Jay Harrington has published an article on LexBlog, titled “Scale: The Three-Step Formula to Grow a $1 Million + Legal Practice.” The summary as is follows:
Across the economy, entrepreneurs struggle to unshackle themselves from the constraints of time. A few succeed. Most fail. The only way to break free of the ticking clock is to execute strategies that help you achieve scale.
In business, scaling involves taking steps to add new revenue at a faster rate than new costs. In other words, scale is achieved when a business can take on more work while maintaining, or even increasing, its efficiency.
In the practice of law, scale works the same way. As an individual lawyer, your “costs” are your time, so if your ability to take on a new client depends solely on your ability to bill more hours, your practice can’t scale. No matter how hard you work, this approach will only take you so far.
Click here to see full article: Scale: The Three-Step Formula to Grow a $1 Million+ Legal Practice.
Posted by Bella Hoang, Associate Editor, Wealth Strategies Journal.