While there isn’t a magic formula law firms can use to become highly successful, there are certain characteristics the top firms in the sector share. Adopting these characteristics can help your law firm become bigger, better and more successful.
Here, we’ll reveal some of the most important characteristics of a successful law firm.
They adopt a business strategy
One thing successful law firms have in common is that they have a clear and concise business strategy. This lays out the plan for the business over a long period of time. The majority create a strategy which will run over three to five years.
A good strategy will include information on how the firm plans to secure any finance it needs, as well as the scope of business activities. The more thorough the strategy is, the better chance of success a business has.
Offering USPs to set them apart
There are hundreds of law firms so what makes some more successful than others? Part of this answer is they offer USPs (Unique Selling Points) to set them apart from the competition.
If you truly want to beat your competitors, you’re going to need to offer your clients something different. What would make them choose you over your competitor? It could be your firm has more affordable prices, or you could specialise in specific types of law. Any type of unique selling point you can add to the business will help you to become more successful.
Overseas expansion
There are hundreds of UK law firms which can be found dotted around other countries. Global expansion is definitely one of the key characteristics of a successful law firm today.
So, if you’re looking to become more successful, you may want to look into expanding your operations overseas. Of course, international law firms need to have extensive knowledge on the different laws pertaining to each country they operate in. This means it’s definitely challenging to gain success overseas. However, if you can crack it, you’ll become much more successful if you can operate globally.
They take care of their clients
Client retention is a very important part of a law firms’ success. This means, you’re going to need to make sure that you take care of them. Other firms will have no issue trying to steal your clients away from you. So, if you haven’t taken adequate care of them, they’ll have no problem jumping ship. Always follow up with clients to check if they’re happy with the service and look at strengthening your customer service approach.
These are just some of the main characteristics successful law firms share. While there’s a lot of factors which contribute to a company’s success, having the characteristics above definitely increases your chances.
