Law Firm Health in 2024: 7 Resolutions to Build a Healthy Law Practice

A thriving law firm is like a healthy human body. Each component is vital in maintaining overall wellness and functionality. With a new year unfolding, law firms must focus on integrating a comprehensive approach to their growth and daily operations.  

This year, it’s crucial for law firms to focus on New Year’s resolutions that will drive your practice toward sustainable growth. These seven goals will help you get started.  

Resolution 1: Boost revenue with precise time tracking 

There may be many ways to boost your law firm’s revenue, but one that requires little investment for a big return is time tracking. Adopting advanced time-tracking tools can help your firm capture every billable minute, so you’re not leaving money on the table.  

It also offers benefits like:  

• Accurate invoicing for clients: Accurate time tracking leads to fair and transparent billing, building a foundation of trust with your clients.
   
• Visibility into staff productivity: It sheds light on how your team’s doing, giving you a real clear picture of their strengths and where there’s room to grow.
   
• Insight into areas for efficiency improvement: By pinpointing inefficient practices, time tracking enables firms to streamline processes for better productivity. 

Your firm should have a detailed time-tracking policy for attorneys and legal staff to follow. Include guidance on:  

• What time/tasks should and should not be tracked  
• Which tasks are billable vs. non-billable  
• When each day’s time should be entered by employees 
• How to track time effectively  
• How to account for missing time 
• Which team members should complete non-billable tasks vs. billable tasks  
• Time budgets for common tasks  

Resolution 2: Establish clear matter budgets for financial control 

Just as a balanced diet is essential for a person’s physical health, a well-planned budget is vital for the financial health of a law firm. 

Establishing clear matter budgets supports your firm’s financial well-being by providing:  

• Transparency in financial management: Matter budgets provide a transparent view of where and how funds are allocated.
   
• Strategic resource allocation: Your matter budgets allow for an accurate distribution of resources, ensuring that financial decisions are made with strategic intent.
   
• Predictability in financial outcomes: Well-managed budgets lead to more predictable financial outcomes, allowing for more confident planning and growth. 

Matter budgets aren’t a set-it-and-forget-it activity, though. Make part of your resolution to periodically assess whether your projected matter budgets align with actual costs and time spent.

Resolution 3: Adopt advanced project management for operational excellence 

Efficient project management serves as the spine of a thriving law firm, providing the support and structure necessary for every aspect of the firm’s operations. 

• Streamlined case handling from start to finish: Advanced project management tools simplify and organize the case management process, ensuring a smooth journey from initiation to resolution. 
• Improved team collaboration and communication: Just as a team sport requires coordinated effort and clear communication, these tools foster a collaborative environment, enhancing the synergy among team members. 
• Timely and efficient delivery of legal services: They enable the firm to deliver services on time and efficiently, mirroring the benefits of a disciplined and well-executed training plan. 

Advanced project management is not just about keeping tasks in order; it’s about optimizing the performance of your entire firm. 

Resolution 4: Use dashboards for your business insights 

As the nerve center of strategic decision-making, data transmits essential information that guides a law firm’s every action. But trying to navigate complex reports (or pulling them!) can frustrate the process.  

Dashboards can greatly simplify the process. With dashboards, you can: 

• Get an at-a-glance view of key performance indicators: Dashboards present a comprehensive snapshot of your firm’s performance, allowing for quick and informed assessments.
   
• Identify trends and areas for improvement: They are instrumental in spotting emerging trends and pinpointing areas needing attention or improvement.
   
• Make data-driven decisions easier: Dashboards offer up-to-date and precise data, which means you’re making choices that are not just timely but also really well-informed. 

By bringing dashboards into the mix, your firm gets the perfect toolkit for staying ahead in the competitive legal world. It’s all about being quick on your feet and thinking ahead—keeping your operations flexible and future-ready. 

Resolution 5: Outsource administrative functions 

Outsourcing administrative tasks like bookkeeping allows your team to focus on core competencies, leaving the essential but time-consuming administrative tasks to trusted external partners.  

These tasks can be performed more efficiently; specialized external teams bring a high level of experience to the tasks at hand. As a result, important work gets done faster and better, saving your firm time and money in the process.  

Resolution 6: Invest in your website and online presence 

Most clients start their search for legal representation online these days. Even if they hear your name from a trusted friend, they’re likely to still check out your website.  

This means a high-quality website is non-negotiable. But how do you get that website? That’s the real question.  

An early 2000s-era website won’t cut it anymore. Your firm needs a website that:  

• Increases the likelihood of getting found online 
• Creates a positive first impression (with a user experience to match!) 
• Provides content that builds trust with potential clients 
• Allows for increased client convenience 
• Removes the burden of website management from your team 

How you create that website matters greatly, though. Website projects are notoriously time-consuming. Instead of trying to DIY, consider a done-for-you option.  

Resolution 7: Improve client relationships with secure portals 

Do your clients need another email to follow up on? Probably not. Would it be easier for them to access all their legal information in one spot? Without a doubt.  

In 2024, deliver more convenience for your clients with a secure client portal. With a client portal, your clients have a single location for documents, contracts, attorney-client correspondences, and invoices. No more digging through emails or forwarding materials needed! 

Your law firm benefits, as well. Secure client portals:  

• Increase client engagement and responsiveness 
• Encourage client loyalty  
• Streamline your firm’s workflows 
• Improve security for client and firm data 

Turn over a new leaf with TimeSolv 

Each resolution points towards a single goal: building a healthier, more robust law firm in 2024. TimeSolv supports these goals with features designed for law firms like yours. Discover how TimeSolv can facilitate your firm’s growth and enhance operational efficiency. Start your free trial today, or contact us to learn more. 

More useful posts:

7 Ways to Improve Your Law Firm Profitability with Zero AR & More Billable Time

ZERO AR: How to Achieve ZERO Accounts Receivable with TimeSolv and Batch Client Payments  

Is Your Legal Billing System’s Invoice Reconciliation Broken? Here’s How to Fix It