If you run a law firm, then there is a little secret that you are in on that many people don’t quite understand. A law firm is a business! To keep the practice open, you have to make revenue, and that means satisfying clients, making new clients, and getting the most value out of the work you do. With that in mind, law firms often find themselves affected by business trends. That’s the name of the game, and if you run a small law firm, those trends could have a big effect on your business.
The Latest Business Trends That Will Affect Your Small Law Firm
- Net Neutrality– At first this may seem like an issue that will only affect the tech industry, but it could have an effect on law firms as well. More people and companies may file lawsuits as the details of a post-net neutrality world are worked out. This means high-tech business for firms, but it could also affect how these firms market. If an Internet service provider blocks or throttles advertisement content for attorneys, it could lead to law firms paying ISP’s for unthrottled access to potential clients. This is an issue that all law firms should be heavily invested in.
- Mobile Tech Boom– Everyone has a smartphone, but the industry hasn’t reached saturation. That means the market is still growing, and that means mobile-friendliness is going to be a big part of business. Does your firm have a website? Is that site mobile-friendly? More people are doing more things from their smartphones, and that means law firms that didn’t think they would need to market in that area need to readjust their expectations.
- Human Interaction– Some experts are expecting a backlash against automation and AI. This means one-on-one human interactions could come back into the spotlight. Some businesses are answering this trend by communicating with customers through text messaging. Having a plan to behind this strategy couldn’t hurt your practice. Enabling Internet calling is also a way to increase the options clients have to communicate with your firm directly.
- Increased Outsourcing– As running a business becomes more complicated, more law firms are opting to spend less time managing the business and more time practicing the law that props it up. This can be difficult since a poorly run business will fail even if its services are fantastic. To meet this new challenge, more law firms are outsourcing tasks like accounting and IT. This trend will be a major part of 2018, and it will also allow attorneys to provide a higher quality of service to their clients. Be sure to explore your firm’s options this year.
Among all these trends, an increase in technology is a connecting thread. This means that small law firms are going to need to find ways to become more technologically advanced without breaking their budgets. It is a balancing act, just like every other business, but the IT professionals at Exactify.IT are setting the scales back in your practice’s favor. Look into our technology-based services and you’ll find answers that address many of the latest trends your firm needs to meet head on. Contact us if you have any questions about how Exactify can move your business forward.