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Planning for a Successful 2010
As a participant in a law firm, you should be thinking about what you can do to contribute to the success of the firm on a frequent basis. Whether you are the managing partner, a practice group leader or an associate, your daily, weekly and monthly activities should contribute not only to your personal goals, but to the firm's goals as well. In addition, your goals should include those related to current clients, potential clients, marketing and firm administration. The following are some important goal-setting techniques and some examples you should keep in mind throughout the year, not only to make sure you are growing personally, but also to make sure you have contributed to the overall growth of the firm in a meaningful way. The goals are broken down into three categories: Annual (what you want to accomplish in the next year); Mid-term (what you want to accomplish in the next 30 to 90 days); and Short-term (what you want to accomplish daily, weekly and monthly).
Annual Goals
Set your financial goals. Set financial goals for the upcoming year in terms of billable hours, billings and collections. Break your goals down by client to see what can be achieved within your current base. Then determine the shortfall from your goals. This is the basis for setting your business development goals. Some examples:
For the 20 current clients I have, I plan on billing 1,600 hours of my time and 5,400 hours of other attorneys' time based on actual results from last year and work in the pipeline. This will result in 7,000 hours of billable time on my originated clients. Since my goal is 10,000 originated hours, I have a shortfall of 3,000 hours. If I bill on average 350 hours for each client, then I need about nine new clients this year or I need to increase the number of matters from current clients.
I will increase my realization from 91%-95% this year. I will review any client with less than 85% realization and consider terminating the relationship if I cannot increase the billing rates or figure out a way to service the client more efficiently.
Set your business development goals. How much work do you need to generate? What current leads are you working on and what is the likelihood of closing them? What fees may be generated in the current year? Your needs for developing new business will set the base activity for your marketing goals. How many new meetings a month are needed to meet these goals?
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