The 8 Habits of Highly Profitable Law Firms

A small number of mega clients creates deep understandingof each client, forces teamwork and cross-selling,

generates economies of scale, and offers an opportunityto mentor junior staff on the team.

Have a small number of large clients accounting for disproportionately large chunks of revenue.

Engage in a continuing dialogue with clientsabout their business even when, and especially if,there are no active matters.

Dialogue drives business instead of business driving the dialogue.

These firms go narrow and deep.They don’t worry about not being in all practice areas;

they worry about missing lucrative opportunitiesin key practices.

Have revenue concentrated in fewer practice areas than other law firms.

Providing answers and solutions are worth their weight in gold and profits. These firms invest in

solving problems before they get hired instead of waiting for clients to ask.

Educate their clients in specific and relevant solutions designed specifically for those clients.

Socialization creates the trust to make sharing workand cross selling a natural part of daily life.Key people know each other, trust each other,

and openly share.

Socialize partners to the firm throughout the year with multiple events beyond a retreat.

Clients see uniformity in deliveryas a risk management tool and a vehicle to save time.

Clients are willing to pay dearly for extra time.

Deliver a more uniform client experience across practices, offices and regions.

Telling clients about change early in the processor when it occurs adds extraordinary value to clients.

Especially when you do this all the time.

Provide a superior client experience—especially in managing changes in scope and fact patterns.

Targeting clients with the most amount of continuing work allows you to sell more work to the clients with more

compelling needs. This translates into a long and reliable stream of business, reducing the cost of acquisition and delivery,

and demanding the ability to deliver multiple services.

Work with more clients who have a large number of continuing matters.

Behavior drives profits.

Strategy drives profits.

Culture drives profits.

Rates can help but the outsized profits come from

behaviors, strategies and culture. Your actions and communication,

internally and externally, drive superior profit.

The firms with theeye-popping profits

have senior partnerswho live these behaviors.

These actions shout to thewhole firm the importance of

adopting these same behaviors—whether dealing

with clients or not—and drive behavior across the firm.

The more you can push the behaviors and strategy

into the culture—the better your profits.

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