Three Mistakes Your Law Firm Is Making (And What To Do About It)
If your firm is:
- Failing to meet end-of-quarter goals
- Struggling to retain clients
- Stagnating as opposed to growing
It is important that you’re able to get to the bottom of the issue as quickly as possible. This is because they may be triggered by a mistake you are making within your firm, as opposed to being influenced by factors outside of your control.
With that in mind, here are three mistakes your law firm may be making – and what you can do about it.
Mistake One: You don’t have much of an online presence.
According to a recent study, 96% of individuals begin their search for legal counsel online. This means that firms with a weak online presence will never gain much traction, as it is nearly impossible for would-be clients to find out more about your firm or what you have to offer.
Fortunately, this can easily be remedied by taking some time to work on crafting or refining your online presence. This could include updating your website, running a blog, and posting more regularly on social media.
Mistake Two: You aren’t connecting with your clients.
For the most part, clients utilize your services during an incredibly trying time in their lives. If they do not feel properly supported by your team, they are less likely to use your services again in the future and may even begin to seek legal counsel elsewhere. It also means that they are highly unlikely to refer you to any of their friends and family.
You can remedy this by working on building a stronger connection with your clients. Make sure that you take some time to get to know them so that you can address any fears or concerns they may have. During your initial conversation, you should also manage their expectations for how often you’ll be in touch. This way, you don’t feel abandoned if you do not email them every single day with updates (especially if there aren’t any updates to give in the first place).
You should also be sure to ask clients for feedback as often as you can. This could illuminate any mistakes you could be making when it comes to keeping your customers happy!
Mistake Three: You’re handling your finances in-house.
While handling your finances in-house may seem logical to begin with, it is also something of a risk. After all, it means that you’re likely trusting individuals without much accounting know-how to take are of crucial tasks, such as billing and bookkeeping. This opens the door for a wide range of mistakes that could easily land your firm in hot water.
One way in which this can be reminded is by working with a company that offers fractional CFO services, such as FinOp Group. This way, you can gain access to the dedicated support of a trained accountant, who is well-versed in supporting law firms in achieving their financial goals. Get in touch today to find out more!
