Cultivating a Culture for Profitability
By MASSIVE Partner, Todd Franklin
Law firms’ workload is insane! I’ve been working with contingency law firms for over 15 years, and I see work happening knowing the same work can be done more profitably.
Subrogation is one of those administrative pieces that can operationally bog a law firm down. My time speaking with law firms has shown me that lien resolution is a burdensome load of tasks and working on subrogation hasn’t had a better solution. It’s not work they necessarily enjoy, and often, it’s not where they are best suited. This can lend itself to creating a negative and unprofitable culture.
It’s at times like these when reflection is a valued necessity. Think about cultivating a culture for profitability. Building a positive culture at your firm that leads to profitability. Settling cases for more money doesn’t necessarily mean that you’re more profitable. How can you approach burdensome work differently?
The first step is to think about categorizing your tasks based on if they are “profitable” or “not profitable”, or as I like to call them, “Value Buckets”. If you focus on revenue-generating work instead of work that doesn’t generate revenue, it will lead to more overall satisfaction at work and a happier and more efficient team.
So, what work is considered profitable?
- Writing a demand
- Talking more strategically with clients
- Work NOT spent with Medicare, Medicaid, ERISA, etc. after settlement
What work is not profitable and even costly to the firm?
- Medical record retrieval
Hire the right people to do profitable work. Outsource tasks like lien resolution, so you can focus on profitability, and providing your client a better result. Think about which tasks each employee is best suited for, then hire and train your staff accordingly, or outsource services based on those “Value Buckets” you’ve collected.
Yes, law firms’ workload is insane, but there is a better way. If you don’t believe there is a solution for you, talk to MASSIVE. We have proven tips and strategies to help combat the pain points you’re experiencing and can be a great resource to help law firms navigate the world of subrogation.
Hear more about my insight on how law firms can strategize differently on the Xcelerator Law Firm Consultants’ podcast, “Grow Fast, Grow Smart: The PI Playbook by Xcelerator”. You can catch the full episode on our website.