The role of lawyers during pandemic recovery
The past year has placed unique pressure on businesses and individuals alike, but legal services have remained essential. The response of lawyers during the pandemic recovery has set up firms to endure and thrive, in many cases.
As the recovery continues, what you need to know:
Clients need you more than ever
While some industries experienced significant slowdowns during 2020, many companies felt additional pressure to deliver their products and services. With added challenges from workforce planning to compliance, the pandemic added some new and unexpected complications to processes.
Thomson Reuters Acritas recently released its global law firm survey, which revealed how clients relied on law firms during the pandemic:
“The global pandemic…brought into sharp focus the importance for clients to be able to rely on their most trusted advisors...clients gravitated to their most trusted advisors and law firms, doubling down on their strongest relationships.”
Of note, reported the research group, firms with a clear and strategic focus fared much better in 2020:
“Firms that have had a strategic focus on building client relationships and clear definitions of the type of client they are focusing on, have benefited in this environment…those firms that are trying to be all things to all clients struggled in 2020, and will continue to do so going forward.”
If your firm fell into the latter category, you should spend time early this year develop a laser-sharp focus on a niche practice area or target client. Clients need to know that you have the expertise, attention to detail and focus on client service they need. If you can position yourself in the “most trusted advisor” category, you will set up your practice for success.
What law clients need most in 2021
That same Acritas survey showed that clients have become discerning when choosing lawyers and legal service providers. Another survey echoed the idea that law firms need to focus on client needs first and foremost, which many firms sadly gloss over.
The firms that will win business will demonstrate:
- A deep understanding and concern for client pain points and challenges
- Open and frequent client communication
- Willingness to collaborate and streamline processes
- Clear vision, mission and values
- An ability to work with in-house general counsel and understand their needs
- Tailored and individualized services
- Clear differentiators from others in the field
- A dedication to learning and staying informed about client developments
Savvy independent lawyers and small law firms don’t need to be a household name to win business in 2021. They do need to excel at client service, and they need to deliver top-notch legal know-how.
Changes to make now
Even if you have a steady stream of prospects knocking at your door, your firm’s financial health is likely top-of-mind this year. You are not alone. Across the board, law firms have shifted their thinking in how they operate in a post-Covid world. A Georgetown University report showed that:
- Firms now embrace nontraditional business models
- Lawyers have started to collaborate more with peer firms or other providers
- Technology innovations are a must and not a luxury
- Office space must favor efficiency and affordability over square footage
- Staffing and processes need to align with a more efficient business model
Before February closes, take the time to assess where you can reduce overhead and streamline your processes for this year and beyond. Reach out to other firm leaders to develop collaborative partnerships. Consider whether your current office continues to meet your needs, or if there might be a mutually beneficial opportunity to share space.
In addition, get really clear on which practice areas you cover and who benefits most from your services. This year could present a great opportunity to move into a growing legal niche service.
We work with small law firms in Las Vegas and Denver that want to build a strong collaborative presence in their markets. Our shared office environments in each city bring independent lawyers together in a collegial atmosphere that supports innovation and growth. In addition, we help large firms maximize their existing office space. What to learn more? Reach out today.
