The strategy described aims to boost monthly revenue and enhance portfolio monitoring through a structured approach. One element focuses on optimizing billing practices. This includes adjusting hourly rates to meet market standards and implementing retainer agreements to ensure a steady income stream. For complex cases, milestone billing and flat-fee services are encouraged to aid clients in managing costs, while billing software is recommended for automating invoicing and ensuring prompt follow-up.
To expand the client base, the strategy suggests targeting niche markets and utilizing social media for broader reach. Networking, participating in events, and collaborating with related professionals can generate referrals. Additionally, sharing legal insights through content can establish authority and attract potential clients.
An implementation of a portfolio monitoring system is advised to ensure legal portfolios are tracked effectively. Utilizing case management software, setting KPIs, and digital dashboards can enhance portfolio oversight. Regular feedback to clients and quarterly audits will maintain alignment with objectives, thus maintaining overall strategy effectiveness.
The strategies
⛳️ Strategy 1: Optimise billing practices
- Review and adjust hourly rates to reflect market standards
- Implement retainer agreements with clients for consistent income
- Introduce milestone billing for complex cases
- Encourage clients to utilise flat-fee services for specific tasks
- Use billing software to automate invoicing
- Send invoices promptly at project completion
- Follow up on outstanding invoices systematically
- Analyse billing data to identify underperforming areas
- Offer discounts for early payments to incentivise timely payments
- Regularly review and revise billing policies for effectiveness
⛳️ Strategy 2: Expand client base
- Identify niche markets for legal services and target them
- Network with professionals in related fields for referrals
- Engage in speaking events or webinars to raise your profile
- Leverage social media platforms to reach a broader audience
- Develop and distribute informative content related to legal issues
- Participate in community events to build local connections
- Listing services on legal service platforms for greater exposure
- Collaborate with other firms for cross-referrals
- Implement a client-success programme offering regular follow-ups
- Gather testimonials and case studies to demonstrate expertise
⛳️ Strategy 3: Implement portfolio monitoring system
- Utilise case management software for tracking portfolios
- Set weekly check-ins for each portfolio to assess progress
- Develop KPIs for each portfolio and measure against them regularly
- Use digital dashboards to visualise portfolio performance
- Set alerts for critical dates and deadlines in cases
- Conduct monthly portfolio reviews to ensure alignment with goals
- Provide regular feedback and updates to clients
- Implement secure cloud storage for accessibility of portfolio documents
- Schedule quarterly audits on portfolio management processes
- Train team members on best practices for portfolio monitoring
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
