With 2016 now well underway, many will have made resolutions for self-improvement. When setting goals for the next 12 months, consider these New Year business resolutions to take your practice to the next level.
Written by Julian McGrath, Managing Director, Law In Order
1. Differentiate your firm
It seems most professional services firms aren’t all that different from their competitors. We offer similar services to similar audiences, especially in highly regulated industries such as law. However, firms that differentiate from others through product leadership will increase their competitive edge. Product leadership aims to build a culture that constantly brings outstanding products and services to market, while focusing on customer experience. A commitment to your clients should be at the heart of everything you do and your products or services should develop with your clients to meet their needs.
2. Create value for your clients
Make it a New Year’s resolution to get to know your clients outside of the business transaction. What do they value? What are their pain points? Engage early and often; the more you know, the better equipped you are to deliver real value and develop a loyal client base. Competition is fierce in this market. You have to give your clients a reason to choose you over your competitors every day.
3. Partner with experts
In the legal industry, having your documents organised can make a huge difference to your professional life; however, achieving an efficient process for managing your documents and responding to the complex, high-volume needs of litigation can be costly and time consuming.
By outsourcing these tasks to a specialist, you can meet deadlines faster and at a lower cost than possible in house. A litigation support firm will have the efficiencies and capabilities that are just not possible in house. It also enables you to free up your own resources to focus on your clients, cases and company. Your time and your employees’ time is better spent on your core business.
4. Embrace technology
The exponential growth of electronically stored information (ESI) such as emails, office documents and social media postings can be both an opportunity and a risk depending on how it’s managed. Firms who don’t take advantage of the right technology will struggle to compete.
Firms are expected to provide around the clock, secure access to files for collaboration between lawyers and clients. In this digital age, where most communication and data transfer is online, the ability to automate processes will save time and reduce costs. In addition, using technology assisted review can lead to cost savings and reduce the time taken to complete the discovery process.
Lawyers who embrace new technology can spend their time focusing on their clients and bottom line.
