How to Grow & Manage Your Law Firm – Lessons from Marcus Lemonis

If you’ve never seen it, The Profit is a television show on CNBC where entrepreneur and CEO Marcus Lemonis finds, invests in and fixes failing or struggling businesses.

We, the audience, get to watch as he comes in and applies his business principles to bring companies back from the brink and into profitability.

It’s as entertaining as it is educational to watch Lemonis apply his straight-forward and no-nonsense business principles and practices to reform each company.

When running your law firm: With all the matters, clients and case law, it can be easy to forget that your law firm is a business. So we thought it would be interesting (and fun) to apply some of Marcus Lemonis’ business savvy to the business of a law firm.

For all the complexity in Lemonis’ business genius, it really comes down to some core business fundamentals that lawyers can and should use when running their practice. Here are what we think are some of the top “Lemonis-isms” that law firms should apply to running their businesses.

1. Know Your Numbers

“If you don’t know your numbers, you don’t know your business.”

About the Author: Dennis Dimka
Dennis Dimka is the CEO and founder of Uptime Legal Systems, North America's leading provider of technology, cloud and marketing services to law firms. Dennis is the author of Law Practice as a Service: How and Why to Move Your Law Firm to the Cloud, and was an Ernst & Young Entrepreneur of the Year finalist in 2016. Follow Dennis on LinkedIn.

One comment on “How to Grow & Manage Your Law Firm – Lessons from Marcus Lemonis”

  • I appreciate you sharing these tips to grow your law firm, especially your point to know where your numbers and where you are at as a business. Like you said later on, it’s important that you have a simple process to convert contacts to customers. I think it may even be wise to consult with professionals who can help you develop a good conversion strategy. I think that contacts who have a good experience becoming customers are more likely to stick around longer.

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