How to Compete With Other Law Firms
As things stand today, the legal profession as a whole is undergoing some dramatic changes. There are more and more lawyers passing the bar each year and only 50% of these brilliant minds are getting hired by what used to be top notch law firms. Long standing practices that have been revered over the years as the pedigree of law practice are finding it harder to land big fish clients and are realizing that there is stiff competition for whatever top 1% clientele that are available. Add to that the fact that many big law firms are consolidating due to one reason or another and you will find that nowadays, anybody is a potential client for both the big and the small law firms. This expansion of clientele parameters has made life almost impossible for the small firms who can hardly compete with the resources, experience and glamour offered by big law firms. If 50% of all graduating lawyers are not getting, how are they to Compete with Law Firms that are much bigger and better financed than they are?
Is it possible for a new lawyer to start their own firm and compete with the big boys?
How to Compete with Law Firms that are out of your league
The answer to the previous question is, yes! Yes, a small law firm can compete and even edge out big law firms for clients. It will however, take great ingenuity, persistence and the fortification of a wonderful, albeit obscure, reputation. Here are some simple tricks that you can use as a new lawyer to compete with the big law firms for clients.
Keep your current clients
Clients need to believe that they are special to the firm. They also need to know that everything appertaining to their legal affairs are in great hands. Make sure that you go above and beyond for your current clients because they are the first people these big law firms will target when they start coming after you. If your clients are not happy where they are, they will be easily poached. However, if they are highly satisfied, there is a good chance that they will stay and put out a good word on your behalf. This can land you more clients.
Don’t be afraid to grow
Small law firms tend to be intimate affairs that often include just one lawyer. If you are to remain relevant in this business and if you are to compete with the big boys, you cannot be afraid to grow. Feel free to approach other small law firm owners and see what you can do about merging and forming a bigger firm. By bringing your experience, pool of clients and creating a bigger brand, you will become more of a force to reckon with.
It is all about little but constant increments
The fact that bigger law firms have better resources is not in question. They can outspend and out-market you. Therefore, you must find other ways to make sure that your brand remains relevant and visible. Be a little more active in your networking meetings; publish just a few more articles in various client industry journals; leverage social media more; get a little bit more involved in the community; care just a little bit more about your clients and what they want. It is the littlest of things that touch humanity. The assumption that most lawyers are sharks in the water who are out to bleed their clients dry is alive and well. Show people that although you are a shark, you are the kind that will fight for them as opposed to bleed them.
You have to try just a little bit harder; be just a little bit smarter. That is the only for a new lawyer to Compete with Law Firms.