Colin Ritchie Small Legal Practice Blog

Helping the principals of small legal practices to improve their practice profitability, practice valuation, improve their marketing, free up their time and have more fun while making more.

A Referral System to Get More Referrals from Existing Clients

Referrals from existing clients are important but sometimes they happen in an unplanned way, so you get a new client when you are already snowed under and sometimes the referred client isn’t really the sort you want. These issues can be improved by developing a referral system in your firm. Imagine if you had a tap that you could simply […]

Build Your Law Firm with Referrals from Centres of Influence

Referrals from Centres of Influence (COI’s) can be one of the best sources of quality new clients for a small law firm. Centres of Influence are simply people who are in a position to refer their clients or customers to your firm. Who are your Centres of Influence? For property lawyers and conveyancers, typically key centres of influence are real […]

Four words to avoid to get more referrals

Get More Referrals by Avoiding These Words Picture this scene. You have done fantastic work for a client. Your delighted client is thinking of referring a fantastic new client to your legal practice, but something stops them. It’s something you said. “I am so busy”. Four little words that may stop your referral flow. If you indicate that you are […]

Building Value in a Small Law Firm

Just working hard and building your practice into a highly profitable one isn’t a guarantee that when you come to sell it, you will get well paid. The secret to getting well paid on sale is to focus on building value in a small law firm. Let me demonstrate by sharing two recent experiences with you. Recently I was meeting […]

What small law firms are easiest to sell?

If you are looking to sell your law firm in the coming years, then you will be interested in the trends in buyer demand for small firms and particularly what small law firms are easiest to sell. What small law firms are easiest to sell? – Areas of Law Recently I interviewed Melbourne based Trevor Willoughby who is a practice broker […]

Selling a Small Legal Practice? – The most important issue that buyers are concerned about

Are you looking to sell your legal practice at some stage in the next few years? I recently interviewed two practice brokers ( Peter Frankl in Sydney – see link below and Trevor Willoughby in Melbourne – see link below) both with many years of experience in selling smaller legal practices, to see just what buyers were currently looking for. […]

An easy option for CLE for legal practices

CLE for legal practices made easy If you’re working in a smaller law firm, you’re starting to realise that you haven’t made much of a dent in your CLE/CPD requirements and then suddenly the deadline hits. At this point, a lot of legal professionals tend to make quick decisions to get their CLE/CPD points. A lot of these decisions don’t necessarily […]

How Principals of Smaller Legal Practices Can Build Retirement Capital – New Report Released

New Report Now Available – “How Principals of Smaller Legal Practices Can Build Retirement Capital” Are you contemplating retirement in the next five to ten years? Have you accumulated enough capital to fund the lifestyle you want? This report will help you to maximise your retirement capital, so that you can produce the income you need, to enjoy retirement. Your […]

The key to increasing the valuation multiple for small legal practice goodwill

The key to increasing the valuation multiple for small legal practice goodwill As a lawyer, you will probably be familiar with the usual approach to valuing a business. The usual approach is based on the valuation of future maintainable profits. If you aren’t that familiar with that method, you can review that method by visiting a previous article below: Link to […]