3 Areas Where Your Law Firm Needs to Innovate…or Die

Posted on June 1, 2016

B2B attorneys continue to face declines in spending by corporate legal departments, and B2C attorneys struggle every day with increased competition and pricing pressure.

Law firms are facing increased demands for a bigger focus on efficiency, cost management and trying to do more with less. It really is a call to action for law firms to reconsider the way they do business and there is a lot of upside for law firms that find ways to innovate.

Look at any business in history and there is alwaysmore upside for companies that are more innovative. The downside is reserved for those that cling to the old ways of doing business, doing the same things they have always done and, somehow, expecting a different result.

Which, as we all know, is the very definition of insanity.

So when is the last time you really looked at your law firm business practices and questioned if they could be improved? Specifically, there are three areas you should be examining for innovations you can implement:

  1. Communication. This is fundamental to building a strong relationship with clients. You must stay on top of your email and phone messages. If you spend a lot of time in court, then you need to manage client expectations that they can expect a response by the end of the day. Be sure you have a staffer scouring your email for client requests that can be handled without your intervention (not legal advice, of course). What other ways can you make it easier for clients to communicate with you?
  2. Operations. Do clients find it hard to deal with your firm because you lack the systems to handle their business? There is no excuse for this since off-the-shelf software exists for every business function. Do you have the capability to bill according to their needs — i.e., getting your bills in by a certain date every month, billing by project rather than hourly, etc. You need to make it as easy as possible for clients to do business with you or eventually they won’t.
  3. Lead conversion. Do you have a system in place that nurtures your leads along a predetermined path until they sign up? A way of sending regular communications to former clients and referral sources to keep you top of mind for legal work? If you’re spending time and money on generating leads and then letting those leads languish, you might as well throw your money out the window.

In today’s hyper-competitive legal services market, necessity will surely be the mother of your reinvention. Don’t be afraid to make the necessary changes that will help ensure the survival of your practice.

Posted in Lead Conversion