How to Increase Your Law Firm's Revenue

As a case management software company specialized in personal injury law, setting your firm up with the tools to maximize revenue and optimize results is our priority. 

Your firm’s ability to scale and grow its business in the long run directly correlates with its ability to generate revenue and in turn increase profitability. Not to mention, increasing revenue means your firm will have more financial freedom to invest in tools and talent that will help you win big for your clients, and optimize outcomes for your business. 

By implementing the following steps within your firm, you’ll put yourself on the right path to maximize firm revenue, meet your goals, and create sustainable success.

Step 1: Set clear and defined goals 

First things first - everyone at your firm should be on the same page about what your goals are and how you plan to get there. Setting clearly defined goals as early on as possible paves the way for your firm’s long-term success. 

We recommend following the SMART goals format: 

• Specific
• Measurable
• Achievable
• Relevant
• Timely 

Schedule a time with your team to map out your goals, so you can ensure your efforts to increase your firm’s revenue down the road are in line with those goals. 

Step 2: Delegate what needs to be delegated

As tempting as it may be to try and do everything on your own, many personal injury attorneys simply don’t have the time for that. As the saying goes…work smarter, not harder. 

Evaluate your day-to-day tasks to determine what is taking too much time and what can be delegated to other members of your team. Ensure you have efficient task workflows set up to maintain productivity and accountability. 

CASEpeer’s task management capabilities allow you to easily assign tasks and set reminders, due dates, and priorities across every level of your firm. That way, you can give yourself back valuable time to focus on your goals. 

Step 3: Move cases through your firm faster 

There’s a reason that law firms everywhere are taking advantage of automation. In the big-picture, automation saves your law firm time and money by decreasing costs and increasing revenue as a result. 

Many case management systems have built-in automation features for document generation, task workflows, intake forms, reporting, and more. Determine what areas make the most sense for your firm to automate, then invest in tools that do the heavy lifting for you. 

In CASEpeer, our management reports are designed to highlight when cases have spent too much time in certain stages, allowing your team to keep up the momentum and move cases through your firm at an efficient pace. 

Step 4: Develop a strong marketing plan 

You should always be asking yourself what you can do to set your firm apart from the competition. Implementing a well-thought-out, strategic marketing plan is crucial for driving brand awareness and generating leads - both key factors in boosting firm revenue. 

In fact, it has been proven that content marketing brings in three times as many leads for firms than paid ads. Check out our top tips for launching a successful content marketing strategy.

Another area to consider investing more time and focus is email marketing. If your firm hasn’t yet explored this facet of marketing, you’re likely leaving money on the table as email marketing is known to produce unmatched rates of ROI. Learn how to set up email marketing for your firm and start driving business growth. 

Of course, with anything that you are investing time or money in, it’s important to understand how your efforts are paying off, which leads us into our next step: tracking KPI’s. 

Step 5: Track your KPI’s  

Without knowing where your firm’s performance stands in relation to its goals, increasing your firm’s revenue might seem like an impossible feat. How can you maximize revenue if you don’t know which areas of your business are driving revenue and which areas might be holding you back? 

KPIs are key performance indicators that help your firm measure its performance in different areas. Take a look at our top eight KPIs for personal injury firms to improve your firm’s overall efficiency, productivity, and profitability. 

For example, setting KPIs for profitability or revenue collected over a period of time provides a way to regularly check in on where you should be focusing more of your efforts, or adjusting your processes. 

Step 6: Identify high-value cases 

How many times have you had a promising case that didn’t get flagged early? 

If you’re not identifying your most valuable cases early on, you’re more than likely leaving money on the table. Tracking your highest value cases from day one ensures that key case data doesn’t slip through the cracks so you can optimize results for every case. 

CASEpeer intelligently identifies cases with the highest potential value early on, allowing you to sort by policy limits, medical bills, and estimated case value so you can determine how to manage them most effectively. 

Step 7: Invest in legal software 

The good news is that by investing in the right personal injury practice management software, you can execute all the steps above with ease and confidence. 

Legal case management systems like CASEpeer have automated reporting that allow you to evaluate your team’s productivity on a day-to-day basis and even determine what marketing sources are bringing in the most revenue, like CASEpeer’s Source Performance Report. 

Investing in legal software also gives your firm a competitive edge. In the increasingly competitive landscape of personal injury law, it’s important to establish a game plan for driving revenue and building a reputation as a firm that demonstrates what it means to advocate for your clients. With these tips in mind, you’ll be ready to hit the ground running and develop a thriving, reputable law firm. 

If you would like to learn more about managing your firm with a legal practice management solution designed for personal injury law, speak with a CASEpeer expert today.