Law firm success in the modern marketplace requires pragmatism

Law firm success in 2020 and beyond requires a real-world view and strategy rooted in experience.

A long-time LawBank member, attorney Rehan Hasan, recently shared the following thought in a recent case study:

“To be able to have advice and recommendations for clients that are cemented within pragmatism and the real world rather than from an ivory tower … that’s always made a lot more sense to me.” 

That thought resonated deeply with me. I think it reflects the mindset of many of our small law firm members. These lawyers have built their practices and firms from the ground up. They have had to take a practical approach to build their businesses.

The real-world lawyer

The tradition of law often carries with it a stigma of stuffiness and rigidity. The rigors of academia and law school make for well-prepared lawyers, but real-world lawyers need more practicality and adaptability. Most lawyers only gain those qualities after years of experience building their law business one client at a time.

Law textbooks only go so far in teaching new lawyers the arts of building a collaborative network or shifting processes to meet the changing demands of the marketplace. Sometimes, you have to experience a challenge first-hand to tap into the creativity and innovation you need to try a new approach. Sometimes, a trusted colleague can offer advice from their own years of experience that can help you right the course.

According to Forbes contributor, attorney Mark A. Cohen:

“Law schools teach students to: avoid mistakes rather than to search for creative solutions; avoid risk rather than to gauge the client’s risk/reward calculus; adhere to precedent instead of experimentation; develop a zero-sum mentality instead of a collaborative one; create the best possible legal work, not the solution to the client’s challenge; and to acquire a legal vocabulary designed to separate lawyers from the rest of society—including clients—instead of to promote a meaningful exchange.”

Successful business owners, including independent lawyers, must approach their work with more flexibility and openness. Clients need us to offer them something more than the status quo. To do our best work, and especially through global challenges, requires fresh ideas and a willingness to do something different.

The practical advantage

According to a survey from Thompson Reuters, fewer than one-third of small law firms have taken action to address their ongoing business challenges. These firms are missing a big opportunity, says the firm:

“In business, there is the concept of the ‘first-mover advantage,’ which holds that there is an advantage to be gained by being the first to offer something new to the market. While it is undoubtedly true that some small law firms have already taken a leading role to innovate their service delivery models, there remains ample fertile ground for other firms to implement similar changes, whether by improving business development acumen, creating optimal internal efficiencies for managing their firms, or adopting technology to streamline their practice.”

Taking a risk and trying a different approach has the potential to yield a better result. Reaching out to others in the field can also lead to mutually beneficial collaborations or spark new ideas that can bring fresh life to your law business.

End-of-year checklist

If you have found yourself hunkering down through the past year, it’s time to dig out and reach out:

  • Take time to assess the realities of your business and what needs to change for 2021
  • Ask for, or hire, help if you need it
  • Consider new technologies
  • Streamline your processes
  • Look for ways to deepen your professional connections
  • Collaborate with peers in the field
  • Assess your practice area offerings
  • Understand what your clients truly need right now
  • Tighten operations with practical approached to office space, overhead and staffing

Need help challenging the status quo? Reach out to us to learn more about our shared office solutions for independent lawyers and small law firms. We also help large law firms maximize existing office space.