According to the Thomson Reuters Legal Executive Institute, 58% of legal clients are shifting at least some portion of their legal business every one or two years. That means a lot of opportunity for law firms.But also a lot of threat to an existing book of business.
This also points to a significant profit opportunity that doesn’t necessitate a large marketing budget or a team of business development professionals. All it takes is offering the kind of service that makes clients want to stay with you. And, even better, want to suggest you to their friends.
Here, we publish expert opinions that will assist litigation firms in increasing client value and revenue.
Expert opinion 01:
One of the essential steps is to show value by over-communicating in a simple way. I have stock emails that I send each client, individually, after every major step in litigation. This way the client understands, in simple terms, what to expect then and what to expect next. This not only pre-empts clients from calling and asking questions but leaves them much happier as they know their lawyer is actually doing something.
Credit: Andrew Lacy CEO- The Lacy Employment Law Firm
Expert opinion 02:
Steps for litigation firms to prove their value to clients and increase profits: When a prospective client is looking for an attorney to assist in a legal manner we like to have our paralegals interview the client before meeting an attorney. Every law firm must have a clear & streamlined onboarding process from start to finish. We are always welcoming of any questions from our clients and recognize as non-lawyers that they have lots of questions. However, this initial onboarding process can be time-consuming . Many attorneys do not have the ability to dedicate hours of time to answer routine questions.
We always make sure that our paralegal staff can assist with the initial onboarding process. Answer the typical questions related to personal injury claims in broad strokes. We also provide a topic-specific questionnaire to address basic questions that need answering. Only after the potential client has been properly vetted do we provide a full-blown consultation. After that, we are able to determine whether the firm would be able to provide value in resolving the legal matter.
Credit: DavidReischer CEO- LegalAdvice
Expert opinion 03:
Most successful law firms specialize in a particular field to maximize their output and expertise while providing quality service. However, often, lawyers will make a promise they cannot keep . Apart from this some time they offer general counsel for a topic that needs particular knowledge. A firm can optimize its client relations and provide the utmost value by honing its niche and choosing quality over quantity.
By outsourcing litigation support for more laborious and tedious tasks, you can free up your top lawyers to tend to your more significant cases and offer the service and attention they desire. More importantly, you will be covering the field of law you are supposed to be an expert in. Along with automating where you can, using CRM tools to reach a more comprehensive network. And by streamlining your office tasks, you can effectively mitigate the chance for error. And track metrics while increasing your profits over time.
Credit : JohnBerry CEO-Berry Law
Expert opinion 04:
At the end of the day, clients in need of legal services are very similar to clients in every other industry. Most obviously, they want results. Whether it is protection from future liability, or getting others to compensate them for a loss, ultimately, clients want law firms to do what they’ve been hired to do. Second, they want peace of mind – both for the present as well as the future.
Keeping this in mind, there are three essential steps that litigation firms must follow to prove their value to clients. First, they must demonstrate to the client that the firm has the means and motive to provide quality legal services. Notably, in addition to showing clients that they can perform specialized work, they must also show that they can consistently perform this work at a high level.
Second, they must demonstrate that the law firm acts in good faith. Specifically, they must show clients that the firm bills fairly and takes its fiduciary responsibilities seriously. Third, and most importantly, law firms must gain client’s trust. While everything in business has a price-tag, arguably the most indispensable part of any relationship is trust. If a law firm can earn and keep its clients’ trust, then they will surely be viewed as invaluable to their clients.
Credit : BrooksSaible CEO-SaibleLaw
Expert opinion 05 :
Law is a people business, and we strive to understand the client’s point of view truly and fully. To understand our client’s stories, we must look at their problems with a microscope to determine every possible course of action. This can be helpful to take appropriate steps to solve their problem. Not only can we solve these problems, but we can also relate to these stories with our own experiences in the field.
Oftentimes at Eyet Law LLC., we can easily relate our own past experiences to current predicaments. This can help clients feel at ease knowing we have handled their own problems or similar problems countless times. As mentioned above, our personable approach helps to retain clients. Our lead attorney, Matthew T. Eyet, is a very personable lawyer who is able to capitalize on his youth and wealth of experience in his field in order to reel clients in.
Credit:Matthew Eyet CEO-Eyet Law LLC
When you make an effort to learn what your customers want and then offer it to them quickly and effectively, the necessity for write-downs lessens. Even better, while the majority of your rivals’ clients are looking for a new lawyer, yours will gladly stay with you and gladly refer new business to you. Most legal firms these days are preoccupied with streamlining their business operations. This is one of the main reasons they aren’t focusing enough on the things that increase client value.
Professional litigation service providers can assist them in this capacity. It has the potential to be a significant cost-cutting measure. Rather than using specific corporate resources, specific legal services are outsourced to outside firms, local lawyers, or paralegals. Consider all of the mundane, ordinary jobs that can be completed with the assistance of others. You can save time, money, and minimize your workload by using the expertise of others. This frees you up to concentrate on what you do best. To put it another way, bringing in new business and providing excellent service to existing clients.