As in many other parts of the economy, law firms are experiencing the squeeze of inflation. Today’s guest, Glenn Finch, shares some key ways he’s learned to combat its effects.
Glenn Finch is a longtime friend of Steve’s and a partner at Atticus. Married for 20 years with four children and five grandchildren, Glenn is also a Colonel in the Florida National Guard, has a black belt in martial arts, is a master scuba diver, and served for 12 years as a Senior Pastor for three multi-staffed churches in Florida.
While anyone can throw more wages at employees, Glenn believes satisfaction is key to retention.
How Creating Employee Satisfaction and Sharpening Your Client Mix Can Fight Inflation
1. Increasing employee wages isn’t the only way to ensure employee satisfaction.
While increasing employee wages during record inflation seems like a no-brainer, it isn’t the only way to keep your firm’s employees happy. Wages are only one part of the compensation package. Get creative. Maybe offer a gas card to them to offset their commuting costs. Offer an alternative work schedule.
The bottom line: A paycheck isn’t the only way to compensate someone for their work and time.
2. Don’t stop reaching for the A clients.
Depending on the type of law practice you have, increasing inflation may cut into your profits. A divorce, for instance, could be lavish spending for a couple already barely making ends meet. Work on retaining dream clients who can afford to spend no matter what’s happening in the economy. A-clients will also often bring you referrals, which are worth their weight in gold when it comes to marketing your practice.
If you want to learn more about protecting your law firm from inflation, check out https://atticusadvantage.com/episode009