Transforming Law Firms: From Practice to Business Management with EOS (Full Transcript)

Speaker 1: My name is Brian Hall, and I'm the Managing Partner of Traverse here in Austin, Texas. In the last five years, we have grown from a single office in Michigan to a firm with over 20 people across several states. In doing so, we've expanded our practice area offerings, including both transactional and litigation practices. We could not have done so without a framework or an operating system to manage all of the challenges of a growing law firm. This video is for any solo, small, or growing law firm that is feeling a bit stuck. It is also particularly relevant to the person needing to grow beyond the mere practice of law into the management of a law firm. Making the transition from working in the business to working on the business is important, but many don't know where to start. Or if they have started, they don't know how to improve. Having a framework by which you operate your business is critical. Make no mistake about it, until you run your law firm like a business, you may continue to feel stuck. My firm used the Entrepreneurial Operating System, or EOS, which is outlined in the book called Traction by Gina Wickman, and it centers on the six key components of every business – people, vision, data, process, issues, and ultimately traction. In short, it is a way to establish several things, including core values and culture, organizational goals and strategy, processes and procedures, metrics, or key performance indicators to track against, and then ultimately to manage to those identifying, discussing, and solving issues that threaten them along the way. For example, when we implemented EOS, we refined our core values, documented measurable one- and three-year firm goals, created an accountability chart outlining responsibilities for each person to ensure they were on track to accomplish those goals, identified a scorecard with KPIs for each attorney utilization, identified new prospects and new retainers that came into the firm, and started a weekly meeting with the executive team to separate ones in office locations and practice areas. As a result, we're being more proactive than reactive in our growth and management of the firm. We don't just bill hours and hope it all works out anymore. Instead, we have tried to marry the practice of law and the running of a business to be more efficient and therefore profitable. There are plenty of resources available that can explain the EOS process, the lingo, such as the difference between a visionary and an integrator as part of that process, and even examples specifically tailored to law firms, including one by an attorney named Mike Morse called Fireproof, which is based upon EOS. There are also several other operating systems that can work as well, such as Scaling Up by Vern Harnish, which centers on the four decisions, or 4Ds, every organization must get right in order to scale—people, strategy, execution, and cash. Whatever you choose, it's important to choose, and follow that to manage your firm and drive it to being a well-run business. Once again, my name is Brian Hall, the Managing Partner with Travers here in Austin, Texas. To learn more about Law Practice Management, go to www.texasbarpractice.com and click the link to Law Practice Management. Thank you and have a great day.