Fourteen Profitability Techniques Other Than More Hours and Higher Rates

1) Marketing: Expand Client Base Through Better Client and Matter Selection and Cross-Selling

The first and perhaps the most important initiative to increase profitability is the successful marketing of your law firm to assure, to the maximal extent possible, a commitment on the part of your partners to seek new sources of profitable business. Depending on the methods of marketing planned, the buy-in required can vary significantly. The firm must determine whether its principal marketing focus will be individually, departmentally or holistically driven or, of course, a combination of one or more of these possibilities. Also, the firm must establish an annual budget for marketing and in keeping with its goals and priorities, clearly define how and by whom the money shall be spent. Each practice area should be asked to submit a proposal for marketing with views having been solicited from all partners within the practice area, and a mechanism to monitor the marketing efforts should be sensibly created. An internal marketing coordinator can be very useful, but must be carefully supervised by the Marketing Committee and might be best executed with the assistance of an outside consultant.