By Amy Larson
Business as usual has the potential to put small law firms out of business because it’s a dramatically different legal marketplace from even a decade ago. Small law firms are being bombarded with competition on every conceivable front – from other small law firms to big law to DIY online legal services. Clients are also taking on more active roles in their legal matters and want more control and transparency. Firms that rise above the fray will be the ones that provide clients the quality service and value that they cannot find anywhere else. To do this, firms will need to employ communication, efficiency and effectiveness as their driving ethos.
To be that kind of firm, you need to be what far too many firms aren’t:
1. Exceptionally client-focused
When a client reaches out to your firm, you or another member of your team will respond immediately, personally and professionally – even if that’s just to let them know when and how you will get back to them. Plus, you will have answers at your fingertips for those quick questions your clients expect you to be able to answer. Your clients won’t be left waiting or feeling frustrated.
Furthermore, you’ll be diligent about setting client expectations and explaining why you’re taking a course of action. In addition to your experience you will use data-driven insights to inform your clients of the best legal strategy, and communicate the value you provided through detailed, easy to understand invoices.
Here’s why: It’s not 1988 anymore and an internet search can give clients easy access to all kinds of legal information – valid or not. That’s why it’s so critical to support your strategy with real-time data on judges, jurisdictions and opposing counsel to reinforce your value and expertise and set you apart from the competition. Forward-thinking law firms are using litigation analytics to access these critical insights without hours of research.
When you make this effort, clients will trust that you are taking their matter and their investment in you seriously.
2. Highly strategic in how you handle your practice and your cases
Whether it’s in the courtroom or in your office, you will never rely on intuition alone. Similarly, you would never stand before a judge and ask them to make a ruling based on your gut feeling. You always present evidence. Likewise, you will do the same when it comes to the business of your firm and your clients.
You will rely on data to strategize your firm’s next steps. At any given moment, you’ll be able to reference real-time financial metrics including how much revenue you’ve earned year-to-date, which clients owe you the most money, which clients consistently pay on time, and which practice areas are most profitable. You’ll depend on these profitability measures to determine how to invest your firm’s time and resources.
You’ll also rely on data to make the best decisions for your clients’ legal strategy. For instance, you’ll rely on legal analytics to understand how judges are ruling, what orders they’re issuing, and what motions they’re denying and accepting. You’ll have a grasp of their mindset, based on their most recent activities, so you can frame your case accordingly.
You’ll also have evidence to help you know what to expect from opposing counsel, and prepare accordingly. You’ll know if they’re reasonable and quick to settle, or if they’re contentious and eager to battle through trial and beyond.
3. Employ the best talent and tools
You will optimize the intelligence and ability of every employee. As your team strives to give you and your firm’s clients their best, you’ll support them by providing the very best technology to help them achieve the best results efficiently and effectively. Your associates will appreciate your investment in their success, and be loyal because of it. You’ll demonstrate that you value them and their time by making technology investments that make their lives easier – and delivers answers faster.
Are you ready to be this kind of firm? Are you ready to launch yourself ahead of the competition by embracing the attributes that other firms overlook? Then you owe it to yourself to take advantage of a Westlaw Edge free trial, which leverages the power of artificial intelligence to provide strategic insights and answers with the highest accuracy and speed.
“Westlaw Edge has already changed how we practice law. In just the few weeks that we’ve been able to use it, it’s clear that the distinctive advantages that it provides are already clear.” Kenny Ramirez, Attorney, Girardi | Keese
Remember, in today’s ultra-challenging legal environment, where small firms are often competing with much bigger firms, successful law firms seek every advantage to level the playing field. Join them by signing up for your Westlaw Edge free trial.
“While bigger firms have more people and may have the same technology as we do, our research abilities and our ability to analyze situations is as good or better than any of them. With Westlaw Edge, the number of people that a firm assigns to a file isn’t determinative of research capability. In that way, Westlaw Edge evens the playing field.”
– Vince Louwagie, Partner, Anthony Ostlund Baer & Louwagie
Source: Above the Law, October 5, 2018 (https://abovethelaw.com/small-firm-center/2018/10/3-things-small-law-firms-should-be-doing-but-many-arent/)