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How Law Firms Can Ensure Value to Clients and Benefit from it
The COVID-19 pandemic has disrupted everything, and all present predictions and strategies of running a law firm have become futile. As a result, it has become mandatory to formulate a solid procedure regarding how law firms can still sustain themselves and provide value to their clients despite the present unstable market conditions.
What Makes Law firm Clients Feel Valued?
Sharing of Knowledge
Due to legislation, regulations, and industry landscapes witnessing a shift, law firm clients, including but not limited to Law Firms and Attorneys, only expect up-to-date information. However, relevancy is a critical factor here. Legal Clients are already busy and require only the most appropriate information. Therefore, a newsletter with too much irrelevant information may not catch a client’s attention and end up in the spam folder. Instead, a focused and concise amount of knowledge should be shared with the legal clients to avoid obstruction in their attention.
As the focus of legal clients is shifting, law firms must find ways to re-imply resources and expertise if they have to add value. For example, suppose there is a probability of getting more cases related to the labor and employment sector. In that case, legal firms coupled with a knowledge base and expertise to sustain clients’ needs related to these cases can make a significant profit.
However, agility is a challenge that many law firms are facing. Legal Associates with years of expertise in mergers & acquisitions might suddenly see a big incursion in bankruptcy or employment work cases. Clients won’t wait for their law firms to get up to pace with new matters. They want the same level of expert advice in the time frames they’re already used to.
However, there are many workflow and support tools that law firms can use as they transit into new practice areas. In addition, they can take the assistance of external litigation backend service providers to sail efficiently through the new areas and ensure that the clients feel valued.
Providing Effective Services
This may seem obvious as clients have expected efficient and effective service from the very beginning. But as of today, this means clients expect additional services at reasonable pricing.. The provision of additional services at reasonable pricing also creates an opportunity for legal firms with a practical and futuristic outlook to improve their working methods with clients.
Legal firms that can leverage multiple areas like legal, technology, and business expertise can swiftly take care of client demands at a reasonable price. In fact, resourcing and knowledge sharing are known to be the top two desired areas of innovation for law firms. Focussing on collaboration and agility can allow you to diminish costs and meet client expectations along with growing your business.
How Law Firms can Provide Value
Focusing on these given areas will ensure that Legal firms are providing value to their clients with their work and they will continue to commence business with you for a long period of time.
Talking about innovation in the current pandemic scenario may seem a little irrelevant as many firms are currently focusing on maintaining sustainability. But clients are becoming more cautious in their observations regarding legal firms that can stand out and deliver optimum value.
Therefore, legal firms ready to implement innovation like case management software, legal research software have ample opportunity in a market filled with competitors who do not focus on technology investments and stick to standard tactics.
While firms are primarily interested in technology-driven innovation, the expectations of clients are more comprehensive. This may mean high-end research engines, case management software, and software related to contract management or simply new methods of communication.
Search for simple ways to innovate the experience of your client in order to stand out from other competitor firms. A no-cost or low-cost innovation can help you navigate challenging times and clear ways to upscale things in the future.
As observed, industry expertise is more closely related to client spending as compared to brand affinity. Due to the ongoing disruption amid the pandemic, it can be clearly said that clients are relying heavily on external counsel to stay updated with legal and regulatory changes.
Even the existing clients are reaching out to law firms who have deep knowledge in their industry, irrespective of the fact they have no prior relationship. Overcome this risk by further improving and deepening your existing relationship with clients.
Assure them of your industry expertise and remind them about the value that comes along with your services. Also, consistently stay in touch with the clients to have a clear idea regarding any change in their needs and respond swiftly.
The General Counsels have been trying to increase the collaboration within their firm for a long time. This is because if firms want to be profitable, they must increase their internal collaboration. However, widespread remote work may be difficult due to COVID-19, but technology can help overcome this difficulty. Also, the external partnership is equally important.
Take the assistance of litigation support experts to upscale your workforce in order to tackle things efficiently. Note that you can optimize your law firm operating model by setting clear guidelines that ensure strong and effective collaboration between your internal and external teams.
Also, the core of this approach is in a culture that implies client collaboration. Therefore, the clients should be made a part of the legal team along with real-time access to documents and communication tools. When clients have an assurance that they are being included in the ongoing process, they invest significantly more in your legal firm.
Where to Start?
Researching about the client’s needs is the initial step that you have already taken. The next would be to make an assessment of what you are already aware of about your client and what assets you have at present. Such evaluation should reveal particular needs which you can address swiftly.
And increasing the amount of your legal client base will definitely require more planning. In addition, make changes in resourcing approach and technology to provide optimum value to your clients.
Therefore, continuously look for tools that let you scale your investment over time. Whether you are trying to implement significant changes or small ones, the one thing you must keep in mind is not to stay unchanged.
Need Some Help to Set Things in Motion?
Cogneesol is one of the leading legal support services firms that has been serving lawyers, law firms, and corporate legal departments across the globe since 2008. With our quality and round-the-clock legal support, we can add value to your law business and help you reduce operating costs.
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