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Head count needs increased business. Your 5 year plan should be “increase revenues to $X” not increase number of attorneys. You will need people to do the work but at least in my experience hiring people first doesn’t mean the work will follow.
I have 0 big (or even mid) law experience, but I fundamentally believe we punch outside our weight class frequently (highlight of my career was telling sequoia to fuck off with an offer… and getting a better deal for the client).
We are are 1 year into the predicted/ hopes for world. Just wanted to see if people thoight 30 in 4 years is reasonable. At all
Thanks
You’re focusing on the wrong metric. Profitability should be the goal, not size. I had former partners who made that mistake. They’re still running a large-ish firm but haven’t exactly amassed wealth. I went the other route.
This is true. And we have certainly had some false starts, and I currently originate most of the business (approx 80%). No one else other than my partner generates clients, which is not great. We are working on that. That said, even with non-generative type attorneys, if they could take work from me I could drastically increase generations.
I appreciate the responses but I think you’ve both side stepped the question. Simply stated is it feasible to go from 4 to 30 in 5 years. Have people seen that (or something similar). I just wonder if that is rare, common, or something in between.
But you make good points.
So the follow up would be the original question modified to: how frequently does a bootstrapped firm go from4 to 30 attorneys in 5 years successfully (ie profitably)
I'm going to answer your question with a question. Are you working with a business coach? While anything is possible, a plan makes it likely you will succeed. I'm a partner at a firm that started almost 4 years ago with 3 partners. We have 18 attorneys now, several paralegals, etc. and 3 offices. We are profitable. We had our own books and have been growing them. Our next step will likely be to bring in others with books in areas we or our clients want us to expand into and possible mergers in other states.