Unlike previous years, the desire for firms to expand by merging with, or acquiring another firm has dipped. The bigger focus is on organic growth.
Bucking recent trends, this year’s Bellwether survey respondents were clear in their need for low-cost, or no-cost solutions. But, growing a law firm has never been easy, and given the current economic downturn, this new requirement could pose an additional challenge.
Thankfully, there are numerous cost-effective tactics for small firms to apply. Here are our top recommendations:
Network: online and face-to-face
Rita Gupta, Managing Director and Solicitor at LGFL Ltd, emphasises how important it is to “be everywhere, and be helpful.” Online events are the most cost-effective way to meet potential clients, and tell them about your services. This should be balanced with seminars, talks and PR events in-person.
Ask for referrals
As a small firm, your client network is your strongest asset when it comes to winning new business. If you’ve put in the time and effort to develop a high-touch client experience, this can pay off. Client referrals built on trust can lead to some of the strongest new business relationships.
Don’t forget your existing clients
Cost-effective growth doesn’t just come from new business. In fact, 79% of small firms said retaining clients will be a challenge in the next 12 months. Rosaline Connor, Managing Partner at Arc Pensions Law, says, “One of the wisest things I was told as a young lawyer was not to get so focused on getting new clients that you forget about the actual clients who are loyally with you right now.”
