There is an interesting transformation in the business development of the legal industry. This change is based on the wide, direct access that many clients have to lawyers globally. The current trends highlight that clients have made absolute changes to how they connect with legal service providers. This has led legal professionals to adopt new strategies to develop their law firms. What do these strategies mean for your practice? Here are some of the key implications:
We are confident that the law firms that best adjust their strategies to these market conditions and perform per our recommended strategies will achieve unparalleled progress in growing their law firm in 2022 and beyond.
Here are the top five strategies that law firm owners need to take into account to boost their development in 2022
It seems that legal professionals cannot pinpoint the results of the accurate return on investment (ROI) from each business development initiative within their practice.
It is time to change this. ROI should not only be measured within monetary parameters (but that subject is for another article). You need to learn to change practices based on these measurements because these measurements can help you reveal what works and what doesn’t. You will intensify successful practices and stop business development projects that bring no (or little) ROI to you and your practice.
The successful development of your practice will result from knowing your numbers. The ROI for your business development efforts is an important part of your legal practice numbers.
Lawyers who know their business development ROI numbers have a tremendous advantage over those who do not. The business development ROI numbers tell a story: understanding the story behind your numbers can be one of the most important ingredients for long-term business development success.
Above the Law shares a pretty in-depth breakdown of ROI calculation methods for law firms.
They advise the following method:
Investment, or Annual Expense = Implementation Cost + Cash Cost
Net Annual Savings = Annual Savings – Annual Expense
Annual Return on Investment = Net Annual Savings / Investment
The idea that client-centred law firms are more successful is not new. Forward-thinking lawyers have been taking this approach for years.
Running a client-centred law firm means putting your clients at the centre of your thinking. This goes beyond the legal deliverable you provide: Being client-centred means truly putting yourself in your client’s shoes and looking at the experience of hiring a lawyer and going through a legal matter from their point of view—and thinking through how you can provide a good client experience in a way that’s efficient for your firm.
As a lawyer, your job is to help your client resolve their particular legal issue in a timely—and hopefully affordable—fashion. A client-centred approach can help with this: Building trust with your clients can help make it easier to get the information you need, build a good working relationship with your clients, and leave them satisfied and willing to refer more clients to you once their case is closed.
For Law firms, marketing is the practice they do to be close and attract their potential clients. A law firm marketing plan covers a combination of marketing tasks such as offline and digital ads, SEO, podcasting, and blogging. Your marketing strategy can include many other tactics, including leveraging law firm marketing technology to automate various tasks. But no matter how you approach it, marketing your firm can easily consume a lot of your time and energy.
Deciding where to invest your resources and time in law firm marketing to enable you to focus on practising law and running your firm can be a tricky balance. The objective is to determine which methods are most effective, depending on your marketing goals—and knowing where to start is critical.
Many of your connections — people in your network that like and trust you — are willing to pay you money now for sharing with them your knowledge, experience and ideas. We have proven this repeatedly in recent years, with many lawyers.
Besides digital marketing, making face-to-face connections is still a powerful way to generate leads. So, in addition to upping your digital marketing effort, don’t forget the value of getting out there and growing your practice the old-fashioned way.
The innovative legal technology helps law firms in many ways to increase efficiency and accuracy, allowing law firms to improve their workflows and achieve new business opportunities. Efficient legal matter management, contract lifecycle management, reporting, tasks and workflow automation, and other services that can be achieved by legal technology solutions can boost productivity and provide unbeatable competitive advantages.
The key here is to specify your needs and invest in the tools that can help you handle these needs efficiently and accurately. Below are some necessities to look for when choosing a legal technology solution.
Get in touch with our legal tech experts to know more about App4Legal how it will help you run a successful and productive law firm from anywhere.