2023’s legal marketplace
The legal sector is a competitive space. The sheer volume of service providers (9,500+ in January 2023, according to SRA figures) and soaring client expectations present challenging dynamics for today’s law firm. Vying for business against multitudinous practices often with little to differentiate one from another while catering for ‘more for less’ consumer demands is an arduous undertaking.
In order to compete for market share in an industry saturated with legal offerings and harried by insistent consumers, law firms are employing varied and innovative operational strategies and tactical plans. After all, failure to compete effectively can be seen in the SRA’s reported number of closures, this being 576 in 2022 (higher than the 445 openings in the same period).
The ways and means of gaining a competitive edge are as diverse and interesting as the law firms themselves. The approach of a sole practitioner will deviate significantly from that of a regional powerhouse. And, the Modern Law Awards exist to showcase each of these success stories across the full spectrum of practices. Quill’s behind them which is why we sponsored the ‘Boutique Law Firm of the Year (11+ Employees)’ category at this year’s event.
Standing out as a boutique practice
If you’re wondering how a boutique law firm can survive and thrive in such troublesome conditions, you’ve come to the right place. It’s a topic we’ve written about extensively in our e-books and white papers, downloaded for free at www.quill.co.uk/resources/legal-ebooks-and-whitepaper.
Specialising in niche areas and becoming trusted experts in your chosen fields is a competitive strategy in itself. It’s a manner of informing your would-be clients about these competencies and positioning your boutique as being the best fit for their matter(s).
Narrowing down your prospect base may seem counterproductive when market share is at stake. In fact, the opposite is true. It actually allows you to segment and target your audience with pinpoint precision. It allows you to find and recruit the right talent renowned for their unrivalled prowess in your specialisms. It allows you to provide the highest quality of legal services that brings repeat and referral instructions. It allows you to assume lead position in your corner of the market. The combination of these factors equals success.
In our aforementioned e-books and white papers, we cover a whole range of strategic and tactical procedures to assist you on your journey to market leadership. Amongst them using technology to streamline caseloads and get more work done for less cost, outsourcing back-office administrative functions to plug any skill gaps, and maximising promotional opportunities afforded by social media platforms to shout about your greatness.
Defeating every threat
As the owner or manager of any law firm knows, challenges don’t take the form of aggressive competitors and exacting clients alone. For instance, you might be the strongest competitive force and most reputed supplier in your niche, but make an accounting error, deliberately or accidentally, and you can get shut down by your regulator. Remember to visualise the bigger picture always, recognise dangers in their motley shapes and tackle them accordingly.
We applaud all the nominated, shortlisted and winning entries in this year’s Modern Law Awards. It’s businesses like yours that are illustrating demonstrable aptitude for absolute professionalism in your niche, enviable levels of client care to achieve strong satisfaction ratings, robust financial performance in a tough environment, superior management of your practice and staff, and a creative flair that’s safeguarding your business’s future.
Having reliable support from your software and outsourcing partner is a major part of this process. For anyone keen to learn more about Quill’s offerings – that’s legal accounts, case, document and practice management software, and outsourced cashiering, payroll, typing and post room services – please visit www.quill.co.uk, email email@example.com or call 0161 236 2910.
Tom Wormald, Managing Director, Quill