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Competition Is Major Barrier to Law Firm Growth

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Summary: In the present legal market, attracting new clients can be difficult. Read on for some tips and tricks to overcome these challenges.

Competition is a major barrier to law firm growth. Find out why and what you can do in this article.

According to BusinessofLawBlog.com, there’s some cutthroat competition going on at law firms right now. In a new survey of 400 law firm marketing and business development professionals, over half (52%) said that competition is the top hindrance to law firm growth. The survey sampled firms of all sizes, from less than 50 attorneys to over 500 attorneys.

A majority (85%) of respondents agreed that strategies and initiatives required to win new clients has shifted. Similarly, most agreed that law firm marketing and law firm business development were two distinct actions.

Interestingly, close to a quarter (23%) of the firms surveyed stated that no business development function was in place.

As a law firm, what can be done to attract new clients in such a tricky market?

The American Bar Association has provided some pointers. First, it’s important to understand the difference between marketing and sales. Marketing builds the firm’s name, and sales is the ability to demonstrate to clients that the firm can help them resolve their problems.

Part of branding, whether attorneys like it or not, is having a presence on social media. Attorneys don’t have to plaster their Facebook walls with information about their firms, but it is a good idea to create a savvy LinkedIn profile, join LinkedIn groups that relate to one’s practice and experience, and even start a blog.

Attracting business largely depends on one’s involvement in the community. Clients will not come to a firm if they have never heard of it. It’s a good idea to join trade associations and attend their meetings, as well as join volunteer organizations and get involved in causes that are important to the attorneys. Many law firms take on a specific project that both helps the community and boosts their reputations.

Law firms should also make sure their websites are well organized and contain the latest news about the firm, as well as any important upcoming events the firm is involved in, Lawyernomics adds. A dynamic website engages more clients, research has shown.

To attract website traffic, post articles, videos, and other relevant items that will engage the audience. Did the firm recently win a major case that changed the law of the jurisdiction? Was an attorney involved in a highly cited research project? These pieces should be easily accessible on the website.

Clearly, law firms must update their marketing and sales tactics to keep up with the new age of the legal realm. Otherwise, their tech-savvy competitors may take their prospective clients.

Source: Business of Law Blog

Photo credit: diginomica.com

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