Payment plans now available. Click here for more information.

5 Keys To Increasing Your Law Firm Revenue In 2019

Court Buddy
Court Buddy Legal Services
The #1 place to find a lawyer for your case
Lawyers working on tablet & phone over coffee

A law firm is just like any other business, which means that you need revenue to keep your doors open. Ideally you want your law firm’s revenue to increase over time, which can be nerve-racking and painfully difficult, especially if you are a solo or a partner in a small law firm.

Let’s face it. You want to focus on practicing law, and not worry about revenue. But because revenue is critical to your law firm, here are 5 keys to increase your law firm’s revenue.

1. Get New Clients. Sounds simple, doesn’t it? That’s because it really is that simple. When a client pays your invoice, that is revenue. More clients paying more invoices equals more revenue. So you can increase your revenue by getting new clients or doing more work for existing clients. In a previous article, we discussed several ways to market your law practice to get new clients, so we won’t discuss them again in this article. The important thing to remember is that new clients will drive more revenue to your law firm.

2. Broaden Your Horizons. Have you considered handling legal matters or representing clients who are 1 hour or more from your office? Have you considered taking on cases in other practice areas? Have you considered adding another attorney with a book of business to your law firm? What about creating a virtual law office online to represent clients in other parts of your state? Broadening your horizons is another way to increase your law firm’s revenue.

3. Stop Beating Dead Horses. A large share of a lawyer’s time can be spent on collecting unpaid fees from clients. But it’s much more than just time for a lawyer. It’s also the stress and mental energy expended on worrying about what you will do if the client’s fees remain unpaid. That’s a lot to think about and to deal with.

You can’t increase your revenue if you are constantly chasing fees. So let the dead horses go, and invest in a better system so that you won’t have to chase fees.

4. Invest In Business Books. Since reading case law, statutes, contracts, etc. is already a part of your daily job, you probably don’t want to receive advice about doing more reading. But we are going to give it to you anyway: read! Reading business books from experts (defined as someone with real-world business experience) not only will educate you, but it can also spark ideas that you can use to increase revenue.

5. Embrace Technology. For some reason (perhaps it comes from schools training lawyers to be risk-averse), lawyers are reluctant to embrace technology. Those that do embrace technology, do so warily. Repeat this in the mirror to yourself: “technology is my friend. Technology is my key to greater revenue.” With the increasing capabilities of smartphones, instant messaging apps, and online payments, technology enables you to be a lot of places at once and to still get paid. For these reasons, technology should be embraced.

Do you have any keys to increasing law firm revenue? We would love to hear from you.

Legal Disclaimer

Court Buddy is here to connect you with an experienced and trusted lawyer who can help you at an affordable rate. The company assists with the management of your case and lawyer relationship. Your lawyer will assess your legal issue in a timely and confidential manner, explain why you need or do not need a lawyer, and only charge you for the legal services performed and associated out of pocket fees. This article is intended to convey general information and does not constitute legal advice.

Ready to get started? We’re here to help.

Related Blogs

  • Adrianna Ngo
  • |
  • 10 August, 2020
Trademark Vs. Patent Vs. Copyright: What Do These Intellectual Property Terms Mean?

Intellectual property laws are rights and protections that protect owners of ideas or inventions. These rights are based on the legal ideas of...

  • Drew Koven
  • |
  • 10 August, 2020
20 Reasons Entrepreneurs Need A Lawyer

There are over 30 million entrepreneurs with startups, early stage and small businesses in the United States. They may not realize it, but  ...

  • Sona Sulakian
  • |
  • 27 July, 2020
How Business Owners Can Decide If It's Time To File For Bankruptcy

Companies are filing for bankruptcy around the country. The largest Chapter 11 bankruptcies due to the COVID-19 pandemic so far include Hertz,...

  • Adrianna Ngo
  • |
  • 22 July, 2020
What Is A Business Agreement?

Ever wonder why every subscription you purchase or app you download asks you to agree to their terms and conditions? This is because a standar...

  • Patty Lamberti
  • |
  • 07 July, 2020
You Have A Doctor, Dentist And Car Mechanic. So Why Don’t You Have A Lawyer?

When you are sick with something beyond the regular old cold or flu, you have a doctor who you know and trust. You pick up your phone, find the d...

  • Cassidy Chansirik
  • |
  • 26 June, 2020
How To Help Small Businesses That Were Looted (Note: This Doesn't Mean You Have To Grab A Broom And Help In Person)

Doesn't it seem like ages ago when agitators, posing as protesters, looted businesses across America? Well, it was less than a month ago...

Hablamos Español

Hablamos Español

Still have questions?

Call us toll-free at (866) 653-3017 to speak with a Client Success Specialist today.

Hablamos Español

Hablamos Español

Overall great experience from beginning to end! On the plus, I won my case!"

Overall great experience from beginning to end! On the plus, I won my case!"

Jonathan R, California

Court Buddy made it easy for me to handle my tough court case. I feel like I'm not alone."

Court Buddy made it easy for me to handle my tough court case. I feel like I'm not alone."

Silvia S, California