July 02, 2018

SPONSORED CONTENT ● Solo Law Firms Face the Most Competition. Here’s What to Do about It

Thomson Reuters
Thomson Reuters is a sponsor of the ABA Solo, Small Firm and General Practice Division. Neither the ABA nor ABA entities endorse non-ABA products or services. This article should not be construed as an endorsement.

 

According to the latest Thomson Reuters 2017 U.S. State of Small Law Firms report, nearly three-quarters of law firms compete with firms of a similar size, and roughly half said they’re competing with significantly larger firms as well. Then there’s the extra challenge for solo attorneys: Nearly 28 percent viewed DIY providers as competition, as compared to only 3 percent of firms with 11 to 29 attorneys.

 

Exacerbating the situation is the fickleness of clients. If you’re a typical law firm, nearly 60 percent of your clients are looking to shift their business annually or biennially, according to the Thomson Reuters Legal Executive Institute.

That’s why it’s critical for solo attorneys to actively work to ensure their firm moves beyond the typical to focus on exceptional client service—the kind of service that secures loyalty and lures clients away from the competition. It doesn’t require a huge outlay of funds or even that much time; you just need to know where to focus your resources. Find out how easy it can be in this free whitepaper: 5 Steps for Litigation Firms to Prove Their Value to Clients and Increase Profits.

In the process, you’ll be doing what most firms aren’t: Addressing their greatest challenge. According to the survey, that’s acquiring new clients. Three quarters of lawyers at small firms say this is a challenge, with nearly 30 percent citing it as a significant one. Yet, 71 percent are doing nothing to respond. This is good news for the 29 percent who are being proactive—they’re going to be that much more ahead of the marketplace.

Join them. All it requires is a shift in perspective that helps you better understand where your clients are coming from, what they’re looking for, and how to efficiently guide them to it. In 5 Steps for Litigation Firms to Prove Their Value to Clients and Increase Profits, you’ll find out how to:

  • Discover what your clients really want out of your relationship
  • Ask the right questions, and answer theirs in a way that’s easy for them to understand
  • Let them know what to expect—and what to do when expectations may be unrealistic
  • Effectively monetize the better service that you provide, and much more.

Rest assured knowing that, while other solos are struggling with increasing competition from big law and Internet services alike, you’re standing outside of the fray—busy serving loyal clients and the referrals they eagerly send your way. Take the first step to making it happen by downloading 5 Steps for Litigation Firms to Prove Their Value to Clients and Increase Profits.

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