The current legal landscape is undergoing tough competition with the rapid technological progression dominating the field. Therefore, lawyers must stay updated with the latest and advanced industry trends and changing market conditions, making continuous education a priority.
Getting enough experience is not sufficient anymore. Lawyers need to understand how to incorporate technology, changing client expectations, and strategies to break through saturated markets in their practice to enhance growth and success.
A Future Ready lawyer Survey from 751 legal professionals revealed that 63% of law firms leading technology increased their profitability last year, more than those that did not incorporate legal technology. The survey also revealed that technology continues to be an innovator and a catalyst for success and high legal industry performance in the coming years.
Engaging in business development strategies is essential to thriving in such a demanding sector with increased competition from fresh graduates with innovative ideas and fierce competition for clients and lucrative opportunities. Therefore, we have compiled comprehensive tips for lawyers to accelerate their business development.
1. Get Certified in Legal Technology
In today’s age, where technology plays a transformative role across industries, the legal field is no exception. Integrating legal and technological skills has become critical in staying competitive and achieving success.
By obtaining a legal technology certification, lawyers can develop a deep understanding of cutting-edge legal solutions, tools, software, and platforms dedicated to the legal profession. Moreover, legal professionals will learn about project management, HR, and finance to build effective business development strategies to expand their practice and run efficient operations. Taking a holistic approach to the legal profession by combining social, environmental, and corporate governance, legal professionals can empower themselves to explore opportunities and tap multiple markets.
Getting the required certification signifies the dedication and commitment to stay ahead of the curve and embrace innovation to deliver more effective and efficient legal strategies.
A 2021 Technology Report by American Bar Association revealed that 73% of the respondents agreed that legal technology skills would be vital for lawyers in the future. The survey also revealed that such lawyers would have the competitive edge to leverage expertise to streamline processes and enhance client experiences, thereby driving business growth.
Moreover, a valid certification adds credibility to an attorney’s practice and helps gain the trust of current and potential clients. They would also be able to provide legal services in terms of e-security, data security, and other technological challenges clients may face.
2. Organize Your Customer Relationship Tracking
Maintaining strong client relationships is crucial for your legal business, especially in the current competitive landscape. Lawyers can cultivate loyalty and referrals by effectively tracking and managing these relationships while unlocking new business opportunities.
A Customer Relationship Management Software (CRM) system can enable lawyers to streamline client interactions and look for prospects and referral sources. A CRM system lets you streamline, organize, centralize, and access important customer information such as communication history, case details, contact numbers, and key milestones.
A survey conducted by Legal Marketing Association revealed that 77% of law firms that incorporate CRM software reported increased client retention rates. It also leads to a 43% increase in client referrals, indicating tangible benefits of effective client management. It shows the attention paid to clients, leading to trust, client satisfaction, and, ultimately, repeat business and referrals.
Organizing client relationships allows attorneys to identify cross-selling and upselling opportunities within the existing client base. By understanding their needs, you can offer additional services or refer them to your colleagues, fostering collaborative relationships within the legal community while expanding your business.
3. Offer Educational Resources
Today’s information age demands guidance and insights apart from legal representation. Lawyers can educate their audience, address common legal concerns, explain complex legal concepts, and provide practical advice and solutions by offering educational resources via blog posts, articles, newsletters, webinars, and podcasts.
The educational content can generate relevant leads and increase customer acquisition and retention rates. Moreover, the digital information age demands transparency, awareness, and education regarding critical things that influence their lives, like legal human and workplace rights. By delivering educational resources, lawyers can fulfill this demand and position themselves as valuable resources building credibility with their audience.
Educational tools can also be effective marketing tools in attracting potential clients seeking information and solutions to their legal challenges. By offering insightful content that targets the audience’s needs, lawyers can capture the attention and trust of prospects, turning it into a business opportunity.
However, it is important to ensure that your educational content is tailored to your targeted market according to your expertise and presented in an accessible and precise manner.
4. Revise and Update Business Plan
The dynamic and ever-evolving legal industry demands regularly revising and updating plans. A well-crafted adaptable business plan is essential for long-term success. It defines your long-term goals, short-term targets, and strategies to achieve them with expected results.
The recent market trends and changes in client expectations necessitate continuous adjustment and evaluation of your business strategies.
Market research and analysis is a crucial part of updated business plans. Lawyers can develop strategies that address evolving client needs by staying up-to-date with competitor activities, industry trends, and emerging legal challenges.
Moreover, reviewing financial projections, revenue streams, and pricing models is crucial for business growth. Your financial projections will depend on several factors, including the current economic landscape, competition, level of services, and client expectations. It is important to analyze revenue sources, identify areas of improvement and diversification and reassess the pricing structure that reflects the market and the value of your services.
Conclusion
The legal landscape is more or less the same as running any business, except you may have to adopt unique legal technology to establish yourself as credible in the industry. It positions you ahead of the competition and equips you with the required skills.
A sound business development strategy entails organizing client information to increase customer retention and referral rates. You can also acquire new customers by offering educational resources on digital platforms. Lastly, revise and update your business plan per the changing market conditions to expand your legal business.
