Since 2008, Solicitors and their firms have faced increased pressure from a financial perspective. Less conveyancing work, fewer developers with complex legal arrangements have resulted in firms reducing their teams, cutting hours and cutting the fees that they charge.
But now, some solicitors firms are fighting back. They understand that if they are to survive in the long term, they will have to be more proactive, clearer about why someone should do business with them rather than someone else and also more direct in their pursuit of new business. They are also aware that there is business in their existing client files as well.
One of the challenges that solicitor firms face is lack of key skills in the areas of marketing and business development. The logical view would be that some of the solicitors themselves could take on more of the responsibility. That’s where the dichotomy arises:
Solicitors do not see themselves as marketers or business development specialists and they shudder at the thought of winning business.
They also have the capacity to earn up fees in excess of €150 per hour
So why would you have a €150 per hour revenue generator doing work that you could pay someone else much less than that to do?
The answer lies somewhere in the middle.
Doing nothing is not an option. Doing the same as everyone else is marginally better but differentiating yourself is where the money starts to flow again. But are solicitors ready to stick their heads above the parapet and proclaim “Yes, I have a Solicitors Practice and I intend to grow it by attracting great client via referral and by other forms of marketing as well.”
If you have a practice and are keen to escape the dread of breakeven or loss making, contact us for a Free Practice Building Assessment today…