If you want to lift law firm profits at your law firm, an important starting point I believe, is to find the reason why you want to.
Without a reason that is important to you, it is highly likely that you will not achieve the profit improvement that you want.
Most people don’t get too excited by just wanting to lift law firm profits. What they get excited about, is what that extra profit means to them.
Think about it yourself.
If you were to make an additional $100,000 in profit each year, what would that mean for you?
Of course I don’t know, but the chances are, that you thought of something that the extra profit would allow you to do or achieve.
For example, it may be that sending your children to a private school is important to you, in which case the extra profit may allow you to achieve that goal much more easily than before. In which case that could be your reason why.
It may be that you want to be able to afford to travel overseas more regularly, in which case that could be your reason why.
Of course it may be that you want to be able to support your favourite charity with a much generous donation than you can currently afford. In which case that may be your reason why.
Over the course of a year, you will invariably find times when the going gets tough and in those times thinking about making an extra $100,000 p.a. will not be the motivation that gets you through that tough time.
The motivation will be the thing that is important to you and your family.
If you can focus on that, your reason why, you have already increased your chances of turning that goal into reality.
1) Have you subscribed to the FREE Small Law Firm Profit Improvement Newsletter yet?
Principals of small law firms who earn less than $250,000 per year, invariably don’t subscribe to the Small Law Firm Profit Improvement Newsletter.
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