Law Firms Dont Cut Costs, Increase Revenue Instead

Developing the Next Generation of Rainmakers Law Firms: Don’t Cut Costs, Increase Revenue Instead In 2015, after seven years of the “new normal” for law firms is your firm still reducing expenses to maintain “profits per partner?” I remember the law firm recession in 2001. The leaders of my old firm spent hours in meetings focusing on where we could cut costs. Then, they took bold action: I disagreed with that approach then, and I don’t think it makes sense now. The simple truth is that there is only a small percentage of costs that can be cut, and unfortunately the very areas (marketing and training/development) that are most likely to be cut are those that can help increase revenue. Suppose your firm focused on how to increase revenue rather than how to cut costs. I believe that would be a more successful exercise. How would you do it? You might use a couple of the exercises I use with my coaching groups. Gather your Top 10, 20 or 25 business producers for a summit. These are the lawyers in your firm with a proven track record. Divide them into three groups. Have the first group brainstorm ideas that will increase revenue during the last three months of this year and in 2016. Have the second group brainstorm ideas that will increase revenue from 2016-2018. Have the third group brainstorm ideas that will increase revenue long term (2019 and beyond). I think you will be surprised by some of the creative ideas your best producers generate. Then, develop 25 actions to take to increase revenue.Those might include: What you come up with is less important than the brainstorming that develops the ideas. I practiced law for 37 years developing a national construction law practice representing some of the top highway and transportation construction contractors in the US.