How to Propel Law Firm Growth in the New Year
Whether you’re currently working alone and hoping to expand your firm, or among other established professionals who want to grow their legal brand, there are a few simple strategies you can employ to spur your firm’s growth throughout 2016.
While these ideas may not necessarily be new, they often appear more complex than they really are, at times being set aside by those who already have systems in place. Nonetheless, without their application, lack of progress could very likely occur, and an opportunity to see what kind of potential you and your firm have could very easily be missed.
So rather than embarking on the tried-and-true methods of running your firm this year, consider adding one or two of these improvements to your in-house repertoire.
Cultivate the 80/20 Rule
You may have already noticed something peculiar in your law firm: that eighty percent of upcoming projects come from twenty percent of your existing list of clients. As an intelligent firm, you should know how to use this rule to your advantage, looking closely at who is providing you with the most work, and nurturing those relationships as much as possible.
By looking at how to expand on the amount of work you’re doing for the twenty percent, versus seeking out new and sometimes elusive clients, you will often find success in the client you already know rather than those you are compelled to attract and develop slowly – with no guarantees they’ll sign on in the end.
Become More Tech Savvy
If you haven’t already moved your firm into the digital age, there really isn’t a better year to do so than 2016. More than other organizations, law firms need to ensure they are in compliance ethically and also with regards to regulatory affairs – yet, firms also need to be focused on building the practice rather than dealing with outmoded techniques and the hiccups that inevitably result from piecemealed technology.
Installing an all-in-one practice management software is a proven way of letting your firm essentially run itself, at least in terms of streamlining and simplifying what is very likely a complicated series of office procedures. Rather than taking your firm off-task when handling routine (and emergency) internal operations, select a reliable technical solution that lets you stay focused on growing and better supporting your clients.
Find Your Firm’s Niche
At times, the best way to grow your firm is by exploring a single niche instead of being a legal catch-all for every type of client. While this may not be suitable for every firm, discovering what your partners do best, and maximizing these strengths into a single legal offering could result in a more focused firm – and a more simplified approach to marketing your services.
How does this work exactly? First, through targeted marketing you can build an effective strategy for communicating your firm’s message to clients who are seeking the exact services you provide. Second, by concentrating on a single area of practice, your firm becomes more specialized in that area as time goes on, enabling you to deliver even better results. And third, by becoming an expert in whatever field you choose, your firm begins building a solid reputation in the industry, and ultimately, higher credibility among potential clients and law professionals.
Want more tips on growing your practice and improving your services to clients in 2016? Visit our resource section for other law firm-related topics.