As business owners, many people may have asked themselves the question of how they can grow their business. Indeed, there are undoubtedly a plethora of opportunities that you can pursue to grow your business. However, like all things in life, specific strategies may be more effective than others regarding growth in the legal field.
It goes the same for law firms. While they differ tremendously from other businesses, legal practices should approach their operations as any company does. Let’s see what small law firms should do to navigate the current legal industry challenges, stay ahead of the competition, and grow.
What Business Strategies Could Help You Grow Your Law Firm?
1. Choose Wisely When Enlisting Clients
A general rule of thumb is that you will have bad results if you represent bad clients. For example, if clients are likely to get litigious, need help to pay their bills, or cannot refrain from inappropriate comments, they may not be a good fit for your business. As an attorney, keep an eye out for potential pitfalls, as it can be better to lose business than to risk losing your handle on the law and ethical conduct in the field.
2. Don’t Be Afraid to Charge Higher Fees
The main problem with many small businesses is that charges are too low, and they need to stay ahead of the competition. For example, many small law firms see a potential client, conduct a consultation and then quickly try to reach a deal so they can charge enough to earn money but not so much that the client will take their business elsewhere.
3. Charge for Quality
By charging for quality, you mean that although you may have a lower margin than some of your larger competitors, it should not be that much. So instead, charge a high enough price that your client is willing to pay but not so high as to be unmanageable for a higher profit margin. Then, when you establish your contingency fees or your fixed prices, ensure that you make a profit and keep your clients happy.
4. Advertise Your Services Using a Variety of Methods
Although it may be more time-consuming and expensive, you will find it easier to grow your business by advertising using various methods. For example, large law firms have the funds to advertise using specific vessels such as TV, radio, newspaper, and billboards.
For those looking to create a buzz in their town or county, there is no better way than to use specialized SEO services, Google’s suite for businesses, newspapers and online magazines, etc. By placing advertisements in the right places, you will begin to get a buzz for your law firm, which should help generate more clients.
Although it may seem like a luxury to some owners of small businesses, legal marketing can be essential to giving your business the boost it needs to grow. Many small firms are still trying to figure out how to grow their business and find new clients; however, even if you don’t have a large marketing budget, use what you have to your advantage.
Social media has become the popular choice for attorneys to advertise their services. It is due to the many advantages of using social media platforms such as Twitter, LinkedIn, and Facebook.
5. Offer Free Consultations if You Come Across a Client Who Is Looking For Legal Advice
This method is more applicable to attorneys who practice in multiple areas of the law rather than specializing in one place or another. By offering free consultations, you will encounter clients who are interested in working with you but are still on the fence about the decision – which means that you can “close the deal,” represent them to the best of your abilities and make honest money.
6. Learn from Your Mistakes
Once you have done all the things listed above, it is essential that you learn from your mistakes, as this will give you an edge over other small businesses in the same field and allow you to grow your business.
The role of managing partner in a law firm may be the most challenging position in the business. The leadership task requires an astute understanding of the law and the market and an ability to delegate responsibilities that allows the firm and its clients to thrive.