The best companies in the world don’t follow a one-size-fits-all template for business success. But efficient business leaders rely on specific best practices and years of extensive experience identifying what works and what drives the company into the mud. The story isn’t too different for law firms seeking success, only that the legal industry is a highly regulated environment. Furthermore, growth strategies to short-change established processes will only do more harm in the long run. On that note, here are some examples of how to make your law firm a success.
Try to consult seasoned experts.
Countries like Canada and the United States have law firms, with some being as old, huge, and established as the rule of law itself. But the industry presents an even playing field for legal players of all sizes to scale. And that’s why only 70 percent of AM Law 50 (American Law 50) firms recorded a growth rate of 10 percent or more. So, engaging experts like Malliha Wilson (a Canadian lawyer who has had an impressive career on the world stage) can never be a miss.
Malliha is currently the Senior Partner at the Nava Wilson LLP. Before that, she served as the assistant deputy attorney general to the government of Ontario. Hailing from Sri Lanka, Malliha became the first visible minority to hit that milestone. Her career as a young lawyer began as the senior counsel for the Ministry of Government services. She later became a special legal advisor to the investment management corporation of Ontario (IMCO).
Malliha’s career outstretches the Canadian borders. Wilson has extensive educational background and practice in both the United States and the United Kingdom. She was called to the bar in 1983 after obtaining a law degree from McGill University and a law degree from the esteemed York University. In 2009, Malliha Wilson received a distinguished career award from the South Asian Bar Association. She also holds a gold key award from the board of the Osgoode Hall Law School alumni association for her exemplary service in the public sector.
Use new tools to improve workflow.
The world’s rapid digital transformation rate means businesses have access to many tools for differentiation and workflow benefits. A typical example is Workiva, which sets out to enhance the methods for learning business data through spreadsheets and other data sources. Today, the Workiva Platform is now listed on the New York Stock Exchange (NYSE) as WK with over 5,000 workers.
Workiva’s growth, as an intuitive platform, is a testament to how businesses can generate financial statements and perform other complex work all from one source. It serves as a one-stop shop for many administrative tasks, including filing reports and facilitating actionable insight-generating efforts for vendors and other stakeholders.
Ensure transparency in pricing and service delivery.
In times past, the billing method used by established law firms was nothing short of a myth. But as competition grows, clients also grow an increasing appetite for greater transparency in billing and operational strategies. Transparency and accountability hinge on effective company-client communication.
For instance, when a company hires your legal services, the last person you might deal with directly is the chief financial officer, or CFO. But cutting out the CFO from the communication loop might result in problems with performance assessment. It pays to adopt strategies that cater to the unique communication needs of all stakeholders. That way, you can generate brief agenda updates for indirect stakeholders and leave the legal team members to deal with all further information.
Create an enabling working environment.
The journey from a young lawyer to legal director status is no easy task. But creating an enabling working environment makes the journey manageable. Business success is only as good as how the performance carries the firm into the future, gaining new markets and scaling existing ones. Creating an enabling working environment to ensure your law firm’s success can take many forms, including upskilling, mentorship programs, and periodic training.