I had the pleasure of interviewing Rob Knowsley for this week’s episode of Better Law Firm Marketing.
Rob Knowsley is a legal practice management consultant, founder of Knowsley Management Services and a former solicitor and barrister.
Since 1988, Rob has worked with 1355 law firms throughout Australia, NZ and Canada.
He helps law firms become (and remain) profitable. By finding inefficiencies, fixing them, putting in systems, and setting you up for success.
We discussed how law firms can navigate through this pandemic and achieve profitability.
Okay. So what are some of the most common problems concerns questions issues that your clients and other law firms are facing right now? What that what they’ve been facing since this whole lockdown has become real?
Okay. So if we leave aside the sort of you know,
the very fundamental things like people getting organized to work remotely
and all those sorts of issues
and to get it over to get documentation signed that previously
would have by law required face-to-face meetings,
which can happen. The main issue at the moment
for some firms is that their new enquiry has dropped off.
I was talking with the firm yesterday where their new enquiry
since the beginning of this
as dropped off by just on 90% Now in the short term
unless you looking at that issue if die in the short term that’s not going to hurt
because it’s still got the work that was open previously to do
but in the fullness of time if that’s not rectified through getting an alternative inquiry
and perhaps downsizing as appropriate and so forth there.
You’re going to have a huge.
Drop off in cash flow and that’s cash flow inwards,
of course, while cash flow will still be strong.
So even if the firm was profitable previously,
it’s suddenly going to become unprofitable and you’re going to have terrible liquidity problems,
which any firm will have eventually if it’s not profitable of course,
you can’t keep borrowing forever.
So It’s really about refocusing verbs on where the opportunities May well be now.
Rather than letting people assume that everything is you know Cactus
and we really got to sit and hope that the economy will recover
sufficiently eventually that will be able to survive.
I mean for an optimist and a businessman you get they just not that’s just not an option.
You just have to focus on what clients might need such as you know people needing.
To make a new will or make a first we’ll all make Powers of Attorney or whatever.
We can’t look at why they might not we’ve got to find out
whether they want to people who need help with situations
around their commercial leaks people who need
help with the fact their business is expanding rapidly in the pandemic.
So everyone who’s involved in suppliers for The healthcare industry.
There are a lot of industries that are going absolutely gangbusters at the moment
and it’s a case of identifying where opportunities are
there for assisting those people not to muck up.
So simple example would be we already know that a lot of employers muck up
when they’re putting people on.
Putting workers on you know, the whole issue of workers
and being employees or contractors the whole
issue of whether you’ve actually onboarded someone correctly.
If you weren’t getting it right pre-pandemic
and you find your business growing in your Under Pressure to try
and get all the product out to the people who want it because it’s all very urgent sudden,
isn’t it even And the protection of face masks,
you know, it was all very urgent urgent urgent retool 10 a
refrigerator Factory into our face mask Factory
and get this get the stuff happening.
People are going to make the same mistakes now that they were making before in those areas.
So they need assistance to avoid those sorts of problems
and that’s what a lot of lawyers need to be doing at the moment is thinking
through not what’s happened to their former flow of inquiry.
But where should at least some of the replacement
for that inquiry be likely to come from and how to go about getting it.
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