The legal industry looked way different three years ago before the pandemic hit. The sudden change had a massive impact on all types of businesses including law firms. The economic crisis affected both large law firms and small law firms. Research shows that most corporate clients are now opting for smaller law firms – in order to save money. Firms that can provide quality work with personalized services and low rates are being sought after. This gives small law firms an edge! Although the current situation may be in favor of small firms, they still face struggles and difficulties. Here we list the common challenges of small law firms every attorneys must know.
Source: Thomson Reuters 2022
Attorneys are too busy practicing law and have little time to do mundane admin tasks. Due to the limited number of employees, admin task delegation is a real challenge! Trying to manage business operations properly and knowing how to delegate work to others requires experience and education in business management. If lacking in these areas, the firm will begin to see a decrease in practice growth.
Getting new clients and maintaining the old ones is never easy. Hence, learning different ways to acquire clients through referrals, marketing, and social media is a must! Especially for a small law firm that doesn’t have a large market share. Investing in the firm’s online presence, testimonials, reviews, directory listings, and overall branding elevates a law firm’s image. Without a marketing team to promote a small firm’s services, garnering new clients will be difficult.
A small firm with limited resources and very few staff will have a hard time acquiring and maintaining client relations. Strong skills are needed to manage a tight budget efficiently. Developing a strong business plan to acquire new clients is a must for growing revenue and keeping a small firm afloat.
Now here’s the good news! There’s an option to alleviate the struggles small law firms are facing. By outsourcing admin tasks, demand writing, case calendaring, social media maintenance, etc. to legal virtual assistants! Outsourcing legal virtual assistants can save expenses and time. Another good thing about hiring VAs is that they can work part-time. If the firm is cost-cutting and can’t afford a full-time employee, having VAs that work for just a couple of hours a day is beneficial.
Running a small law firm and starting your legal business is not easy but it’s possible. With the right strategy, planning, and management you can start, maintain, and grow a successful law firm.
For a detailed guide:
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