Having a successful legal practice has nothing to do with chance. When it comes to running a practice, attorneys often focus too much on working in their business rather than on their business. What do we mean by this? When you’re working in your business, you are focused on clients’ legal matters and wearing your attorney hat. Working on your business, you’re focused on entrepreneurial activities and wearing your business owner hat. Many attorneys struggle with this balancing act. And, when we forget to work on our business, then practice growth can stagnate and client satisfaction can erode.
To face the mounting challenges of today—like market unpredictability, inefficiency, and competition with other attorneys and non-traditional legal service providers—working on your law firm and how it will address these issues is paramount. While this may seem like a daunting task, the answer might well be a simple one: business diversification. By diversifying your business offerings to include more than one legal service, attorneys can protect their business from an unstable/unpredictable market, add value to their practice, and increase their competitive edge.