Many law firm owners forget they’re not just attorneys but entrepreneurs. As a business owner, hiring people who can help you run a successful company is critical. Read 8 Figure Firm’s blog to learn more about when you should hire a COO.
What is a COO?
COO stands for Chief Operating Officer, and it refers to the senior-level executive in charge of the overall functions of your law firm. As a part of the executive team, they focus on internal operations and report to the Chief Executive Officer.
What are the different types of COOs?
Each firm is different, so your business may require a specific type of COO to help you grow. Here are the different kinds of chief operating officers:
- The Executor: oversees the implementation of company strategies
- The Change Agent: spearheads new initiatives
- The Mentor: counsels new or young CEOs
- The MVP: an internal promotion to prevent turnover
- The Complement: has opposite qualities and abilities of the CEO
- The Partner: has similar characteristics and skills to the CEO
- The Heir Apparent: becomes COO to learn from the CEO and ultimately assume the CEO position
What are the responsibilities of a COO?
Since they’re in charge of internal operations, a COO may manage a few different facets of your firm. Remember that every business is different, so you must customize job responsibilities to effectively meet your firm’s needs.
A COO’s primary function is to ensure that your business takes the necessary steps to accomplish your mission, vision, and values. Their role is to develop and implement policies for daily operations to ensure you’re on track to meet your goals.
A COO also helps you drive strategy and construct concrete steps to reach your goals. They can help monitor your firm’s performance, create new systems, develop HR processes, and manage personnel. In essence, they help you build a successful business.
What are the benefits of a COO?
Not every firm needs a COO – but if you’re working towards exponential growth, it’s worth considering their benefits. For one, they can help your firm’s alignment. Since they’re in charge of daily operations, they ensure everyone is working towards the same goals.
They also help delegate tasks for your firm and allow you to focus on the bigger picture. Since they handle your firm’s functions, you’ll be able to spend more time on long-term strategies. Plus, they’ll be able to help you implement and execute your plans.
A COO can also help you improve internal communication. As businesses scale, it can be challenging for growing departments to work together. Your chief operating officer will be able to enhance your communication systems and keep everyone on the same page.
When do you need to hire a COO?
When hiring a COO, you should fill the position as soon as your practice gets too big for you to handle by yourself. If you start feeling overwhelmed, it may be time to seek a chief operating officer. This timeline, however, will look different for every owner.
A good rule of thumb is to hire a chief operating officer when you start to spend more time managing your business instead of focusing on improvement. If you spend too much time ensuring everything runs smoothly, you may lose money in the long run.
How do you hire a COO?
To hire a COO, you must first consider your firm’s needs. What type of chief operating officer would benefit your business? Do you need an executor who can implement your strategies or a complementary leader who can supplement your skills?
Once you’ve defined your needs, you’ll need to decide whether the position is an internal or external hire. If you plan to hire someone from outside your firm, make a wish list of the qualifications and characteristics you want.
Afterward, you’ll be able to research your hiring pool. Consider asking other business owners for referrals and putting out feelers for outside hires. If you plan on an inside promotion, consider the strengths of your current employees and how you’ll train them for their new roles.
Speak to the experts
To scale your business, hiring someone who can help you design and implement strategies is critical. A COO can help you improve communication, manage daily operations, stick to your business plan, and delegate tasks.
While hiring a chief operating officer may benefit your firm, finding the right person for your business can be challenging. Here at 8 Figure Firm, we can help you through the process with ONE.Coach, our proven program to help you grow your firm.
If you’re ready to take your law firm to the next level, register for ONE.Coach today. We’ll help you turn your law firm into a law business.