Legal practices can maximize profit while tackling the economic challenges
As a fifth of legal buyers are still reporting that recovering from the pandemic is a top strategic priority this year, the prospect of weakening consumer confidence and economic downturn is sure to place efficiency and profit maximization as core challenges and priorities heading into the New Year and beyond.
While there are ways to pay now and grow quickly, there are several tools you can employ this year that enable you to grow more organically and stabilize your returns over the course of the year – placing you in great stead in both the short- and medium-term for quality, consistent growth.
Here are four ways to grow organically devised from our recent whitepaper, and how digital software and legal technology can help you realize them:
1. Increase business with existing customers (and utilize previous customer data)
Might sound obvious, but the easiest and cheapest marketing wins come from utilizing existing customer bases as they are already aware and engaged with your brand and services, and if you did a good job the first time around – they’re likely to come back again. In fact, it costs 8x as much to sell to an existing customer compared to a new one.
As to which customers to focus on? Your case management system should be a goldmine of information to utilize cost-to-serve and profit contributions, highlighting where the greatest return on investment lies in terms of individual clients, and the departments that are primed for further development and investment for greater growth.
2. Embrace the hybrid office
Hybrid working is proving to be the new normal across most firms and there are several benefits to it, particularly from a cost-saving and a human resources perspective, but the balance needs to be there in terms of functionality and productivity.
Employing digital tools and software across your business so that the day-to-day can be conducted from anywhere without security issues or logistics concerns – so we are looking at case management and document management day-to-day here – is of paramount importance to ensure a seamless transition from office days to ‘work from home’ days.
3. Get more from less with automation
Digital solutions make working life easier, with automated processes and workflows that save time and allow professionals to get on with using their core skills, expertise, and experience. This is critical at a time when firms need to achieve more with fewer employees.
4. Attract and retain the right people
In this competitive market, securing the right people is crucial.
Many firms are having to pay more to attract and retain key talent. They are combining this with an improved employee value proposition such as increased benefits and a company culture that positions the firm as an employer of choice.
Lawyers and support professionals are also looking for firms that can offer the best opportunities for learning and growth. New recruits are looking for a clear path to promotion, the opportunity to work with the most interesting clients, and more flexible ways of working to improve their work/life balance. Implementing digital solutions means that they can be more productive, and help your firm achieve more in less time – it also shows that the firm is forward-thinking and assisting them to develop faster and reach mutual goals faster.
This article has been created as part of the launch of Advanced’s ‘Achieve more with less’ whitepaper, which looks at how legal practices can maximize their profit and grow as an organization while tackling the economic challenges they face in 2023. Click here to download the whitepaper and learn more by clicking here.
