Page 44 - Strategic Planning for Law Firms

Strategic Planning for Law Firms
We Lawyers Need to Bill Hours
There is a hard cost for hiring a consultant, but there is also a hard cost for not hiring one – namelyahittoyourfirmleaders’billablehours. Everyhouranattorneyspendsonstrategic planning is a lost billable hour. It may make more sense to pay a consultant and not take a hit to billable hours.
The Pros and Cons of Outside Consultants
The pros of hiring a consultant, as mentioned, include bringing in someone with experience with strategic planning, whose expertise helps ensure an effective strategic plan and whose time permits attorneys to use their time to keep billing hours. Good outside consultants who know your firm type can immediately spot underperformers, unprofitable practices, excessive expenses, or underinvestment in training, technology, or marketing. Furthermore, an outside consultant can interview and survey your Team and get candid responses. They
can tackle firm problems and help people
communicate. Most importantly, outside consultants have seen best practices and bad practices, and they can bring important perspective to your firm about what has helped, hindered, or destroyed other firms.
The cons include the cost, having a stranger stick their nose in your business, and having someone from the outside who doesn’t intuitively know your firm history, culture and purpose. They can also be expensive if you do not have a budget and an understanding of how the consultant will bill before the engagement begins.
SECTION 07 YOUR STRATEGIC PLANNING TEAM
Types of Consultants
There are different types of consultants at your disposal. Some consultants are marketing gurus and will focus primarily on business development. Some go beyond marketing and provide more broad based strategic planning. Some consultants are experienced in working with large firms. Some with small and medium firms. Some with commercial firms. Some with insurance defense firms. Some used to be practicing attorneys. Some remain practicing attorneys. Some never practiced a day in their life. If you decide to go with a consultant, go with someone with experience with firms like yours.
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