When it comes to running a small business, including an independent law practice, you must make smart decisions about where to use your sometimes limited funds. Two areas where it makes sense to spend a little money for long-term return are technology and business development.
Technology makes your workload easier since there’s a virtually endless array of equipment and applications available for use. Of course, this also means you must know your objectives as well as your limitations. At the very least, you’ll need a computer with Internet access and a printer (if you office in a co-working space, these options come with the deal). There are also programs available for word processing, timekeeping, billing and accounting, and calendar management. It’s even possible to build a paperless office.
It’s also important to reinvest in your practice. It’s a good idea to spend at least 5 percent of your revenue on things like marketing and business development in order to attract more clients. Choose from either “image-oriented” or “direct response” advertisements. The former helps build name and brand recognition for your practice, while the latter gives clients a direct call-to-action. Your goals will help you determine which type of ads you need.
Keep in mind that the best form of advertising and business development is personal relationships, personal integrity and rapport with your clients.
As you continue to grow your independent law practice, contact us to learn more about our flexible office leases and co-working space for lawyers in Denver.