintain growth at pace.

It’s also likely that there’s still plenty for you to learn in terms of perfecting these core business functions. However, it is urgently important to establish a marketing department to generate leads and ensure the future health of your firm’s continued growth.

Pursuing increasingly larger and more lucrative litigation cases will allow you to push the boundaries of what your law firm can achieve and unlock even greater growth potential.

Interpreting Your Results

As a Growth Leader, you’ve built a law firm with a strong, robust foundation and great potential for further growth. Your IT department is keeping your case management systems organized, and your marketing department generates plenty of new business opportunities.

It’s also likely that there’s still plenty for you to learn in terms of perfecting these business functions. However, it is urgently important to establish a finance department to manage the stresses of growing case costs, marketing expenditures, and other firm overheads.

Pursuing increasingly larger and more lucrative litigation cases will allow you to push the boundaries of what your law firm can achieve and unlock even greater growth potential.

Interpreting Your Results

As a Growth Leader, you’ve built a law firm with a strong, robust foundation and great potential for further growth. Your existing marketing department is generating leads and attracting cases, which in turn leads to consistent revenues.

It’s also likely that there’s still plenty for you to learn in terms of perfecting your core business functions. Establishing finance and IT departments will allow you to keep tabs on your cash flow position and efficiently handle the many cases coming your way.

Pursuing increasingly larger and more lucrative litigation cases will allow you to push the boundaries of what your law firm can achieve and unlock even greater growth potential.

Interpreting Your Results

As a Growth Leader, you’ve built a law firm with a strong, robust foundation and great potential for further growth. Your finance department is working hard to keep your funds flowing, which is vital as your firm expands both laterally and geographically.

It’s also likely that there’s still plenty for you to learn in terms of perfecting your core business functions. Establishing a marketing and IT department will allow you to attract new leads while efficiently handling the rising number of cases.

Pursuing increasingly larger and more lucrative litigation cases will allow you to push the boundaries of what your law firm can achieve and unlock even greater growth potential.

Interpreting Your Results

As a Growth Leader, you’ve built a law firm with a strong, robust foundation and great potential for further growth. With an existing IT department, it’s likely that your case management system is top notch, which is extremely useful for the day-to-day needs of litigating your cases.

It’s also likely that there’s still plenty for you to learn in terms of perfecting your core business functions. Establishing a marketing and finance department will allow you to attract new leads and to efficiently manage your cash flow and position your firm for sustainable growth.

Pursuing increasingly larger and more lucrative litigation cases will allow you to push the boundaries of what your law firm can achieve and unlock even greater growth potential.

Interpreting Your Results

As a Growth Leader, you’ve built a law firm with a strong, robust foundation and great potential for further growth. You have plenty of cases under your belt and likely have the staff and experience to handle more.

Your core business functions are minimal – perhaps either handled by an external contractor or by a designated partner in your firm. This will increasingly become an inhibitor for growth until you establish finance, marketing, and IT departments in-house.

Pursuing increasingly larger and more lucrative litigation cases will allow you to push the boundaries of what your law firm can achieve and unlock even greater growth potential.

Next Steps

Establish a Marketing Department

The key for law firms in this category is to continue down the path of building a great business. This means continuing to invest in business functions that support the core legal business.

By now your finance and IT departments will have proved their worth several times over. It’s time to embrace the business of law and add a marketing department to your repertoire. This is especially important if you intend to expand geographically. Effective marketing is essential when establishing yourself in a new location and building your brand recognition.

Establish an IT Department

The key for law firms in this category is to continue down the path of building a great business. This means continuing to invest in business functions that support the core legal business.

Arguably, an IT department is the last core business function that needs to be considered, but once established, you’ll find that it proves its worth quickly. Being pro-active with upgrading and supporting your admin and management systems will mean fewer potential blockages further down the line that can trip up the momentum of your team. This is especially important if you intend to expand geographically. Having existing processes in place makes for smoother sailing when your new locations open.

Establish a Finance Department

The key for law firms in this category is to continue down the path of building a great business. This means continuing to invest in business functions that support the core legal business.

Most urgently, as your law firm grows, a dedicated finance department is essential to the health of your business and your ability to sustain growth at pace. With larger scope comes larger financial risks and considerations. Establishing a finance department will allow you to better understand the financial health of your firm, your current cash position and any risks which need to be mitigated such as unanticipated case costs that may hamper growth.

Establish Remaining Business Functions

The key for law firms in this category is to continue building a great business. This means continuing to invest in business functions that support the core legal business.

Although you already have a finance department which is no doubt working hard to keep your cash flow healthy, you will likely struggle to grow without also establishing marketing and IT departments to handle the other essential operations of your business. These departments are especially important if you intend to expand geographically: effective marketing is essential when establishing yourself in a new location, as is a robust and comprehensive IT system to manage a growing caseload.

