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5 Ways Small and Midsize Law Firms Can Improve Realization Rates
For over 20 years, I have been helping law and other professional services firms to win more business by building systems and processes that help them to win more with fewer resources. At many small and midsize firms, it seems that there is a constant "reinvention of the wheel" nearly every time that a pitch or RFP comes through the door, which wastes money and time and increases staff turnover. Smaller law firms can significantly increase their chances of competing with large "Goliaths" by bringing an industry focus, maximizing their digital footprint, building processes and systems around the pitch/proposal process, looking backwards for strengths, and engaging in social media.
1. Become An Industry Expert
To be blunt, clients are not very concerned with how law firms are structured internally. For example, a restaurateur doesn't care that one attorney forms her company while another works on labor and employment issues; they want a single point of contact and they want advice contextualized around their specific needs and issues. One of the most effective ways to do that is by shifting the focus from selling services to selling integrated solutions. By understanding clients' needs and pain points, law firms can tailor their pitches to address specific issues and demonstrate how their focused services can add value. That only comes from internal collaboration and integrating offerings under an industry-focused go-to-market strategy. At the very least, instead of simply listing out services and practice areas on your website, focus on showcasing the interdisciplinary issues, outcomes, and benefits that clients can expect by choosing your firm and list these results by industry. Think case studies and testimonials!
2. Optimize Your Digital Footprint
According to a recent Gartner study, legal and other B2B buyers are roughly 57% of the way through the selection process before they pick up the phone to contact a potential partner. After getting three or four recommendations from colleagues in their network, prospective buyers will typically Google the attorneys to see if the listed bio/industry/practice qualifications match what they are seeking. Trust me, nobody is going to call an attorney or firm to ask if they happen to have depth in an industry that they didn't see on the website. So in their eyes, if it's not on your biography or practice page, it didn't happen.
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