Like all businesses, law firms need to grow if they want to increase profitability. Whether it’s via expansion to new locations or through the acquisition of more clients, law firms must find viable ways to increase revenue if they want to achieve their growth targets.
If you’re a partner in a law firm or you’re in a managerial role within a legal business, you’ll want to find sure-fire ways to develop the organisation. For inspiration, take a look at these three ways you can grow your law firm now:
1. Invest in Digital Marketing
If your law firm doesn’t have an online persona, you’re going to struggle to succeed in a digital era. Statistics show that 97% of people learn more about local businesses online than anywhere else. This means that potential clients will likely search for your law firm on the internet before making contact with you. If you don’t have a significant online presence or they aren’t impressed with what they see, you can be sure that a competitor will be ready to step in and provide the services they need.
Fortunately, digital marketing can be a cost-effective way for law firms to achieve their growth potential. As well as having a website that offers an impressive user experience, you’ll want to use a range of digital marketing tools to engage potential clients, such as:
– Articles
– Blog posts
– White papers
– Social media
– eBooks
– PPC ads
Running successful digital marketing campaigns requires expertise, experience and time. If you don’t have the in-house resources to create and execute online marketing strategies, it’s easy to find digital marketing firms that specialise in providing services to law firms and related businesses.
For law firms, search engine optimisation, or SEO, is also critical to success. With the potential to target your marketing towards a specific location, you can use local SEO to boot your visibility, reach your target demographic and attract new clients to your practice.
2. Partner with a Consultant
If you want to grow your business, it’s important to have a strategic plan. Implementing arbitrary goals won’t help you to increase profitability and it could even harm your operations. By working with an experienced legal consultant, however, you can get the niche advice and assistance you need when it comes to increasing profitability.
Depending on your requirements, a law firm consultant from a company like Legal Back Office can take on varying roles. You may have a specific goal in mind but be unsure how to achieve it, for example. If so, a consultant for law firms can help you to identify viable routes to success. Alternatively, you be considering numerous expansion opportunities and need expert assistance analysing the growth potential they offer. By providing a consulting service for lawyers, firms like Legal Back Office build ongoing partnerships with their clients and enable them to enhance their commercial success.
From process improvement to strategic planning, law firm consulting services give you the opportunity to streamline your operations, reduce your overheads and increase your client base.
3. Work with Legal Aid Clients
If you don’t already offer your services to clients receiving Legal Aid, this could be an appropriate way for you to grow your business. While Legal Aid is only available for certain types of cases, such as immigration or family law, if your law firm offers related services it could be a viable growth plan.
Some legal practices don’t offer Legal Aid services because they can typically charge higher fees for private work. However, accepting Legal Aid clients could significantly boost your revenue without diminishing the income you generate from private clients.
Often, hiring additional staff to manage a Legal Aid caseload will offer an impressive return on your investment. Furthermore, the guaranteed payment from the Legal Aid Agency ensures you’ll have a reliable cash flow which can be used for further investment in your practice.
Working with clients in receipt of Legal Aid may not be the right course of action for every law firm, but it’s worthy of consideration. By conducting a cost-benefit analysis and assessing whether this transition is in-keeping with your brand identity, you can determine whether it’s an appropriate course of action for your firm.
Expanding Your Legal Practice
People will always need lawyers, so the potential to acquire new clients is always there. However, persuading them to choose your firm, as opposed to a competitor, requires a strong strategy and an outstanding professional reputation.
As industries evolve, meeting the needs of today’s clients may mean offering revolutionary services, like remote consultations. While the legal industry isn’t always at the forefront of the latest tech developments, using these to enhance your client care could help to set you apart from the competition.
With so many options to explore, it can be advantageous to access professional assistance when it comes to expanding your legal practice. With expert, objective insight, an independent consultant can give you the clarity, inspiration and tools you need to successfully grow your firm and achieve your goals.