Every business has “sacred cows” – i.e., things that have always been done the same way.  But do the reasons for the way you bill or your client intake process still make sense for your practice in 2014?

I doubt it.

The fact is, your firm probably has a few sacred cows that need to be sacrificed in order for your practice to thrive in today’s hyper-competitive environment. The proliferation of legal services -- online and offline -- means now is the time to challenge the traditional ways of doing business and think creatively about your practice model.

As humans, we can get caught up in doing what is comfortable and what has worked in the past. We do things based on rules that made sense at the time. Then, with the passage of time, things change. The primary reasons for the rules may no longer exist, but we continue to follow them because the rules are already in place.

Ask yourself these thought-provoking questions:

If you were starting your practice today, how would you structure it to fit with current economic and market condition realities?

How price-sensitive are your customers?

What areas of your practice are the most profitable?

Are there any opportunities to expand upon a profitable service, or eliminate those that are a drain on profits?

Does your current client base provide opportunities for growth?

How can you use today’s technologies to improve your internal processes?

To reinvigorate your practice in today’s environment, consider making one change in your practice that makes sense today.