Stretch Big: Setting a Revenue Goal is the Simplest Way to Make More Money

Law firm owners are heavily focused on revenue; but, maybe: not in the right way.  Because, when I say that law firm owners are ‘focused on revenue’, I really mean that they ‘worry about it constantly’.  But, that’s not productive.  A more productive way to express your concern over the revenue your business generates is to focus on growth. 

 

The simplest step that a managing lawyer can take, in the right direction, when it comes to revenue growth, is to just set a goal.  Setting a goal forces you to try to achieve it, which means that you’re likely to get closer to it, than you otherwise would have – even if you don’t reach it.  So, if your law firm has been generating 5% year-over-year growth, try for 10%, next year. 

 

The more important thing to note here, is that, if you take this goal seriously, it will force you to have other, relevant conversations about your law practice & how to improve it.  For instance, if you need more leads, to get to your revenue goal – now, you’re addressing marketing.  Or, if you need to be more productive, to reach your revenue goal – you have to figure out if your technology stack is right, and whether you need better processes.  And, those kinds of conversations can lead to improvements across the law practice. 

 

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If you need some help goal-setting, and generating positive impacts within you law firm, just reach out! 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, Vermont Bar Association members have access to experienced law practice management consultants at a special discounted rate.

To get started, visit Red Cave's Vermont Bar Association landing page, and start running your law practice like a business.