Establish Remaining Business Functions

The key for law firms in this category is to continue building a great business. This means continuing to invest in business functions that support the core legal business.

Having a robust IT department is valuable and means that your case management system is ready for any number of cases you acquire. However, the lack of proper finance and marketing departments will stifle your potential for growth. These departments are especially important if you intend to expand geographically – without readily available cash to draw from and effective marketing to keep a steady stream of cases coming in, such growth is nearly impossible.

Establish Remaining Business Functions

The key for law firms in this category is to continue building a great business. This means continuing to invest in business functions that support the core legal business.

Your marketing department is likely bringing your firm plenty of opportunities. However, without the proper finance and IT functions in place, you may struggle to fund and manage the new cases as they come in. Establish a finance department quickly to make sure your cash flow is healthy enough to handle the case costs coming in, and build an IT department to better support your case management systems and organize your data.

These departments are especially important if you intend to expand geographically – without readily available cash to draw from and a robust case management system in place, such growth is very difficult.

Establish Remaining Business Functions

The key for law firms in this category is to continue building a great business. This means investing in business functions that support the core legal business.

Without establishing finance, marketing, and IT departments, it’s unlikely that your law firm will grow much larger. These core business functions not only increase the stability and health of your current business, but also work to attract new cases and clients. A robust finance department will give you the financial stability to handle growth, an IT department will support your case capacity and the efficiency of your team, and a marketing department will actively attract new opportunities.

These departments are especially important if you intend to expand geographically – without knowing if you have available cash to draw from, a marketing team to build your brand, and a robust management system, such growth is very difficult.

Grow by Acquisition

Depending on your firm’s cash position, a good strategy for quick growth is to acquire other law firms or introduce partners who bring with them new practice areas.

Acquisition of distressed firms is a strategy that law firms employ to get the best value for their investment. This is especially true post-pandemic, when many smaller firms are looking to join forces and share resources. Make sure that your law firm has sizeable savings, so that when the opportunity to acquire comes along you’re well positioned to seize it.

Start the Hunt for the Whales

If your law firm has a solid pipeline of cases, you can start to seek out the ‘whales’ – the cases that bring in the BIG money.

This often means entering practice areas that have greater revenue generation potential – like trucking litigation, medical malpractice, or mass torts and class actions. The catch with these whale-hunting activities is that these come with longer case durations and higher case costs. Balance the pursuit of such cases with a sizable cash position and healthy cash flow from many smaller cases that are quick wins. Alternatively, you can consider case cost financing to reduce risk while maximizing your ability to litigate against opponents with deep pockets.

Position Your Firm for Exponential Growth

The key for law firms in this category is to continue down the path of building a great business. This means continuing to invest in business functions that support the core legal business.

Doubling down investment in your existing core business functions will allow your law firm to enjoy economies of scale, especially if you choose to grow through acquiring smaller firms. Additionally, focused investment on nuanced areas of operations such as driving client reviews or improving client experience can give you the edge you need over your competitors.

At this stage, often one of the managing partners or original co-founders needs to stop being a litigator and become the businessperson to drive the organization toward sustainable growth. Making that switch can be a challenge – which is where business acumen and a strong financial partner can be especially helpful.

Implement Advanced Financial Management

Once your law firm has entered this category of growth, careful attention needs to be paid to your financial systems. Even if you have a finance function in place, it is imperative that your firm can accurately value each case and forecast its projected fees as well as the duration it will take to resolve.

The nature of the industry is such that it’s possible to become a Growth Leader without any sort of financial forecasting in place, due to the high margins that exist. However, readying your firm for exponential growth and expansion is all but impossible unless you improve this key area of your business.

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Interpreting Your Results

As a Growth Optimizer, you’ve reached the top tier of law firms nationwide. Reaching this stage of growth is extremely difficult due to the capital-intensive nature of contingency fee law practices and the complex interplay between case acquisition and case costs.

Your firm likely has a very wide range of practice areas and potentially even an entire division devoted to hunting ‘whales’, large-scale mass tort and class action cases against deep-pocketed corporations.

From here, growing laterally is just as vital as growing up. Expanding your reach geographically will allow you to gain more market share and brand recognition as you grow.

Interpreting Your Results

As a Growth Optimizer, you’ve reached the top 1% of law firms nationwide. Reaching this stage of growth is extremely difficult due to the capital-intensive nature of contingency fee law practices and the complex interplay between case acquisition and case costs.

Your firm likely has a very wide range of practice areas and potentially even an entire division devoted to hunting ‘whales’, large-scale mass tort and class action cases against deep-pocketed corporations.

From here, growing laterally is just as vital as growing up. Expanding your reach geographically will allow you to gain more market share and brand recognition as you grow.

