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New Law has opened up new channels of collaboration between lawyers. Empowering discussions about best practice, client management, technology and the future of law, collaboration can push your law firm forward. Interacting with industry round tables and networking events can provide useful insight into growth strategies other law firms are using to success.
Invest in smart technology
Investing in the right technology can transform the practice of your law firm; and law firms agree. In our report, Is Your Tech Smart? It was found that 64% of law firms have increased their tech spend over the past three years. Installing the right technology can help ease the burden on fee earners, helping law firms to work smarter not harder to get through their workload. Investing in a quality drafting tool for instance, will save lawyers hours in contract preparation, empowering them to work on more complex tasks.
Monitor Return on Tech investment
Monitoring the success of these tools is crucial. Tracking ROI will help your law firm calculate the success of investment and enable decision makers to make informed decisions about tech spend, and where to allocate increased funds. While this won’t produce income, understanding ROI will prevent the installation of inappropriate technologies that waste funds, time and cultural buy in.
Invest in flexible work and return to work policies
Retaining talent should be high on the list of any savvy law firm in 2019; securing female talent lies at the heart of this issue. While women make up 49% of all trainees, the retention of female professionals deteriorates over time—only 24% of women make up partners at Magic Circle law firms. Installing appropriate tools that enable women to return to the profession after having children is essential. At the moment, law firms lose a great deal of talent due to a combination of socio-economic barriers. Installing a visible flexible work programme, a return to work scheme and generous maternity and paternity package will provide many women with the support they need to return to work.
Content Marketing—utilising fee earners to create thought leadership
In a world full of digital noise—it’s important to join online conversations in a productive and intelligent way. Utilising skilled lawyers who are confident in writing engaging content is a vital way of progressing the future of your law firm, while also raising the profile of your law firm. Distinguishing your law firm as a trusted voice in the market place is a key.
Get SEO savvy
In the same way, SEO is your law firm’s secret weapon. Producing more content, in concert with enhancing your SEO ranking, will not only help your law firm’s image but will also increase your law firm’s ranking in web searches. This is essential for attracting new clients, and ensuring visibility in the market place.
Position your brand with care
Positioning your law firm carefully is a crucial aspect of distinguishing yourself in a crowded market place. Engaging with the Legal 500 and Chambers and Partners can help your law firm find traction among a homogenous market. In the same way, developing a water tight mission statement in concert with a recognisable profile can be helpful in attracting the right kind of client. Investing time in cultivating an identifiable brand can pay dividends in development.
Cost flexibility and agility
While a race to the bottom strategy is to be avoided, being able to respond flexibly to client demand is a fantastic way to ensure your clients return time and again. For instance, providing a modular fee structure or pick’n’mix may enable some clients to make greater use of your services. Indeed, avoiding a full service legal experience may enable smaller, boutique clients to make greater use of your services.
Secondment and role share
To combat employee lethargy, employers have a responsibility to create learning opportunities for their lawyers, providing individuals with chance to develop their skill set outside of their subject specialisms. In doing so, law firms will cultivate a generation of lawyers who have broader experience across an ever-expanding market place. This broad skill set is good news for your organisation as a whole—not just for individuals, as your work force will be able to work more agilely with a more qualified team.
Map your client touch points
Understanding how your clients interact with your law firm directly and indirectly is critical in driving improved value, client retention and longevity of relationship. This includes all social media, thought leadership, website and contact forms. Mapping client interactions provides insight into how to optimise your digital presence and increase the success of client interactions with your law firm. Understanding how users interact with your law firm empowers strategic digital growth.
How many of these strategies does your law firm do already?
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