SOS Legal eBook Offers Insights Into How to Grow a Law Firm

April 29, 2020

The legal industry has become increasingly competitive. From case management and operations to client relationships management and compliance, you need to handle all the moving parts cost-effectively so you can improve your law practice's bottom line.

After serving the UK legal industry for over 33 years, we have learned from the markets, our clients, and industry trends on how to effectively grow your law firm in today's technology-centric business environment.

We are presenting these insights in the new ebook titled "Grow Your Law Firm: an Insight Into Strategies and Legal Technology" to help IT directors, partners, practice managers, and business owners select the right technologies to support their law firms' growth.

The ebook will review four main strategies to scale your law practice, as well as the associated technological considerations when implementing these business development and marketing strategies:

  • Diversification of offerings
  • Expansion into new geographical markets
  • Mergers and acquisitions (consolidation growth strategy)
  • Restructuring for profitability

Here's what you'll learn about growing your law firm in each section:

Diversification of Offerings

When you enter new markets or practice areas, you need to manage multiple areas of law under one roof. Using the right technologies can help streamline administrative tasks and improve efficiency while minimising errors and delays.

A robust case management software enables you to consolidate all the processes and workflows onto a centralised platform. The ebook will review the key functions you should look for, including legal practice management features, legal practice analytics tools, as well as legal CRM, marketing, and customer service software.

Geographic Expansion

If you’re faced with a maturing or saturated market, expanding your business to a different region will allow you to reach new markets and potential clients. The right technology stack can help you scale up quickly without a large upfront cost.

There are many technological considerations when you open a new office space in a new location. The ebook will show you how to evaluate initial and ongoing costs, legalities and compliance, pricing structure, and the scalability of your system.

Mergers and Acquisitions

Merging with other law firms can improve your competitive strength by extending your reach, building capacities, and improving financial efficiency. A well-designed system can help you unite workforces, objectives, and ideas so you can optimise the benefits.

To ensure a successful merger, you need to unify different IT environments and legacy systems. The ebook will discuss the key steps for creating synergies among various systems and using the right technologies to consolidate processes and improve operational efficiency.

Restructuring for Profitability

You can restructure your law firm to increase revenue and/or reduce operating expenses. An agile practice management software can maximise efficiency and reduce repetitive administrative tasks so your teams can be as productive as possible.

The ebook details the key functions you should look for in an integrated case management platform, such as cash flow management system, client communication tool, automated time capturing and reporting capabilities, and the ability to capture disbursements. Effective use of CRM systems allows for the growth of both large and small firms, by focusing on better servicing existing clients.

The Key To Growing Your Law Firm

The successful implementation of any growth strategy in today's fast-changing and competitive business environment requires the support of the right technology solution.

You need the ability to integrate processes and automate workflows so you can improve cost-efficiency, scale up quickly, and boost your bottom line.

Not to mention, the right technology can help you better organise your case management processes while staying compliant with fast-changing and complex regulations.

This ebook will show you how to assemble the right stack and structure your system to effectively grow your firm.

 

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