Developing your law firm Part 1: What will make YOU stand out?
Developing your law firm is the best way to stay in the business. In this two part blog series, we will enumerate some ideas that you can consider to improve your practice -- and we’ll start by focusing on what will make you stand out.
Finding a law firm isn’t hard. Clients can always look for a law firm over the internet or get referrals from their friends and colleagues. However, clients generally choose a law firm that they feel has an edge on the market. Therefore, it’s important to know what your firm can do to stand out from the competition. Here are some ideas.
Strong value proposition
According to the 2016 Scottrade Advisor Services RIA Study, 53% of firms planned on developing or improving their value proposition to remain competitive.
Value proposition is defined as a statement that briefly states the benefits your firm provides and how it can help solve your clients’ problems. This statement can be supported by any professional achievements such as 5- star ratings, certificates or awards, client testimonials, team expertise and strength and years of experience. In order to stand out, you should develop a strong value proposition and use this statement to your advantage to retain existing clients and attract potential ones.
One of the challenges that the legal sector is currently facing is keeping up with their clients’ demands while still producing high quality of service. If you want your law firm to stand out, you must see this problem as an opportunity to integrate technology into your practice. In fact, a recent study conducted by Thomson Reuters stated that 47% of law firms adopted technology to their firm to improve quality of service and reduce costs in the last two years. This study goes to show that more and more law firms are starting to realize the value of technology in their business.
Investing in new technology such as dealcloser enhances your client relationships. Remember, technology is not a choice, it is a necessity in order to stay in the market and stand out from your competition.
Client relationships are at the core of any law firm and for you to stand out, you must learn how to maximize your resources to improve your client interactions. It’s a challenge for law firms to build rapport with their clients while carrying out large amounts of legal and non-legal tasks but transaction management platforms like dealcloser makes it all possible. dealcloser is a transaction management hub used to improve communication and transparency between lawyers and their clients during deals. Through dealcloser, you can eliminate communication barriers and provide both convenience and accessibility-- something that all clients expect from their law firms. More than just simplifying workflows and the transaction process, using a transaction management hub enables you to provide your clients something that other law firms can’t: making sure your clients feel like they’re your top priority during transactions.