Do you want to grow your small law practice into a massive firm with a national or even global reach?
You’ve come to the right place!
Small law firms, just like other small businesses, have high failure rates. There are a couple of reasons small law firms fail, but one of the most common is they fail to fend off the competition posed by the big firms.
Let’s get the facts. The law firm industry in the United States is worth over $320 billion, with over 400,000 firms. Of these, only a handful will grow into top law firms.
There’s no reason your practice shouldn’t be among those that hit it big. For the most part, you need to follow the footsteps of those firms.
Continue reading to learn the characteristics of successful law firms and borrow a leaf.
- A Solid Reputation
At the top, it’s not easy for a law firm to maintain a solid reputation. They are always taking on big cases that get a lot of media attention. Even an accidental tweet on a big firm’s social media page can put a dent on a hard-earned reputation.
However, most top law firms still manage to maintain a strong reputation.
As a small law practice, one of your priorities should be two build a strong reputation and maintain it. This, though, is easier said than done.
In a competitive marketplace, it’s not uncommon to find lawyers and their firms cutting corners in a bid to attract more clients and get paid faster. Doing this is a sure way to bury your firm’s reputation.
You have to provide quality and timely services to your clients. It’s your clients who will make or break your reputation.
When you offer satisfactory services, your clients will be more willing to leave positive reviews on review sites, as well as on your social media pages. If your services are shoddy, expect a ton of negative online comments and reviews. Your reputation will go to the dogs, and repairing it will be harder than winning a trial case.
- Partner Up
Ever seen a legal television drama where a big law firm didn’t have at least two managing partners? Neither have we!
In real life, the situation is no different. The vast majority of top law firms have two or more managing partners and for a good reason. A firm with more than one partner is like a regular business with co-founders.
Partnering up is an easier way to pool funds and raise adequate working capital to keep the firm going. When one partner is absent, the other will be there to run the firm, ensuring you don’t have to delegate important functions to firm employees.
Are you running a solo practice?
If yes, you certainly have your reasons. Perhaps you believe that having more than one captain on the deck is a sure way to sink a ship.
However, the truth is your firm will have a better chance of growing into a big firm if you partner up with other lawyers. As long as you vet a lawyer and ensure you have a common vision before you become managing partners, you shouldn’t worry about conflicts.
What’s more, partnering up can enable you to expand the firm’s areas of practice. If you’re a business attorney, for example, partnering up with an estate planning lawyer, your law firm will now start serving a more diverse clientele. More clients, more money, right?
- Big on Lead Generation
You’d be forgiven for assuming the big law firms don’t invest in any advertising and marketing. After all, they’ve got a solid reputation, and almost everyone knows the firm’s name.
Well, your assumption is wrong. Even among top law firms, competition is fierce. It’s for this reason they invest in a wide range of marketing efforts, including lead generation.
As an illustration, just look at any top law firm’s name online. You’ll likely find that the firm’s website comes top in search engine results. This is how potential clients find the big law firms.
The good news is marketing doesn’t work for just the big firms. It can also work for your small practice, as long as you’re doing it right.
It’s also possible to purchase quality leads from a lead generation agency, especially if you’re keen on quick results. You can even get prepaid legal membership leads, ensuring you have a steady stream of clients knocking on your door.
- Big Law, Big Tech
Traditionally, law firms aren’t associated with cutting edge technology. Think of any law firm offices, and the first thing that comes to mind is the shelving with thousands of books.
But times have changed. Today’s biggest law firms are operating at the forefront of technology. From high-end computers and other devices to evidence analysis and client management software, these firms are leveraging the power of technology, and they’re reaping big rewards.
Is your small law practice tech-forward?
No, we’re not talking about having a couple of laptops in the office. We mean tech hardware and software that’s designed for law firms.
Adopting the best technology can be cost-intensive, but the investment will be worth it. The modern client wants to hire law firms that are tech-savvy.
Follow the Foot Steps of the Top Law Firms
As a small law practice, you want to be unique. This is fine, but when it comes to finding success, there’s no need to reinvent the wheel. Doing what the top law firms are doing will give you a good shot at success. If it worked for them, it could work for you too.
Keep reading our blog for more law firm management tips.