The majority of the UK’s 10,000+ law firms can be classed as small. According to the SRA’s definition,
“a small firm can be best defined as a sole practitioner or a firm with no more than four partners, members or directors, which has an annual turnover of no more than £400,000.”
Do you have growth ambitions for your firm and, if so, what does growth mean? Is it about increasing your fee earner headcount to generate more fee income? Or keeping your headcount lean while becoming more efficient to increase your turnover and profits?
Many lawyers at the top of firms find it challenging to balance the duties of law firm management and of dealing with the legal work required by your clients. Planning and executing a growth strategy can be even more onerous.
And if you grow in the wrong way, you could end up with the type of business you don’t want.
Covid and your law firm’s growth ambitions
We appreciate that these are particularly tough trading conditions at the moment, not just through the financial pressures created by Covid-19 but also by the increasing amounts of Solicitors’ Professional Indemnity Insurance (PII) and other legal market challenges. Before 2020, the legal sector was already undergoing seismic shifts with disruptive forces reshaping the way legal services are purchased and delivered. Now the rate of change is being accelerated.
But with the right planning and strategies, there are still opportunities for your firm to succeed.
Top tips for growing your small law firm
For each one, if you’d like to learn more, you can click the link which will take you to one of our more in-depth insights pieces on the subject:-
- Deliver an excellent service for every client to retain as many clients as possible
- Dominate web searches to become the ‘go to’ firm for your areas of practice and locations
- Expand into other locations in an online / virtual sense
- Create effective systems - Map out and improve your processes
- Invest in new technology
- Look out for trends with online searches for practice areas
- Improve your business skills
- Know who your best clients are and– how do you get more of them?
- And say ‘no’ to more of the wrong types of clients
- Build your brand
- Improve your enquiry handling and client intake processes
- Develop your onboarding processes for new clients
- Aim to hire people with skills even better than your own
- Price effectively for the value you create - and be transparent about it
- Grow and maintain a solid pipeline of new business leads and opportunities
- Delegate more effectively – you can’t do it all yourself
- Outsource where needed
Want to grow your law firm? We’re dedicated to Your Law Firm’s Success
If you would like to discuss your law firm’s growth ambitions and how we can help you achieve your goals with our new Your Law Firm Success™ product, we’d be delighted to speak with you. Please contact our Chris Davidson on 03333 442 722 or by email (click here).
“In these challenging economic times it took a leap of faith on my part to pursue this course of action with Moore Legal Technology, but it was a leap that has begun to pay dividends. Our website continues to see considerably increased traffic and enquiry levels have grown tremendously. It continues to amaze me when I ask new clients where they found us and they reply ‘Google’. In a world where consumers have the choice, Moore Legal Technology has not only assisted in considerably increasing our digital marketing presence and revamped our website accordingly, they have transformed our investment into pounds and pence coming back into my business. I look forward to working further with MLT.” Director of a growing Scottish law firm