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The legal profession has grown and shifted and adjusted in the past decades. The industry looks a lot different from a generation ago because of higher demand, increased revenue, and legal lead outsourcing. And with transition comes new challenges, and they aren’t stopping any time soon. Whether you are a small business owner of a successful law firm or if you are an attorney at a major legal corporation, you need to be aware of these legal profession challenges for 2023.
Acquiring New Business
Most law firms’ biggest concern is ensuring a steady, consistent stream of qualified and profitable clients. Customer acquisition needs to be a goal for your law firm, but where do you start? A few decades ago, law firm marketing barely existed. As the American Bar Association states, it “was the legal profession, not the legal business.” But times have changed, and competition in the legal industry is fierce. While it might have been distasteful years ago to market and advertise your services, in 2022, it’s a necessity.
What does it mean? If you aren’t marketing for your law firm – or if you aren’t doing it consistently – now is the time to start. Webinars and seminars are an excellent option for educating prospective clients, as are social media, digital advertising, and word of mouth. Clever legal marketing can help you overcome growth challenges for law firms.
Clients Wanting More for Less
It’s happening in every business today. Clients are asking for more and want to pay less. With the information and research available at their fingertips, clients are researching prices and information before meeting with lawyers and putting their bargaining skills to the test.
It can be frustrating to justify your longstanding legal experience, particularly when challenged by someone who simply Googled their situation. So what’s the best way to handle this?
Remember, your business is not a charity, and your hourly fees cover your experience, expertise, and ability to help them through their situation. Your work and time are valuable, so spend it on clients that respect and honor it.
Balancing Business Necessities
It’s an issue all small or independent businesses struggle with. The balance of meeting clients, administrative tasks, financial monitoring, marketing, lead generation, and other business tasks. Time is money, so finding the best way to outsource or manage these tasks is imperative. Have you considered a virtual assistant? Outsourcing your lead generation? Hiring an intern?
Don’t be afraid to think outside the box. There are solutions out there that can help you overcome growth challenges in your law firm.
Technology
Ah, technology. It’s both a blessing and a curse. Technology is constantly changing, and adapting and learning on the fly is necessary for your continued success. Whether this is something you can manage, or need to outsource, is another consideration to overcome growth challenges in your law firm.
New tech and developments are taking over the legal space, from streamlined client portals that manage lead generation and analytics, to virtual assistants, to online marketing and intake forms. And staying on top of opportunities can be a full-time job.
Lacking Efficiency Internally
If you haven’t spent time analyzing your internal processes, now is the time to do it. Understanding your customer acquisition cost, streamlining your intake process, and outsourcing what you can’t manage internally can all save you time and money and help you do more of what you do best – help clients. Reviewing and adjusting your internal processes is a simple, easy way to improve your productivity as a law firm.
Make 2023 Your Year
Now is the time to expand your caseload and increase your revenue. The legal industry is booming, and with these improvements in hand, you can avoid growth challenges for your law firm. When you’re ready to take the next step, LeadingResponse can help you reach more qualified consumers in more ways. Get connected immediately with live prospects seeking legal representation. Schedule consistent, highly qualified leads to your CRM or through our brand new client portal, Hub. Ready for a free consultation with one of our specialists? Connect with us now for a personalized consultation.
