Our New Precedent Bank (119)

Season #2 February 06, 2023

We are talking all things scaling your law firm and making your firm more successful this 2023!

Remember whether you're new in your firm or have been here a while like me...Still owning a law firm is an ongoing journey until - you exit by either selling or closing your law firm.

In the meantime how you can make it even better and what things you can do before you cross that bridge…

INVEST IN YOUR PRECEDENT BANK

As lawyers, we rely on precedent and documents because the documents that we created are often repetitive. Many firms rely on precedent banks that are offered by their practice management system or another source such as a random collection that has been collated over the years working as a lawyer.

Here’s one mistake you can avoid…

Since it has been almost a decade since we have cleaned and updated our precedent bank and a lot of lawyers/solicitors have come and gone and contributed their two cents to our precedent bank it has become untidy, messy and overall caused inefficiency in our firm.

What I did was assigned a senior associate lawyer to work on our precedent bank and it turned into 8 weeks of full-time work so we can have our own precedent bank for family law that is tidy, up-to-date, and efficient.

It has been an incredible investment.

Now, we can be as efficient as possible in our firm because inefficiency costs the firm a lot of money.

So, to avoid this kind of mistake. Here are some best practices to keep your precedent bank up-to-date:

Update Your Precedent Bank Regularly - make it a best practice and set your business up now like you're growing a team. Make it a best practice to clean and update it quarterly or monthly.
Get a Senior Lawyer to Update or Create - bringing documents up to date and making sure it's as exact as you want them and ensuring they are expertly done.
Set a Style Guide - set the tone for how you want to deal with things and acknowledge people and those sorts of things. Create a templated guide. This is how you can control the work and quality of work produced without micromanaging your team.

If you find this helpful in growing your law firm, join me and fellow law firm owners at the SCALABLE BUSINESS LOUNGE so you too can set your law firm to success and live your ideal life as a law firm owner.