It’s no secret that the legal industry is undergoing change. From the shift away from hourly billing, to the downward price pressure, to the growing importance of technology, changes are happening across all aspects of the business. In order to stay ahead of these changes, it’s important to understand the catalysts behind them, and one such catalyst is the needs of consumers. Recently, Eileen O’Loughlin, Legal Market Analyst for the online technology consultancy Software Advice, released a new report which shared findings to assist law firms as they work to restructure their practice to better serve their clients. We had the opportunity to speak with Ms. O’Loughlin to dive deeper into what her research uncovered. Below are her thoughts on how consumers are playing a role in reshaping the legal industry.
The legal industry has operated on a time-based billing model forever. But, as you may know from our previous post about why the law firm business model is broken, billing for time doesn’t scale (if you haven’t read that post, you should probably read it before you continue). The lack of scalability in the legal business model actually creates a significant barrier to growing a law practice. This begs the question, why do so many law firms bill by the hour? And where are all the innovative, scalable law firms? In this post, we’ll answer these questions and also explore some ways of rethinking the legal business model with a greater focus on scalability and creating opportunities for growth.
If you aren’t constantly looking for ways to adapt and improve your business, it will become stagnant and you will struggle to achieve growth. The beginning of a new year is the perfect opportunity to look back on all the successes and failures of the past year, and to start thinking about where you can improve and how you can continue to grow your business over the next 12 months. In this post, we’ll provide a list of the top 8 things you can do to grow your law firm in 2017.
While bonanza judgments and salacious headlines typically draw more attention, the overwhelming majority of disputes in the United States are for cases where the amount in controversy is $25,000 or less. This means lawyers will get their fair share of inbound small dispute leads over time, but it’s tough to justify representing these clients due to the low stakes of the case, so they may end up just tossing those leads aside. However, new developments in legal tech present new opportunities for efficiently monetizing small disputes and cost-effectively representing those prospective clients, rather than turning them away. This post contains tips on how to represent a small claim client, as well as a list of legal technology resources that can help you generate a profit from these types of cases.
I’m a firm believer that any business can get ahead by staying up-to-date with the latest technology. Consider a restaurant that brings your bill written out by hand on a paper ticket vs. one where the server brings a tablet and swipes your card directly at the table. Or think about walking into an Apple store, where there are no cash registers, but just helpful employees with iPhones checking out guests from anywhere. Seamless customer experiences like these create a better impression and give the business an essence of luxury. In this post, we’ll discuss three ways you can use tablets in your law office to create a more high-end, luxurious experience for your clients.
Many law firms assume that website visitors will come back to their website several times before they decide to submit a form or call for more information, as long as they are interested in the services the firm has to offer. But studies show this is actually far from the truth. If you fail to convert a website visitor on the very first visit, they will be highly unlikely to return. For this reason, first impressions mean everything for law firm websites. In this post, we’ll explain why that’s the case and provide 10 actionable tips to help you improve your conversion rate on the first visit.
Online advertising is a process of assessing people’s intent based on their activity, and then serving them ads for relevant products and services in response. This simple concept is what turned Facebook and Google into the behemoth, multi-billion dollar enterprises that they are today. One particular method of online advertising, known as “retargeting,” is particularly effective due to its ability to precisely identify someone’s intent. In this post, we explain how retargeting works and show you how law firms can use Facebook retargeting to get more leads online.
When you’re just starting a new business, your excitement is at its peak. You’re happy to put in the extra work required to get off the ground and start bringing in your first clients. But with time, the excitement wears off as you get caught up in the day-to-day grind. You stop fantasizing about growth and strategizing for the future, and your business starts to plateau. Growing a business is not easy, and this is especially true for law firms. Because law is a service business, it is very difficult to scale. But, that doesn’t mean you should settle for mediocrity. In this post, we’ll explain a few of the most likely reasons why your law firm isn’t growing to help you break through the plateau and get to the next level.
Law firms have always provided their services offline. But, more aspects of the day-to-day practice are moving online these days. Almost every firm now has a website and relies heavily on email for communication. More savvy firms have invested in online marketing channels and adopted cloud based software. These trends show us some of the the power that technology brings to an otherwise brick-and-mortar industry. But if you really want to scale and grow a law practice, you need to make the transition from an offline business into an online one. You need to be built upon technology, not just enabled by it. Here’s how you can turn a law firm into an online business in 6 steps.
In the tech world, data is a hot topic these days. You hear about it all the time. But in legal, the topic of data rarely comes up, unless it’s some security breach or privacy issue. In typical legal industry fashion, we are behind the times when it comes to leveraging data for business purposes. In this post, we explain the notion of data quality, explain how to improve law firm data quality, and examine the importance of these concepts to running a successful law practice.