5 Tips To Help You Secure Your Future

With the new year upon us, it’s important to set critical business goals as we move into the heart of 2020. For your personal injury law firm, nothing is more important than looking forward. In other words, you need to continuously look to the future to find success. That means that the future financial outlook of your law firm will help to guide your decision making today. In this quick, 5-part guide, you’ll learn all about the ways in which you can improve the future financial outlook of your personal injury law firm over the next twelve months.

Let’s take a look down below to see just where you can begin!

Open Communication

First and foremost, it’s important to remain transparent in your actions. Today’s clients demand an elevated level of service, support, and communication throughout the entire process. Today’s world is all about instant access, which means that your clients will want clear and open lines of communication, so that they can be kept in the loop at all times.

Assess Your Rates

For almost any business – including your personal injury law firm – it’s important to analyze and assess your pricing structure. For instance, are your rates comparable to other high-performing law firms? Do you charge more than your competitors, and if so, is that justified? Making the right adjustments to your fee structure will help to set your firm up for financial success today and well into the future.

Transparent Invoicing 

Far too many law firms operate under the assumption that whatever invoice they send to their clients at the conclusion of their services, everything will turn out fine. But for many clients, this simply isn’t the case. They’ll look at every last charge on that invoice to ensure that it can be accounted for. This means that transparent invoicing is key. Don’t fill your invoices with unexpected charges and fees – simply discuss the full scope of the charges that you’ll apply to the invoice with your clients prior to your agreed commitment. This will ensure that everything is clear as crystal by the time invoicing rolls around.

How Do Administrative Costs Appear on Invoices?

When you charge your clients, do you frequently place separate total lines for every administrative process – i.e., postage, copies, notaries, and additional administrative duties? If so, you might want to change the ways in which you charge for these things. Instead of breaking it down line by line, simply charge a flat rate fee that your clients can see right at the bottom line.

Give Your Clients Options

Law firms are notorious for forcing their clients into strict payment plans with little wiggle room for taking budgetary needs into account. But remember – it’s 2020. That means that the time for personalized service and bespoke payment options is here to stay. It would be wise for you to offer your clients the flexibility that they’d expect to receive in today’s day and age, so that they can still receive the services that they need, just with a price that they can afford.

So, if you’re looking to improve the financial future of your personal injury law firm this year, be sure to follow the the tips above and you’ll strategically position your firm for success.