Ten Strategies to Add Ten Million Dollars to Your Law Firm
It’s a grim reality. Since 2007, more than 2,000 mid-size law firms have either merged or closed their doors. Most of these organizations simply could not stand up against the tidal wave of market changes that have swept over the legal industry in the past several years. Three such changes have shaped the economic reality that mid-size law firms, those with 20-250 lawyers, face today:
- Corporations now place downward pressure on fees and compel law firms to compete on price for every matter. Relationship-driven business models are diminished. It doesn’t matter who you play golf with anymore. If you don’t win the RFP, you don’t get the business.
- The age of the full-service law firm is dead. General Counsel are now expected to handle many tasks that formerly they would have outsourced. This means in-house counsel brings in outside counsel for their unique expertise. To win deals today, you must demonstrate uncontestable mastery of matters that in-house counsel does not want to or cannot address.
- The pertinent details of legal matters are now buried deep inside terabytes of data, often driven by social media. This has forced mid-sized law firms to develop technology expertise, which is not a core competency for most. The result is that large law firms with greater access to technology experts and systems are much better positioned to handle big-dollar clients.
The impact of these changes on mid-size law firms are often quite challenging:
- Overall growth is near stagnant.
- It’s become a buyer’s market as firms fight for market share.
- Consultants and legal processing organizations take the commodity work.
- Partner equity and loyalty are fleeting.
But all is not lost my friends. In fact, at LOGICFORCE, we believe this is the perfect storm for law firms who are ready to pivot to take advantage of the opportunities this disruption is creating. We believe you have two choices. You can wring your hands and do little to nothing and be swept away by the tide of these forces, or you can harness them into an energy source that will propel your firm to new heights of financial success. This eBook is designed to show you how to do the latter.
This eBook delivers insights that your law firm needs now more than ever across these ten strategies:
- Leverage Technology Advancements To Achieve Scale And Take On Bigger Clients
- Get Clarity On Your Firm’s Growth Goals
- Perform a Deep-Dive Analysis Of Your Technology Ecosystem
- Create A Technology Blueprint For Your Firm
- Get Bigger Clients By Demonstrating Data Security
- Conduct A Formal Wallet Share Analysis Of Existing Clients
- Increase Wallet Share By Offering Litigation Readiness Consulting
- Conduct eDiscovery The Right Way
- Realize Competitive Advantage By Expert Managed Document Review
- Don’t Try To Do it All Alone
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