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Why New Jersey Law Firms are Missing out on Potential Revenue

27 Sep 2021 10:36 AM | Anonymous

By LEAP, AAML NJ Silver Sponsor

A senior partner in a law firm once said, “Our client base is a huge and neglected source of potential business. It’s ridiculous that we ignore it and convince ourselves that we are too busy to make the most of it.” How often have you thought about leveraging your client base, if only you had the time?

The fact of the matter is that New Jersey law firms are busy. Proactive business operations are often sacrificed because of workload, volume of cases, the number of legal matter types firms offer, the number of staff, use of technology, etc. Running a law firm is challenging but growing your law firm can be even more so.

Technology and automation can help law firms do a lot of the heavy-lifting. From streamlining existing processes to automating repetitive tasks, legal technology can help free up room to focus on other critical functions, such as growing your firm into a more profitable business.

Once you’ve freed up additional time to implement strategies to grow your firm, where should you start? An often overlooked, but huge, source of potential business is your current client base. According to business-development and client-marketing expert Ian Cooper, most lawyers discover that between 80-90% of new files and matters opened are from either their own existing clients, word-of-mouth referrals from clients, or professional introductions. So, building a communication strategy to help you stay top-of-mind with your existing client base can be paramount to your firm’s overall success.

Furthermore, legal practice management software can be a fundamental part of building a successful client communication strategy. Once your technology is mastered and legal automation is set, communicating with your clients becomes much easier and more frequent. Building a repeatable process for regular communication touchpoints is a powerful way to gain access to new and untapped revenue sources.

Interested in learning more about how your law firm can leverage technology and a communication strategy to become more profitable? Download the free e-book, Lawyers: How to Market to Existing Clients and Contacts” today.

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Ridgewood, NJ 07450

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