Run Your Law Firm Like a Business: 5 Ways to Win Clients in an Ever-Evolving Legal Market
Bill Tilley
Trailblazer in Litigation Finance & Legal Tech | Board Advisor | Championing Legal Innovation Across the US, UK, & EU
Providing expert legal counsel is only one aspect of a thriving law firm. Lawyers must implement sound business practices, too. In the first of our four-post “Run Your Law Firm Like a Business” series, we explore five essential elements of winning new clients in an increasingly competitive legal market.?
Automate as many client acquisition tasks as possible. Automation eases call set-up, calendaring, and intake processes—all critical areas as more than 7 in 10 legal consumers initially contact lawyers by phone, and 50% expect a same-day response. Automating document creation, review, and management, as well as e-signature, saves time, too.
Customer relationship management (CRM) software sets you up to track leads, manage client contacts, and streamline ongoing communications. Most importantly, CRM data provides valuable insights into client behavior and preferences, enabling you to identify your ideal prospects and target them with the tailored services they need.
Technology use increases law firm efficiency. But just as importantly, automated systems allow you to track and report on efficiency and cost-saving metrics as you monitor and optimize your firm’s performance. You get precise data points to share with your clients that demonstrate exactly how your services generate value for them.
This is vital as more than 9 in 10 in-house legal teams surveyed say it’s very important for an external law firm to be up to date with technology for reasons that include: 1) faster and more efficient services that improve cost performance and 2) more user-friendly documents.
Most firms benefit from maintaining open communications through websites, email, and social media. In fact, 71% of lawyers get new clients through social media.?
Do more than post content to your feed. Respond to comments, too. Comment on others’ posts to expand your network and cultivate deeper relationships. Bring people together who can benefit from knowing each other, and be a valued resource to your network. Consult guides like this one from Hootsuite.
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Publishing thought leadership articles helps position you as an authority in your field. It makes it easier to get featured in webinars, podcasts, and panel discussions, which others promote to further enhance your visibility.
Focus on a specific area of law to better position yourself as an authority in that space. By specializing, you better understand the unique challenges clients in that niche face, helping you deliver more effective services that lead to repeat business and referrals.
A 2023 market report found that specialized firms (such as intellectual property, labor & employment, or litigation boutiques) have surpassed all others in demand, fees worked, and productivity growth. They’ve grown demand faster than low-cost firms while maintaining much more robust work rate increases.???
Specialist lawyers with proven track records can also command higher fees. Consider today’s highest-growth legal practice areas to see where you may have an edge.
AI, 5G, Web3, and other disruptive technologies are reshaping business and the legal industry. Generative AI tools like ChatGPT could automate up to 44% of legal tasks in the U.S. Blockchain offers new ways to manage transactions, assets, and records. 5G networks allow for faster and more secure connections. Immersive digital spaces enable extensive, in-depth virtual collaborations.?
Ongoing change is our new normal. Amicus Capital Group is here to help you run your law firm like a business and stay on top of emerging trends. Contact us today at 1-877-926-4287 to investigate innovative technologies that will help ensure your firm’s longevity in our ever-evolving world.