Strategies for Growth
“Sound strategy starts with having the right goal.” – Michael Porter
As we speed through the first quarter of 2020, law firms have evaluated the past year and are looking forward to growth in 2020. Substantial growth doesn’t happen, however, without first establishing goals and creating a strategy map to define where you are going and how you will reach your destination without mishap.
What are your specific growth goals?
Two of the more common growth goals for law firms are Market Acceleration and Service Expansion. Market Acceleration is the deliberate effort to provide existing services to new clients. An example would be when an L&E boutique expands into a new city and begins representing new clients in that expansion city. Service Expansion is the deliberate effort to provide new services to existing clients. An example of this would be a litigation firm that hires a transactional lawyer and begins doing such transactional work for the firm’s current clients.
Hiring: Will you need to hire additional attorneys? Are you seeking to attract seasoned, partner-level attorneys or associates with a few years of experience, or recent law school graduates? There are advantages to each. While seasoned attorneys have the wisdom, insight, and skills that come with experience, more recent graduates bring fresh ideas, enthusiasm, energy, and a greater understanding of technology. Plus, less experienced lawyers are less expensive than more seasoned veterans, but they also typically generate less revenue. Perhaps you need a combination of each. Clients tend to hire “attorneys” rather than firms. The attorneys you acquire, and their ability to establish and nurtured trusted client relations will play a vital role in the firm’s potential growth.
Technology: What is the status of your firm’s technology? Are you currently employing relationship analytics to keep your finger on the pulse of your client relations? Are you using an AI platform to increase lawyer productivity and provide superior service? Do you have a social media presence and content marketing strategy? Is your website mobile friendly? Developing these areas will boost the firm’s growth in 2020.
Culture: Where is your firm’s culture? Is your nonlegal staff fulfilled in their work or ready to bolt? Do your attorneys collaborate, sharing ideas, insights, marketing, and business development information? Do they connect outside the office? When a firm’s attorneys connect as team players who trust each other, rather than compete, it creates a culture that attracts both clients and additional legal staff. Furthermore, it has a significant impact on growth, revenues, and profits.
Client Feedback: Are your attorneys consistently adopting a one-on-one approach with their clients? Do they seek, listen to, and respond to client feedback? According to experts, when firms and their attorneys listen to feedback, it can increase your client retention rate by up to 30%. Since even a 5% improvement in retention can increase profits by more than 25%, investing in relationships by creating an active client feedback program is an essential growth strategy pillar.
Growth begins with knowing where you are going and then employing key strategies, including hires, technology, culture, and client relations. Onboard Search specializes in delivering top talent. We find attorneys who understand the significance of technology, build thriving client relations, and not only match but also enhance your firm’s culture. It is the reason we are here. We understand that attorneys are more than top-level employees. Attorneys are the economic engines of law firms. We realize a law firm can only be truly successful if it has great attorneys. Contact us today. Your firm’s growth depends on it.