Over the last decade or so, we have seen a sea change in how the legal industry functions. There has been a lot of change in the industry’s functioning with innovations and new ideas of doing business coming up on a regular basis. New players have cropped up causing lots disruptions in the way business is done. The traditional way acquiring new clients has given way to new methods marketing and promoting a law firm. A lot of emphasis is now being placed on developing a law firm network. It has become imperative for law firms to develop strong networks to acquire new clients or else they would struggle to survive in this fiercely competitive profession, where the supply of lawyers far outstrips its demand.
With customer satisfaction paramount in today’s world, not that it wasn’t earlier but it has gained even more prominence.Law firms, especially the younger generation, are coming up with new and innovative ideas to keep their clients happy, seriously challenging the old guard. Clients need more value for their money and you have to get creative in how to satisfy your clients. Also, with the world becoming a Global Village where law firms get to represent clients from around the world, you too have to think global, and being part of an international law firm network should be your top priority.
How to Grow Your Law Firm
Growing your business is the primary objective of any organization, and it is no different for a law firm. There are many ways of growing your law firm, depending on what your strategies are, your goals, your clients, etc., but an important aspect of it is being able to develop strong networking capabilities. Leveraging your networking proficiency can help you a lot in growing your law firm and achieving your goals and objectives. Discussed below are five ways in which networking for law firms can help you grow as a firm and achieve success in this new world order.
Law Firm Network offers you instant access to renowned lawyers from around the world. You can trust them to treat your clients the same way as you would have treated them. The most important aspect of networking is that you build a lasting relationship, unless of course there is some serious breach of trust. Network also ensures that quality of service is maintained. It allows for a standard quality control mechanism with proper due diligence procedure in place. When you build trust with other member firms in the network, you can confidently work with them in whatever jurisdiction they are present.
Most valuable part of any business is Human capital. Importance of personal connections can never be undermined, and it has become even more valued in today’s highly dynamic world. With the highly fluid nature of relationships where affiliations can change overnight, networks provide some sort of insurance to it. You are already aware of the value of relationships in the legal profession and how important it is to your success, and networks too, understand that it is the lifeline of their organization. The functioning of networks allows you to build trust and understanding with fellow members from around the world, which ultimately benefits your clients.
Network membership allows you to give feedback to your marketing efforts. In all likelihood your marketing efforts are directed towards garnering new business from your local or regional market, but the network allows you to expand your reach to other jurisdictions within your country or even to other countries if you are a part of an International Lawyers Network. You can even choose your jurisdiction where you want to make your presence felt.
Individual lawyers or lawyers from other member firms develop strong interpersonal relationship. There is a strong bonding among them, and they commit themselves to being experts to other member lawyers in areas of law in which they have exclusive expertise. If a member lawyer needs advice in a certain area of law, they can approach any other member lawyer who has the requisite knowledge and experience in that field. It could also be for multi-jurisdictional cases.It means you have support for every aspect of law, that is, different practice areas or different jurisdictions.
And last but not the least, with Law Firm Network there is no dearth of referrals. If a member firm needs any advice or solution for some case in your jurisdiction, you would be the first person they would call. Similarly, if it is an international matter that relates to your country and you are part of a Global Law Firm Network, your firm would be the first to be approached. It is not because they found you from some legal directory, but it is because of the trust and confidence that they have in you because of being a member of the same network.