Thomson Reuters conducted a study surveying corporate legal clients about shifts in their planning and priorities, yielding answers deemed highly significant.
Law firms are being asked by customers to accomplish more with less due to increased workload and reduced spending, despite their intentions to cut back.
Advocacy professionals should focus on boosting current customer revenue instead of relying on traditional methods for growth.
In this article, we will discuss the primary expectations of customers from a law firm and the methods to fulfill them. Keep on reading!
What are the current desires of legal clients?
Our customers have three main priorities when it comes to what they want from modern law firms.
Knowledge sharing
Share crucial information with your customers through newsletters, webinars, or knowledge tools to stay ahead of the competition in the ever-evolving industry landscape.
The success of this strategy relies on being relevant. Customers are busy and require only the most important information.
A newsletter containing superficial or unimportant content will be marked as spam. It is important to have a targeted and consistent flow of information to keep customers informed without being intrusive.
Timely and relevant guidance
Most law firms need to adapt their resources and expertise to align with evolving customer needs.
Our interviewees believe that their workload will grow in the upcoming months. Law firms that are prepared for and promptly react to this industry progression have the opportunity to secure a greater share of the market.
Achieving both speed and precision continues to be the primary obstacle for numerous law firms.
Customers expect their law firms to provide expert advice without delay, and there are various tools to support lawyers in adapting to new issues.
Efficient and successful service
Customers nowadays often expect companies to provide efficient and effective service, which can sometimes be interpreted as asking for services to be provided at no cost.
However, this situation offers smart companies a chance to enhance their collaboration with customers.
Interdisciplinary teams can respond to partner needs more efficiently and at a reduced cost by combining legal expertise and business technology.
Our survey participants identified offering resources and exchanging expertise as the primary areas of innovation needed for their organizations. Emphasizing agile and cooperative teams can help in reducing costs, meeting customer demands, and growing your business.
What strategies result in higher levels of growth?
Our study has found seven key strategies to boost your involvement in your client’s external expenditures even amid these difficult times. Additionally, we outline three effective approaches.
1. Original technique
Customers are becoming more discerning in identifying standout companies and those that provide greater value. Despite a competitive market that limits technology investments and opts for standardized approaches, there is a chance to drive revenue by embracing innovation.
This could refer to online meeting spaces, updated pricing models, or alternative methods of communication.
Discover easy methods to enhance customer satisfaction and differentiate yourself from competitors. Utilizing cost-effective innovations can assist you in navigating challenges and setting the stage for future successes.
Industry background
Customers heavily depend on external consultants to monitor legal and regulatory changes amid significant sector turbulence, which is putting enduring relationships to the test.
Even devoted customers may explore new companies that possess a strong understanding of their industry, regardless of any prior connection. Mitigate this risk by enhancing current customer relationships. Demonstrate your industry expertise, emphasize the value you provide, and maintain open communication to promptly address evolving needs.
3. Teams that work together in cooperation
Customers should bear in mind various definitions of “collaborative teams.”
With the help of legal technology, they have been seeking increased collaboration with their lawyers for many years. Establishing a culture of internal collaboration is essential for offices to respond effectively and profitably. While widespread remote work presents challenges, legal technology facilitates cooperation.
This method’s effectiveness lies in fostering a culture that values customer input and involvement. Involve customers in the legal process by providing them with instant access to documents and communication tools.
When the partner is involved in the process and works with an interdisciplinary team, they are more likely to be highly committed to their law firm.
Where should one begin to provide what customers desire?
You have already completed the initial step by understanding the true desires of most customers. Evaluate your knowledge of your partners and the resources you currently possess.
Increased involvement in your clients’ earnings will probably necessitate more careful planning. Substantial changes in resources, focus, and legal technology will significantly influence the law firm’s performance. Seek out resources that enable you to expand your investments gradually.
Whether you implement significant or minor adjustments, it is crucial to avoid staying stagnant. Utilizing the most advanced technological resources can significantly impact outcomes.
If you’re interested, visit our blog for more articles that can help enhance your legal practice.