Preventative care allows your business to thrive during periods of growth.
The Law landscape in British Columbia has been changing over the past decade with the introduction of new regulations and technology, thereby altering the environment of process improvement for businesses. In April 2019, ICBC placed a cap on minor injury claims for pain and suffering to $5,500, 6.67% lower than the average claim in 2016 of $16,500. This new regulation was intended to reduce the incentive to file legal claims against ICBC, saving the organization a billion dollars annually.
This has considerably changed the landscape for small injury law firms, by reducing the volume of clients, hitting the bottom line. However, this ever-changing landscape provides law firms with new opportunities to reinvent and add additional practices to their firms. With the addition of new practice areas comes different billing models, processes, organizational structure, and more importantly, client needs which require thoughtful process design before implementation.
Hiring an external consultant with a fresh set of eyes from outside the industry can identify inventive ways to deliver client value that will allow you to set up your practice areas with ease. Additionally, they can assist you in the review of your existing practices to identify areas to build capacity into the firm to absorb the new processes. This way you will not outstrip the gains in the new practice areas with additional costs.
4 Vitamins of Preventative Care
Uncover non-value-added activities through process analysis:
Understanding where your processes are not providing direct value to your clients will identify areas to increase capacity. When we work with processes each day, we stop asking ourselves why we do things the way we are. An external consultant can provide fresh eyes, and the expertise to uncover process opportunities to reduce cost, boost productivity, and reduce throughout time.
Establish baseline operational performance:
Understanding how your law firm is performing today with an external lens can provide insights into your finances in a different lens than traditional financial statements. Identifying the linkages between the cost drivers and revenue of your law firm is the first step to establishing baseline performance.
Process design for operational excellence:
Implementation takes time, time away from your teams already busy schedules. The value added with an external consultant is not only in designing effective processes, but working directly with your team to support implementation so you can focus on what you do best, winning cases.
Increase Visibility Through Key Performance Metrics:
Client value is measured on four dimensions; how reliable business is at providing consistent service, the quality of service, the cost, and the speed of service. Having the right data available to support decisions can make a big impact to improve cash flow and your bottom line.
Questions? Contact Us
Like your health, regular check-ups and preventive care are far less painful than surgery later on. Contact Propel Solutions to find out how you can have a two week check up to identify how you can unlock the potential of your Legal Firm today. Contact us at [email protected] or using the form below.
- 📍 789 W. Pender Street, Vancouver, BC, Canada
- 📞 604-346-5185