A Successful Law Firm
Running a law firm can be a very lucrative enterprise, with leading firms such as Kirkland & Ellis and Latham & Watkins having annual revenues of around three billion dollars, generating huge profits. Of course, these are large and well-established companies that have gained enviable reputations over a prolonged period of time, but what can law firms of all sizes, new and old, learn from their example?
Finding the Right Clients
One thing that unites the world’s wealthiest law firms is that they focus heavily on attracting and retaining premium clients. This is even more important for law firms that operate with a relatively small number of partners, as time wasted on low level clients can seriously impact upon both profitability and prestige. Smart law firms know to target potential clients that offer higher profits per partner, as this is the vital equation when it comes to creating, sustaining and building a successful law firm. As you might expect, there’s fierce competition for premium clients, but the key to increasing your chance of winning them is to engage in regular and open communication with them, addressing their problems and revealing how your firm can solve them.
Learning from Others
Because law is such a competitive business, it can at times seem like a dog eat dog world, but in fact the most successful law firms in the world recognize the importance of learning from others in their field. When running your own law firm, you should be prepared to attend seminars and other networking events where you can mix with, and learn from, your peers. It can also prove helpful to subscribe to a leading law firm newsletter from a high reputation provider such as Lawbiz, as they not only keep you up to date with changes in legislation, they also contain a plethora of business tips that can help your firm reach its true potential.
Marketing Your Law Firm
Law firms are a unique corporate entity, but just like businesses in all sectors, one thing is of vital importance when it comes to gaining customers: marketing. Modern law firms have to use their online presence as the central aspect of their marketing strategy, and this also means that they should have well-maintained and regularly updated social media profiles that promote the firm as being professional, reliable and forward thinking. The regular production of newsletters can also help to sell your company and its services, and it’s important that these newsletters should be sent to existing and target clients. Contributing to books, newspapers and other media outlets can also help to get your law firm noticed by all the right people.
Having high quality partners and employees is essential to the success of the law firm, but every firm also needs to think seriously about how to attract premium clients, build reputation and market themselves in a way that provides a significant return on investment. However big a law firm is, one of the best ways to do this is to build up their reputation by networking with peers and learning from the examples set by law giants such as Kirkland & Ellis.