Report maps out route to sustainable growth for law firms
A new report from legal software specialist, Access Legal, has identified three key priorities law firms need to consider to achieve commercial success post-pandemic.
Whether law firms look to grow or consolidate their position in the market, Access Legal’s report, How Can Firms Achieve Commercial Success in the Post-Pandemic World?, provides insights around sustainable costs savings, turning cost savings into revenue and unlocking the value of data.
According to recent figures from the SRA , the legal sector remained generally stable during the pandemic. From December 2019 to December 2020, the number of regulated firms fell by 1.9 per cent, with 426 new firms opening, while 539 closed. But the pandemic has led to many law firms re-evaluating current practices and strategies to cut costs, improve operational efficiency and boost both client and talent attraction and retention.
To support firms looking to achieve these goals, Access Legal’s report provides research and insights from across the industry. It reveals how one firm cut its printing costs from £12,000 in April 2019 to £200 in April 2020 to make significant savings, while its own research into training in the sector, found 96 per cent of firms want law specific training to help nurture talent for a pathway to growth. In the final section, The Real Value of Data, data-driven firms are found to be 23 times more likely to outcompete competitors in customer acquisition .
The report includes first-hand advice from legal experts covering cost savings, revenue and data. Liz Hulme, Practice Manager at Taylor Brown Solicitors gives her thoughts on how adopting technology has enabled their firm to become more nimble and streamline client communication. Anton Balkitis, Motor Transport Lawyer and Partner at Rotheras And Keep Me On The Road, looks at how law firms should recognise their time is valuable, not just for fee-earning but for improving work-life balance. While Charlie Jones, Head of Finance at Wolferstans Solicitors, discusses its data analytics strategy and why it’s vital for understanding clients and the market.
Speaking about the report, Doug Sawers, managing director at Access Legal believes there’s never been a better time for law firms to use lessons learned to embrace growth. He says:
“Commercial success is the driving force for ambitious law firms and it’s no surprise many have a renewed determination to re-evaluate current business practices and strategies in the wake of Covid-19.
“Many firms are now looking at client communication and experience, talent retention and attraction, what technology they have and how they use it – it’s a real turning point and time of positive change. That’s why now is a great opportunity for firms to grow and they need to consider the three priorities our report focuses on, sustainable costs savings, turning cost savings into revenue and unlocking the value of data.
“Whether your goal is growth through M&A, consolidating your market position or moving into under-served markets, commercial success depends on having the right strategy in place, powered by BI and supported by good operational processes.
“Our report offers insights and advice to law firms. Of course, every firm is different in terms of services, structures and personnel but cash flow, overhead costs and things such as the hardening of the PII market are ongoing concerns to firms. The report identifies those key considerations to help find opportunities to scale and to maximise commercial potential.”
Access Legal is part of The Access Group, one of the UK’s leading software providers. The legal software division supports a customer base of 3,500 legal practices, including Eversheds, Winn Solicitors, Wolferstans, Minster Law, Neves Solicitors LLP and The MAPD Group.
You can read Access Legal’s full report, now available online – How Can Firms Achieve Commercial Success in the Post-Pandemic World?
This article was submitted to be published by Access Legal as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.