managing a growing legal practice: a two-step guide

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Managing a Growing Legal Practice: a Two-step Guide

A Clio Webinar

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InstructorJoshua Lenon• Lawyer in Residence at Clio• Attorney Admitted in New

York• @JoshuaLenon

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Agenda• A Time of Growth (10 minutes)• Remove Law Practice Distractions (20

minutes)• Close the Loop (20 minutes)• Questions (10 minutes)

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A TIME OF GROWTH

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Managing partners confidence in the legal industry growth has fallen

for the 3rd straight quarter.

Source:.Citi’s.Managing.Partner.Confidence.Index,.10/13/15

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Increasing Demand in Law Firms

72%55% 54% 53%

28%45% 46% 47%

Am.Law.50 Am.Law.51K100 Am.Law.2nd.100 Niche./.Other

%.of.Firms.Who.Saw.Demand.Increases.vs..Declines

%.of.Increases %.of.Declines

Source:.Citi’s.2015.Client.Advisory

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This year looks more promising for law firm growth than last year.

0%

5%

38%

48%

9%

0% 10% 20% 30% 40% 50% 60%

STRONGLY.DISAGREE

DISAGREE

ABOUT.THE.SAME

AGREE

STRONGLY.AGREE

Source:.Law.Firms.in.Business.Development.Transition.Report

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46 percent of managing partners expected revenue growths of greater than 5 percent.

Source:.Citi’s.Managing.Partner.Confidence.Index,.10/13/15

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Margin Growth vs. Revenue Growth

Firms are measuring profitability using the

wrong metrics.

0% 20% 40% 60% 80% 100%

Fee.Earner

Partner

Office

Matter

Practice.Area

Client

Measure.Profitability.by:

Source:.Citi’s.2015.Client.Advisory

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Top 5 Challenges to Winning New Business

32%

36%

38%

36%

52%

0% 10% 20% 30% 40% 50% 60%

No.Accoutability

No.longKterm.strategy

Pricing

Obtaining.attorney.participation

Competition


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REMOVE DISTRACTIONS

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Solo lawyers spend 39% of their time on non-legal work

Source:.John.Such,.CEO.of.LegalZoomat.Clio’s.Cloud.Conference.2015

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Percent of law firm revenue spent on marketing & business development

46%

1%

1%

2%

5%

32%

13%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

UNSURE

>20%

16K20%

11K15%

6K10%

2K5%

<2%


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Firm Metrics Tracked

16%

35%

39%

45%

58%

68%

78%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

EFFECT.OF.NUTURING

ROI.OF.LEAD.SOURCE

NUMBER.OF.LEADS

LEAD.SOURCE

INDIVIDUAL.ATTORNEY.GOAL

GOALS.BY.PRACTICE

WIN/LOSS


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My firm can determine ROI on business development

6%

37%

23%

31%

2%

0% 5% 10% 15% 20% 25% 30% 35% 40%

STRONGLY.DISAGREE

DISAGREE

ABOUT.THE.SAME

AGREE

STRONGLY.AGREE


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Not Knowing ROI is Costly• Broadcast television

– Grown by 68 percent over the past eight years from $531 million in 2008 to $892 million (projected) for 2015; and

– Grown six times faster from 2008 to 2014 than all other ad spending

• Internet advertising– 78 of the top 100 most expensive Google advertising terms– Geography impacts cost: Texas, Alabama, California, Virginia,

Nevada, and Wisconsin most expensive.

Source:.Trial.Lawyer.Marketing:.Broadcast,.Search,.&.Social.Strategies.10/15

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Campaigns

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4 Steps to Campaigns1. Set campaign details2. Generate trackable phone number3. Call forwarding4. Dashboard Overviews

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Set Campaign Details

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Generate trackable phone number

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Call forwarding

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Dashboard Overviews

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Web FormsClio Campaign Tracker also tracks web links.1. Set campaign details2. Web form setup3. Insert code on your website

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Leads in Clio

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Managing Leads

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CLOSING THE LOOP

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Realization Rates for law firms have fallen from 94% to 86%.

Source:.Peer.Monitor.2015.State.of.the.Legal.Market

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73% of law firms experience past due accounts.

Source:.Business.of.Law.Blog,.8/28/14

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The average firm waits 83 days to get paid after an invoice has been issued.

Source:.Business.of.Law.Blog,.8/28/14

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Powered by LawPay

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Clio Payments

1. Setup2. Accepting Credit Card Payments3. Send Bills Via Email

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Clio Payments Setup

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Share Bills via Email

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QUESTIONS?

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Thank YouJoshua Lenon

[email protected]

@JoshuaLenon

Linkedin.com/in/joshualenon