Actionable strategy, not the newest technology, will help win more work for your law practice.
Legal services sector inundated with law practice management technology
The legal services sector is inundated with legal technology companies seeking to streamline the practice of law. But you’ll find a comparatively small number of informed, experienced legal business development strategic thinkers available to help you win new clients.
The Financial Times has reported that there’s now “too much [legal] technology”
As the Financial Times outlined in October, 2019, when reporting on the proliferation of technology in the legal profession: “The priority being given to technology is the result of clients demanding more services for less money, the encroachment into legal affairs by the Big Four accountancy firms and competition from nimble providers offering alternative legal services. Lawyers now recognise that the sector has to change, and fast, but the problem now is too much technology.”
Technology is fine. It’s needed. But it won’t directly add top line revenue to your law practice. It will help you better serve your existing clients, but it will have little or marginal impact on your ability to attract new clients.
A well-designed, properly deployed strategy, will add top-line revenue to your law practice
What will help you attract new clients is a solid strategy for developing new business which you can deploy consistently, and which produces tangible results. This strategy would increase your client base, adding top-line revenue to your practice, and providing you with a stronger reason to streamline your practice with new legal technology. Legal business strategies, therefore, should be priority #1 for your law firm, followed by technology – because without a solid plan to build your revenue – your law practice, simply put, won’t be in business – vitiating the need for new technology altogether.
How much are you thinking about business development versus new technology?
In the last year – how much time have you put in to finding solid, strategic counsel to guide your ability to build top-line revenue for your law firm – versus streamlining your practice with new technology? I’d imagine in the current dynamic in legal services, you are likely to have put much more thought into practice management technology than legal business development strategy.
You don’t need much technology to build law practice top-line revenue
Before anyone tells you that you need sophisticated technology to build a legal business – you don’t. You can build a 7-figure book of business for your law practice with little more than a laptop – and a good business development strategy (I know, I’ve done it).
If you would like help with putting together a legal business development plan custom to your law practice — that will produce more clients – contact me via the form below – and we can arrange for a time to discuss how I can help you.