In a review of over 400 law firms, Lexis Nexis report that 57% believe that law firm growth potential is more promising for 2015 and will lead into 2016 – more promising than has been in the previous five years.
From Big to Small Law, the legal market is undeniably experiencing a period of growth and change from an extremely challenging post-recession period. Amidst a wide array of surveys, stats and bias opinions, Citi’s 2015 advisory also reports that 53% of law firms expect demand increases this year. Whilst we can view the other side of the scale as finding 47% of firms expected a decrease, it’s the positive players that are having an evident and tangible change on the industry as a whole. How is that?
Not just claiming or anticipating increase demand, but capitalizing on it. Successful law firms are simply becoming more efficient.
Growth affects all elements of running a practice, from hiring, to marketing, task management and administrative duties. With this positive change comes a need for re-evaluation of firm management, spending, and the processes that optimize untapped potential. Position your firm to seize the demand out there. Failure to identify and capitalize on demand means falling into the negative statistics, losing out on profits, generating bad debt and more. Potentially worrying, but extremely preventable.
Opportunity Costs – But do you know how much?
How do you measure profitability within your firm? It seems simple, but many lawyers can’t identify the right metrics to measure, which in turn can lead to misguided spending and time allocation. Think margin growth, not revenue growth.
In this competitive, growing market, operations such as driving business to your firm accumulate “non-billable” hours – an efficient lawyer’s worst nightmare. Allocating time versus money spending on business development is crucial. Where does your efficiency sweet spot lie? No matter what size firm – the answer should be in your task delegation. The more you delegate and automate, the more time you have for legal practice.
Source your clients, spend smart, and seize the return. Our latest insights into legal marketing have proved extremely successful and helpful to firms. Law firm advertising is now spread across a multitude of platforms, from social media to bus stops, and depending on your practice, all hold a different value for you.
Automate Payment from your Client to your Pocket
In a modern day of tapping, swiping and instantaneous payment – a staggering 73% of law firms still experience past due accounts from clients. Many law firms are snail-mailing bills, and waiting, hoping, or not getting paid. For the “lucky” ones, the average law firm has a wait of 83 days for full payment of fees from clients. Not extremely efficient. Automating credit card payment from directly within your legal practice management platform is seamless, convenient and enhances your overall business potential.
The second step to ensuring law firm growth is, therefore, ensuring your payment process is client-facing. Clio Payments, powered by LawPay, is an automated credit card processing system from which your clients can efficiently and automatically pay you, without waiting on mail, funds or other common obstacles that slow down your firm’s cash flow, contribute to bad debt and delay your client intake and business development.
Have time to learn more? Listen in to Clio’s on-demand webinar on your commute today as we address the main growth factors and challenges for firms, and break down the key tactics and tools necessary for growing your firm by law firm automation.
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