Trends are important to a growing law firm and an already established to keep up with the market. Unseen changes often need to be made and this can be successful with proper knowledge and preparation. Revolutionary as this it is, it’s a Lawyers Help Lawyers way to inform our friends in the legal community. Here is our list for the 3 Most Important Legal Industry Trends That Are Reshaping Law.
1. Professional Client Relationships
The demand for legal services is as usual on the rise, yet, clients are asking more for less and the percentage of work for traditional law firms is declining. According to Green Target these clients are moving in a different direction toward in-house legal services or alternative service providers along with legal tech startups. The firms and players that can give clients the more for less demand rise above all others in the new legal industry. Client loyalty is pushed on the back burner for almost all business development teams. With clients turning more to RFP’s for legal services the client relationship can help the law firm’s reputation and contribute to the increase in demand and revenue.
2. Expand Your Services
2017 has been engulfed in Social Media and other engaging tools more so than ever before and law firms and attorneys have started using these technological tools to their advantage. Along with tweeting and facebook the legal industry has been using Blogs to educate and connect with the cliental about the services the firm and attorneys offer. The main purpose for these blogs is to differentiate individual firms from their competition. Law 360 reports that 42 percent of people with blogs have had a client because of a referral or as a direct result of their blog. All of the social media and blogging is a way to connect and build their brand with customers. Connecting back with how important a professional client relationship is, all of the different social media and technological connection sites according to the Balance could help with the relationship and grip a larger audience for branding and advertising. It could also diversify your cliental and could help increase revenue.
3. Firms Merge Together
The Daily Herald talked with former Brady Jensen partner Mike Deutsch about the merging of his firm he states “More Bench Strength… “Running a smaller (professional services) firm is really, really challenging,” he continues “We wanted a good landing spot for our clients” There is a lot less personnel client interaction when it comes to larger firms merging, yet, the administrative support and efficiencies the smaller firms can’t afford makes up for it. Instead of fighting against those who present such a threat collaborating with them and providing what they be lacking could benefit all when it comes to available resources.
Every industry is changing and creating new trends we believe that these 3 important trends are reshaping the Legal Industry and in order to conquer the industry you have to be able to keep up with the change. These are just the minimum trends but the most important to stay ahead.