The legal industry is undeniably one of the most competitive and stressful anywhere in the world. Aside from being adept in the practice of law, firms must also be able to respond to the needs and expectations of its clients. So what are successful growth boosters for law firms? Can these provide the necessary advantages to make law firms competitive?
Rapidly Changing Game
Despite being regarded as an extremely conservative, the legal market is dynamic and constantly facing innovations and emerging law firm strategies. This means that more and more law firms should face up to the challenge of creating unique brands and strategies.
Some may feel that industry leaders have a leg up on the competition. However, all law firms are in fact faced with the need to properly assess the services they are offering in the context of ensuring future growth and success.
With the legal landscape rapidly changing, the successful growth strategies that law firms should apply must take into account options and key factors that are specific to the firm. Developing a model includes new services that can be offered to take advantage of emerging markets, which may mean diversification of the business.
Financial strategies must be anchored on efficient cash flow management, normally encompassing valuable pricing strategies that are beneficial to both firm and clients. This can be achieved by ensuring that the right people are recruited and developed to ensure that growth potentials are not wasted.
Developing a Growth Strategy
How can law firms develop a successful growth strategy? To answer this question we need to take a look at the reasons why clients would decide to stick with a particular law firm. In general, any client would want to have firms that are more business-like as well as commercial in the delivery of services. With this in mind, this can be one of the critical factors for success.
This should be taken as a need to align the services offered by the firm with the exceptions of the clients. The focus in the development of growth strategy must be placed on what the market needs. There is no way to achieve growth if you do not position your law firm at the center of what the market is looking for – today and for the next few years.
Does this mean tailor-fitting client offerings? Quite possibly and law firms may have to go as far as uncovering client goals, priorities, and in-house needs. In essence, a growth strategy that evolves around the creation of a proactive law firm.
Why are these factors important? Primarily because the awareness of market trends eliminate the risks and unnecessary spending associated with decision making. When law firms get a clear and accurate picture of how to plug the gaps in the needs of their clients, they create more value for themselves. How do you paint the picture? Ask more probing questions from current and potential clients.
This simple act projects an image taking considerable time in understanding the needs of its clients. More good news, there will be few competitors that will be taking such a precise approach in establishing a mutually beneficial working relationship with its clients.
When looking at the successful growth boosters for law firms, much has to do with moving away from the traditional leadership. Why? Because of the enriching experiences that can be learned on the road to success.
What is the biggest challenge that a law firm may face in achieving strategic success? There are actually many, but one of the biggest would have to be recognizing and developing potential talents that are already in the firm. Are you aware that by simply changing things up a bit can lead to significant results?
To ensure proper implementation of the strategy, someone should take the lead in explaining it including its importance. This should make the implementation easier with everyone in the law firm thinking of long term gains. But this is only part of the initial step. Once everyone gets involved, developing people, growing teams, and building the firm’s capital creates a natural succession that ensures long term success.
How do you develop a strong law firm? The key lies in recognizing what is crucial for success. This recognition must be shared by the partnership and the management group because a strong and trusted leadership that is committed to the momentum and eventual success that the strategy brings is essential. What else can the strategy focus on?
This plays an important role in shaping how the practice of law is perceived in the future. Today technology supports most if not all of the facets of the practice of law including ensuring constant communication and interaction with all stakeholders, especially the clients. Law firms that fail to make good use of current and emerging technologies may just find themselves left out in the cold in just a matter of years.
Acquiring and implementing it though are two completely different thing, which is why it must be clearly defined in your strategy. Now here is something to look forward to, when properly implemented, technology can be one of the greatest growth boosters for law firms.
Technology has a way of providing flexibility to law firms to help them meet the demanding needs of clients. As the legal profession continues to evolve, technology will be at the center of it all. Many law firms are realizing that investment in technology is a great momentum builder because it helps to lower the cost of delivering and maintaining legal services. It also helps to bridge the physical gap to make law firms, regardless of size compete in the global market.
The big question or challenge for most law firms is how to stay not only competitive, but more importantly relevant. The answer lies on the strategic way of using technology to roll out their legal services. In Australia, technology has supported the emergence of new law firms that are seen as more flexible and capable in matching the needs of their clients. These new models make use of structures and principles that are easy for clients to understand – hence, deciding to work with the law firm becomes easier.
There are many success stories on growth boosters for law firms and understanding how these can work specifically to your advantage becomes crucial.
If you need experienced and approachable teams that are dedicated to assisting you to achieve desirable outcomes, then contact C+F Lawyers today!