February 24, 2017 Practice Points

5 Tips to Generate Revenues and Boost Morale

By Elizabeth M. Miller

February is a shorter month, but that doesn't mean there is less to do. Here are some things you can do in February to generate revenues and boost morale:

  1. Review department revenues. If your firm specializes in more than one area of law, analyze the revenues and expenses for each department from your 2016 profit and loss statement. If litigation carried the overhead expenses of real estate, consider reorganizing departments to even out the workload. Re-assign staff from real estate to litigation if that's possible. Each department should carry its overhead expenses.

  2. Re-evaluate staffing needs. Review your profit and loss and realization reports. If you took in new business in 2016 that was sustainable for 6 to 9 months, develop a strategic plan to add staff in the next three months if the trend continues. Be sure to plan for growth strategy in line with the income the new business is generating and don't grow too fast. You do not want to let people go 3 months after you hired them because you hired to many new people too quickly.

  3. Prepare for tax time. Start accumulating documents in anticipate of preparing corporate taxes. The deadline will creep up on you before you know it and you don't want to scramble in the last minute. Your CPA or accountant will thank you.

  4. Update the firm website – especially the bios and pictures. Staff bios and photos are important. Potential clients like these little glimpses into your staff. When they come in to retain you, it gives them a feeling of familiarity with you and your staff. If your bio says you've been practicing for 20 years, and your picture looks like you just graduated from law school, now is the time to update the pictures. Also, if a practice area has been added, be sure to include that on the website. Generally make sure all information about the firm and staff are up to date.  

  5. Have a morale luncheon. No need to get fancy. Order some ribs or some kind of main dish and have staff bring a few side dishes and dessert. Food always brings people together.

Elizabeth Miller is an independent/contract law firm administrator helping attorneys manage the "business" of practicing law in Tampa, Florida.

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