In recent blog posts we have discussed things like doing good in the world in order to do well financially, the importance of seeking fulfillment through the practice of law and not just after office hours, and redefining how lawyers see themselves and their place in the world so that they can achieve fulfillment and do well by making the world a better place. The underlying concept we’ve been talking about is the “triple bottom line.” Established in the 1970’s, the triple bottom line’s barometer for success measures beyond financial achievement to include social and environmental impact as well, encouraging businesses to directly and indirectly affect people and events through their actions, and take responsibility for doing so.
The triple bottom line’s main tenets are simple: profit, people and planet. In the world of law firms they might be better expressed as revenue, relationships and resources. For the next three weeks we’ll examine each of these tenets in turn and their intersections. We’ll start by focusing on revenue.
Law firms impact revenue by creating a place where loyal clients want to buy. How is this achieved? Through strong lawyer-client relationships. Authentic relationships are built and solidified through creative problem solving, where compassion and a sense of camaraderie are present. When your clients feel like they are part of the team, that they are heard and understood, they will put their trust in you and continue to come back. Business is the natural result of serving your clients’ needs well. Satisfaction breeds loyalty, and loyalty breeds revenue. Authentic relationships are the key.
How is your firm using the triple bottom line concept to increase revenue and build a business that is bigger than financial statements alone? Please chime in below.