Interpreting Your Results

As a Growth Optimizer, you’ve reached the top 1% of law firms nationwide. Reaching this stage of growth is extremely difficult due to the capital-intensive nature of contingency fee law practices and the complex interplay between case acquisition and case costs.

Your firm likely has a very wide range of practice areas and potentially even an entire division devoted to hunting ‘whales’, large-scale mass tort and class action cases against deep-pocketed corporations.

From here, growing laterally is just as vital as growing up. Expanding your reach geographically will allow you to gain more market share and brand recognition as you grow.

Interpreting Your Results

As a Growth Optimizer, you’ve reached the top 1% of law firms nationwide. Reaching this stage of growth is extremely difficult due to the capital-intensive nature of contingency fee law practices and the complex interplay between case acquisition and case costs.

Your firm likely has a very wide range of practice areas and potentially even an entire division devoted to hunting ‘whales’, large-scale mass tort and class action cases against deep-pocketed corporations.

From here, growing laterally is just as vital as growing up. Expanding your reach geographically will allow you to gain more market share and brand recognition as you grow.

Interpreting Your Results

As a Growth Optimizer, you’ve reached the top 1% of law firms nationwide. Reaching this stage of growth is extremely difficult due to the capital-intensive nature of contingency fee law practices and the complex interplay between case acquisition and case costs.

Your firm likely has a very wide range of practice areas and potentially even an entire division devoted to hunting ‘whales’, large-scale mass tort and class action cases against deep-pocketed corporations.

From here, growing laterally is just as vital as growing up. Expanding your reach geographically will allow you to gain more market share and brand recognition as you grow.

Interpreting Your Results

As a Growth Optimizer, you’ve reached the top 1% of law firms nationwide. Reaching this stage of growth is extremely difficult due to the capital-intensive nature of contingency fee law practices and the complex interplay between case acquisition and case costs.

Your firm likely has a very wide range of practice areas and potentially even an entire division devoted to hunting ‘whales’, large-scale mass tort and class action cases against deep-pocketed corporations.

From here, growing laterally is just as vital as growing up. Expanding your reach geographically will allow you to gain more market share and brand recognition as you grow.

Interpreting Your Results

As a Growth Optimizer, you’ve reached the top 1% of law firms nationwide. Reaching this stage of growth is extremely difficult due to the capital-intensive nature of contingency fee law practices and the complex interplay between case acquisition and case costs.

Your firm likely has a very wide range of practice areas and potentially even an entire division devoted to hunting ‘whales’, large-scale mass tort and class action cases against deep-pocketed corporations.

From here, growing laterally is just as vital as growing up. Expanding your reach geographically will allow you to gain more market share and brand recognition as you grow.

Interpreting Your Results

As a Growth Optimizer, you’ve reached the top 1% of law firms nationwide. Reaching this stage of growth is extremely difficult due to the capital-intensive nature of contingency fee law practices and the complex interplay between case acquisition and case costs.

Your firm likely has a very wide range of practice areas and potentially even an entire division devoted to hunting ‘whales’, large-scale mass tort and class action cases against deep-pocketed corporations.

From here, growing laterally is just as vital as growing up. Expanding your reach geographically will allow you to gain more market share and brand recognition as you grow.

Next Steps

Grow by Acquisition

Buying law firms or franchises of law firms to quickly expand geographic reach is your firm’s obvious choice for growth.

Trying to enter a new locality when other local lawyers have dominated that market is a difficult task. Acquisition significantly expands your reach and litigation capability as well as gives you local expertise. However, with acquisition comes a litany of acquisition pains such as integrating business functions to maximize efficiency and reduce overhead.

Utilize Referral Income

The temptation here is to retain and litigate all of your cases; however, sometimes referring them is the strategic thing to do.

Once you’ve acquired so many cases that you simply cannot litigate them all to the best of your ability, passing these on to other firms will be hugely profitable with minimal effort required of you. This opens up income streams that leverage the economies of scale you have achieved through marketing.

Use your Broader Marketing Capability

With an increased budget comes the capacity for much wider-reaching marketing strategies. Using your own in-house marketing team or adding on a marketing agency to run robust marketing campaigns will ensure brand recognition, optimization of digital marketing and intake effectiveness for your firm over time.

Use your marketing budget efficiently across your geographic locations to provide yourself with an effective economy of scale. This tactic will allow you to build up your defense against competitors who won’t be able to contend with your budget.

Solidify your ‘Whale Hunting’ Capability

At this stage, your cash flow will come from a variety of channels. One of the most lucrative will be the ‘whale hunt’ – utilizing your referral network to seek out the clients necessary for cases with the potential for multi-million-dollar returns is the name of the game.

Expansion into major mass tort and class action litigation against deep-pocketed defendants is a vital strategy for significant cash injection, though be aware of longer case durations. Many law firms in this category are settling into the hundreds of millions or even billions; fees that could help you dominate your practice area or geographic region.

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